Press release
With CAGR of 6.5%, Bathroom Taps Market Opportunities, Growth Size, and Forecast Through 2030
The bathroom tap serves as the pivotal regulator of water flow within bathroom spaces, a crucial fixture gaining increasing favor among consumers and manufacturers alike. The advent of smart taps equipped with temperature and efficiency sensors empowers every household member to meticulously manage water consumption in kitchens and bathrooms. Global bathroom taps market size was valued at $17,270.0 million in 2020, and is projected to reach $32,953.0 million by 2030, registering a CAGR of 6.5% from 2021 to 2030.Key Drivers of Market Growth:
The upsurge in mall and office constructions, coupled with heightened expenditures on home renovations, fuels the expansion of the global bathroom taps market. Conversely, dwindling new construction endeavors in developed nations pose a hindrance to market progression. Nevertheless, the infrastructural advancements in African nations present promising opportunities in the foreseeable future.
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Dominant Role of Metal Segment:
In terms of material, the metal segment seized the lion's share of the market in 2020, comprising approximately 88% of the global bathroom taps market. This segment is poised to maintain its dominance throughout the forecast period, exhibiting the highest compound annual growth rate (CAGR) of 6.7% from 2021 to 2030.
The enduring appeal of metal materials lies in their ability to confer a classic finish to taps while meeting stringent hygiene standards. Furthermore, metal exhibits remarkable resilience against chemical agents, rendering it unaffected by the likes of strong cleaning fluids or hydrochloric compounds. The report also delves into the plastic segment, anticipated to witness a CAGR of 4.6% from 2021 to 2030.
Residential Segment's Leading Stance:
In the realm of end users, the residential segment reigned supreme in 2020, contributing to nearly three-quarters of the global bathroom taps market. Forecasts suggest that this segment will maintain its leadership position, boasting the largest CAGR of 6.8% from 2021 to 2030, propelled by escalating construction and infrastructure undertakings. Conversely, the commercial segment is anticipated to register a CAGR of 5.5% from 2021 to 2030.
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Continued Dominance of Asia-Pacific:
Regionally, Asia-Pacific emerged as the frontrunner in terms of revenue share in 2020, closely trailed by Europe and North America, collectively commanding half of the global bathroom taps market. Projections indicate that Asia-Pacific will sustain its dominance, showcasing the swiftest CAGR of 7.6% from 2021 to 2030, buoyed by substantial investments in commercial construction endeavors. The report also highlights the market landscapes of North America, Europe, and LAMEA (Latin America, Middle East, and Africa).
Leading Market Players:-
CERA Sanitaryware Limited
Delta Faucet Company
Jaquar Group
Kohler Co.
LIXIL Corporation
MOEN Incorporated
MAC Faucets
MASCO Corporation
ROCA Sanitario S.A.
Eczacibasi Group (VITRA)
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Key Points:
The report provides an extensive analysis of the current and emerging bathroom taps market trends and dynamics.
Depending on product type, the mixer taps segment has dominated the bathroom taps market, in terms of revenue in 2020.
By material, the metal segment has registered highest revenue in 2020.
Residential sector is projected to register highest growth rate in the coming years.
The key players within the bathroom taps market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the bathroom taps industry.
The report provides an extensive analysis of the current trends and emerging opportunities of the market.
In-depth bathroom taps analysis is conducted by constructing estimations for the key segments between 2021 and 2030.
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