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Faucet Market Report 2024: Size, Share, Growth, Trends, Forecast 2033
Faucet Market
As per the report, the faucet market size has grown strongly in recent years. It will grow from $39.25 billion in 2023 to $43 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The faucet market size is expected to see strong growth in the next few years. It will grow to $62.72 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%.
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Urbanization Surge Fuels Faucet Market Growth
The growth in urbanization is driving the growth of the faucet market. The shift in residence of the human population from rural to urban areas is gradually increasing in search of work and a better standard of living, leading to a rise in urbanization globally. One of the most significant impacts of urbanization is an increase in demand for the housing and commercial sectors, which in turn increases the demand for faucets. For instance, according to the United Nations Department of Economic and Social Affairs, the percentage of the world's population living in urban areas is expected to reach 68% by 2050, with 90% of this increase taking place in the African and Asian regions. Therefore, an increase in urbanization going forward will raise demand for high-end apartments, houses, and skyscrapers in developing countries, which in turn will drive the growth of premium accessories in bathrooms and kitchens, including automated or sensor faucets.
Strategic Partnership Drives Innovative Faucet Collection
Strategic partnerships are a key trend gaining popularity in the faucet market. Companies manufacturing faucets are undergoing partnerships to improve the products. For instance, in January 2022, Jaquar, an India-based company manufacturing brands in faucets, bathroom fittings, showers, spas, bathtubs, and accessories, collaborated with Matteo Thun & Antonio Rodrigues, an Italy-based company offering designs for sanitary, faucets, bathtubs, and accessories. The partnership aims to launch a collection called Laguna, based on aesthetic durability and timeless simplicity. This collection offers faucets in eight color options that can be both single and dual-tone shades, which will allow for flexibility and variety in use and lead to exciting new possibilities in interior design. The elegant Laguna collection range also offers a wide range of selections for sanitary ware, wellness products and shower enclosures.
The faucet market covered in this report is segmented -
1) By Product Type: Electronic, Manual
2) By Material: Metal, Plastics
3) By Technology: Cartridge, Compression, Ceramic Disc, Ball
4) By Application: Bathroom, Kitchen, Other Applications
5) By End User: Residential, Commercial
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Major companies operating in the faucet market report are Kyocera Corporation, Colston Bath Ltd., LIXIL Group Corporation, Seiko Epson Corporation, Fortune Brands Home & Security Inc., Kohler Co., Microchip Technology Incorporated, TOTO Ltd., American Standard Brands Inc., Eczacıbaşı Holding A.Ş., Danze Inc., Hansgrohe SE, Moen Incorporated, Villeroy & Boch AG, Jaquar Group, Globe Union Industrial Corp., Elkay Manufacturing Company, Delta Faucet Company a Masco Corporation, Nihon Dempa Kogyo Co. Ltd., Hindware Industries Limited, Pfister Faucets Inc., Sloan Valve Company, SiTime Corporation, CERA Sanitaryware Ltd., Franke Holding AG, Gerber Plumbing Fixtures LLC, Kerovit S.A., Aqua Source Faucet LLC, Paini UK Ltd., Lota Group, Roca Sanitario S.A., Kraus Inc., Waterstone Products Inc.
Contents of the report:
1. Executive Summary
2. Faucet Market Report Structure
3. Faucet Market Trends And Strategies
4. Faucet Market - Macro Economic Scenario
5. Faucet Market Size And Growth
…..
27. Faucet Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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