-- The global faucet market has been growing steadily over the years, with a size of USD 31.2 billion in 2022 and an expected revenue CAGR of 4.2% during the forecast period, reaching USD 47.6 billion by 2032. Rapid urbanization and an increase in construction activities worldwide have been major driving factors for the market's revenue growth. The demand for creatively designed and aesthetically appealing bathroom and kitchen faucets has also been contributing to this growth. As a result, manufacturers are creating technologically advanced and stylish faucet products to meet consumer preferences.
In addition to aesthetics and technology, environmental concerns have been a crucial factor in the market's growth. The shift towards eco-friendly goods has been gaining momentum, with consumers increasingly preferring low-flow faucets that conserve water by up to 30%. To address this trend, manufacturers are investing in R&D to develop innovative and environmentally beneficial faucet products.
Another significant factor driving revenue growth in the global faucet market is the rising demand for touchless and sensor-based faucets. These faucets have been gaining popularity in public toilets and commercial kitchens due to their reduced potential for the transfer of bacteria and germs. Touchless faucets also provide greater comfort and usability, especially for people with disabilities.
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Market Segments: -
The report offers a detailed analysis of market trends, company ranking, competitive landscape, growth factors, and trends. The market has been segmented by product type outlook, material type outlook, application outlook, and regional outlook.
The product type outlook includes one-handle, two-handle, sensor-activated, and others. The material type outlook includes metal, plastic, and others. The application outlook includes residential, commercial, and industrial. The regional scope covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Overall, the faucet market is expected to witness substantial growth due to increasing demand for advanced and sustainable faucets across residential, commercial, and industrial sectors. The report provides valuable insights into the market, enabling businesses to make informed decisions and strategize effectively.
Strategic developments in the market:
On 11 January 2021, Kohler Co. launched its Touchless Bathroom Faucet Collection, which is designed to provide a touchless and hygienic experience. The collection includes various models that are ideal for commercial and residential applications.
On 9 March 2018, Masco Corporation acquired Kichler Lighting LLC, which is a leading provider of decorative lighting and ceiling fans. The acquisition was aimed at expanding Masco's product offerings and strengthening its position in the global faucet market.
On 9 September 2021, Spectrum Brands Holdings, Inc. acquired HHI, which is a leading provider of decorative hardware, security, and plumbing products. The acquisition was aimed at expanding Spectrum's product offerings and strengthening its position in the global faucet market.
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Competitive Landscape:
The global faucet market is expected to witness significant growth in the forecast period due to the increasing demand for stylish, eco-friendly, and technologically advanced faucets. This growth can be attributed to the rise in consumer spending power and increasing awareness about the importance of water conservation. As a result, major players in the market are utilizing various strategies to expand their presence and maintain a competitive edge.
The market is highly competitive, with several large and medium-sized players accounting for a significant portion of the market revenue. Among these players are Kohler Co., LIXIL Group Corporation, Masco Corporation, Spectrum Brands Holdings, Inc., Elkay Manufacturing Company, Fortune Brands Home & Security, Inc., TOTO Ltd., Roca Sanitario, S.A., Hansgrohe SE, and Delta Faucet Company.
To stay ahead of the competition, these companies are adopting various strategies such as mergers and acquisitions, partnerships, product launches, and collaborations. For instance, in 2020, Kohler Co. announced the acquisition of UK-based modular bathroom manufacturer, Sterlingham Co. Ltd., to expand its presence in the luxury bathroom market. Similarly, LIXIL Group Corporation acquired ASD Americas Holding Corp. to strengthen its presence in the North American market.
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