The IMARC Group recently published a new research study titled “Faucets Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, which offers detailed analysis of market drivers, segmentation, growth opportunities, trends and competitive landscape to understand current and future market scenarios.
What are the growth prospects of the faucet industry?
The global faucet market size reached USD 26.9 billion in 2022. Looking ahead, IMARC Group expects the market to reach USD 42.7 billion by 2028, with a CAGR of 7.85% during 2023-2028.
What is a faucet?
A faucet represents a plumbing fixture used to regulate the flow of gas or liquid from a reservoir. It is usually manufactured using steel, cast zinc, brass and chrome-plated plastic and consists of a cartridge, nozzle, mixing chamber, handle, fan and inlet source. Common faucets include pull-out, hands-free, bar, pull-out, pot, and side spray. Single and double control cartridge nozzles are also used for residential purposes. Individual control versions contain a metal or plastic core that runs vertically. The double control works by means of a metal ball with spring-loaded rubber seals fitted in the body. As a result, faucets find extensive applications in the residential, commercial and industrial sectors.
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What are the key market drivers in the faucets market?
The increase in urbanization levels and the expanding residential industry are among the main factors driving the faucet market. Apart from that, the ever-increasing demand for luxurious and ergonomically designed mouthpieces, which are comfortable to use and aesthetically appealing, due to the changing lifestyle of people and the improvement of the standard of living, further increases the growth of the market.
Moreover, the development of touchless, digital and hybrid smart faucets equipped with efficiency sensors and temperature gauges is also accelerating the global market. Accordingly, the increasing promotional activity of the manufacturers and the proliferation of online retail channels that provide users with different products to choose from, act as significant growth stimulating factors. Furthermore, rise in consumer spending power and growing demand for faucets in the industrial and hospitality sectors across the globe are expected to drive the faucets market during the forecast period.
Faucet market 2023-2028 analysis and segmentation:
The report also analyzed the competitive landscape of the market with some of the key players being American Standard Brands (Lixil Group), Colston Bath, Delta Faucet Company (Masco Corporation), Franke Holding AG (Artemis Holding AG), Gerber Plumbing Fixtures LLC. (Globe Union Group Inc.), Grohe America Inc., Jaquar, Kohler Co., Moen Incorporated (Fortune Brands Home & Security Inc.), Toto Ltd. and Villeroy & Boch Aktiengesellschaft.
The report has segmented the market on the basis of region, type, component, process and application.
Separation by type:
One hand mixer
Two hand mixer
Separation by application:
Separation by technology:
Breakdown by materials:
Breakdown by distribution channel:
on the internet
Breakdown by end user:
Division by region:
North America: (United States, Canada)
Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, others)
Europe: (Germany, France, UK, Italy, Spain, Russia, others)
Latin America: (Brazil, Mexico, others)
Middle East and Africa
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As the novel coronavirus (COVID-19) crisis takes hold of the world, we are continuously monitoring the changes in markets as well as consumer behaviors in the industry worldwide and our assessments of the latest market trends and forecasts are made after considering the impact of this pandemic.
If you want current primary and secondary data (2023-2028) with a cost module, business strategy, distribution channel, etc. Click Request a Free Sample Report, a published report will be emailed to you in PDF format within 24 to 48 hours of receiving full payment.
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