BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global faucet market size at USD 43.86 billion in 2022. During the forecast period between 2023 and 2029, the global faucet market size is projected to grow at a steady CAGR of 6.6% reaching a value of USD 68.06 billion by 2029. The global faucet market is driven by increased consumer disposable income and rising expenditure on house esthetics. It is also projected that the introduction of innovative technologies in faucets, including touch technology, the integration of sensors and IoT and Wi-Fi control, would provide the global faucet market attractive growth prospects throughout the forecast period. However, high penetration of counterfeit products of renowned brands may act as a huge restraining factor for the market growth.
Global Faucet Market – Overview
A faucet is a plumbing system component used to supply water. The spout, handle(s), lift rod, cartridge, aerator, mixing chamber, and water inlets are some examples of its parts. The valve opens when the handle is switched on, adjusting the water flow under any water or temperature condition. The body of the faucet is often made of brass, although it can also be die-cast zinc or plastic that has been chrome-plated. Kitchen sinks frequently include ball faucets, which were the first washerless faucets. They may be identified by their single handle, which slides over a cover with a rounded ball form directly above the faucet spout.
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Global Faucet Market – By End User
Based on end user, the global faucet market is segmented into residential, commercial, and industrial. The residential segment holds the highest market share, because of the rising demand for residential space by single families as well as college students and working adults. Increasing remodeling activities for residential homes is also expected to spur a significant demand for faucets during the forecast period. Meanwhile, the commercial segment is also projected to register a high growth rate in the coming years owing to the increasing construction of commercial facilities, including hotels and motels, amusement parks, conference centers, and restaurants.
Impact of COVID-19 on Global Faucet Market
The COVID-19 pandemic hindered the expansion of the global faucet market. Mass layoffs and wage reductions as a result of the countrywide lockdowns led to severe financial issues, particularly for middle-income countries. As a result, the demand for faucets from the residential market fell sharply. The market growth was also significantly influenced by the pausing of infrastructure development expenditures in favor of the development of healthcare facilities. However, it is expected that the market would have profitable development prospects during the forecast period as a result of the rising building of hospitals and other healthcare facilities in the wake of the pandemic.
Competitive Landscape
Major players operating in the global faucet market include Danze, Inc., Fortune Brands Home & Security, Inc., Franke Holding AG, Lixil Group Corporation, Masco Corporation, Paini (UK) Ltd, Roca Sanitario S.A, Sloan valve Company, Spectrum Brands, Inc, Toto Ltd., Gerber Plumbing Fixtures LLC, Jaquar, and Bosch. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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