The global faucet market size is expected to grow from $32.91 billion in 2021 to $35.70 billion in 2022 at a compound annual growth rate (CAGR) of 8.47%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global faucets market size is expected to reach $51.62 billion in 2026 at a CAGR of 9.66%.
What is the Global Faucet Market?
The faucet market consists of sales of faucets products and related services by entities (organizations, sole traders, and partnerships) that are used for controlling the flow of liquid from a pipe by opening or closing a tap. A faucet is a plumbing fixture used for delivering liquid or gas from a reservoir. The faucet consists of a spout, handle, cartridge, aerator, chamber, and inlet sources, and is made of either brass, steel, die-cast zinc, and chrome-plated plastic.
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What drives the Global Faucet Market?
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 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 sector, which increases the demand for faucets. For instance, according to the United Nations Department of Economic and Social Affairs, the percentage world’s population living in urban areas is expected to reach 68% by 2050, where 90% of this increase is taking place in African and Asia 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.
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Global Faucet Market Segments
The global faucet market is segmented:
By Product Type: Electronic, Manual
By Material: Metal, Plastics
By Technology: Cartridge, Compression, Ceramic Disc, Ball
By Application: Bathroom, Kitchen, Others
By End-User: Residential, Commercial
By Geography: The regions covered in the faucet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Faucet Global Market Report 2022provides market size and growth forecasts for the global faucet market, global faucet market share, faucet market segments and geographies, faucet market competitive landscape including leading competitors’ revenues, profiles and market shares. The faucet market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Faucet Industry Playersinclude American Standard Brands, Colston Bath, Delta Faucet Company (Masco Corporation), Gerber Plumbing Fixtures, Jaquar, Kohler Co., Fortune Brands Home & Security, Villeroy & Boch Aktiengesellschaft, Paini UK Ltd, Sloan Valve Company, Pfister, Danze Inc., Aqua Source Faucet, Eczacibasi Holding AS, and Elkay Manufacturing Co. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
