According to a new report by Expert Market Research titled, “Global Faucet Market Share, Size, Report and Forecast 2024-2032″, the global faucet market size is projected to grow at a CAGR of 8% between 2024 and 2032. Aided by the burgeoning real estate sector, technological innovations, and rising consumer focus on home aesthetic, the market is expected to grow significantly by 2032.
Faucets, integral components of plumbing systems, are primarily used for delivering water from a plumbing system. They have evolved significantly from basic, utilitarian units to sophisticated, stylised fixtures that offer varied functionalities. Today, faucets are available in diverse styles, finishes, and with advanced features like touchless operation, water filtration, and smart home integration, catering to a wide range of consumer preferences and needs.
The faucet market growth is primarily attributed to the rapid expansion of the residential and commercial construction sectors worldwide. The increasing number of housing projects, hotels, offices, and public infrastructures necessitates the installation of modern plumbing systems, which includes faucets. Furthermore, the renovation and remodelling of existing buildings are also contributing significantly to the demand for faucets.
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Technological advancements are influencing the faucet market outlook. Innovations such as touchless technology, digital temperature control, and eco-friendly designs are gaining traction. These advancements not only cater to the growing consumer demand for convenience and efficiency but also align with the global trend towards sustainability, by reducing water wastage and promoting energy efficiency.
The aesthetic appeal of faucets has become a key factor in consumer purchasing decisions. The market is witnessing a shift towards faucets with sophisticated designs and finishes, such as brushed nickel, oil-rubbed bronze, and chrome, which complement the overall interior design and theme of the space. This faucet market trend is particularly pronounced in the luxury segment, where high-end, designer faucets are increasingly sought after for their ability to enhance the visual appeal of kitchens and bathrooms.
Geographically, the Asia Pacific region, led by countries like China and India, is experiencing rapid urbanisation and infrastructural development, which is propelling the demand for faucets in the region. North America and Europe also hold significant market shares, driven by high consumer spending power and the presence of several leading faucet manufacturers.
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Market Segmentation
The market can be divided based on product type, material, application, end use, and region.
Market Breakup by Product Type
• Electronic
• Manual
Market Breakup by Material
• Metal
• Plastics
Market Breakup by Application
• Bathroom
• Kitchen
• Others
Market Breakup by End Use
• Residential
• Commercial
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global faucet market. Some of the major players explored in the report by Expert Market Research are as follows:
• Danze Inc.
• Fortune Brands Home & Security, Inc.
• Franke Holding AG
• LIXIL Corporation
• Masco Corporation
• Others
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