Faucet Global Market Report 2024

The faucet market size has grown strongly in recent years. It will grow from $39.25 billion in 2023 to $43 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth observed in the historical period can be attributed to factors such as a housing boom, initiatives for water conservation, trends in home renovation, economic factors, and the globalization of markets.

The faucet market size is expected to see strong growth in the next few years. It will grow to $62.72 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The anticipated growth in the forecast period can be attributed to factors such as the integration of smart home technologies, increased sustainability initiatives, shifts in consumer lifestyles, concerns related to health and hygiene, and trends in urbanization. Major trends expected in the forecast period include ongoing technological innovations and advancements, the integration of smart faucet technologies, the promotion of sustainable and eco-friendly designs, and a focus on customization and personalization in the plumbing and fixtures industry.

The surge in urbanization is fueling the expansion of the faucet market. As the global population progressively shifts residence from rural to urban areas in pursuit of employment opportunities and an enhanced standard of living, urbanization continues to rise. A notable consequence of this trend is the escalating demand in both housing and commercial sectors, leading to an increased need for faucets. For instance, as per the United Nations Department of Economic and Social Affairs, it is anticipated that by 2050, 68% of the world's population will reside in urban areas, with 90% of this growth concentrated in the African and Asian regions. Consequently, the anticipated surge in urbanization will drive the demand for upscale apartments, houses, and skyscrapers in developing nations, consequently propelling the growth of premium accessories in bathrooms and kitchens, including automated or sensor-based faucets.

The growth of the housing and construction industry significantly contributes to the expansion of the faucet market. Housing and construction involve various activities related to the planning, development, and construction of residential and commercial structures. Faucets play a crucial role in this sector by providing essential components for controlling water flow to different appliances and ensuring proper water access from the initial stages of construction. For instance, data from the Office for National Statistics, a UK-based executive office of the UK Statistics Authority, indicates that in 2022, the construction industry in Great Britain witnessed a substantial 15.8% increase in the value of new work, totaling £132,989 (169119.45) million. This growth was driven by expansions in both private and public sectors, with new orders experiencing an 11.4% surge to £80,837 (102798.80) million, particularly fueled by private infrastructure and commercial projects. Therefore, the thriving housing and construction industry emerges as a significant driver propelling the faucet market.

A prominent trend in the faucet market is the increasing adoption of strategic partnerships. Companies engaged in faucet manufacturing are entering into partnerships to enhance their product offerings. For example, in January 2022, Jaquar, an India-based company specializing in the production of faucets, bathroom fittings, showers, spas, bathtubs, and accessories, joined forces with Matteo Thun & Antonio Rodrigues, an Italy-based company renowned for its designs in sanitary products, faucets, bathtubs, and accessories. This collaboration is geared towards the introduction of a new collection named Laguna, emphasizing aesthetic durability and timeless simplicity. The Laguna collection features faucets available in eight color options, offering both single and dual-tone shades. This diversity enables flexibility and variety in usage, opening up exciting possibilities in interior design. The sophisticated Laguna collection also provides an extensive range of selections for sanitary ware, wellness products, and shower enclosures. Through strategic partnerships such as these, companies in the faucet market are working towards product innovation and meeting the evolving demands of consumers.

Prominent companies in the faucets market are actively incorporating innovative technologies, such as motion control technology, to solidify their market positions. Motion control technology encompasses a diverse range of systems and techniques designed to precisely manage the movement of machines and devices. As an illustration, in January 2022, Moen Inc., a US-based company known for its product line of faucets and fixtures, introduced the Smart Faucet featuring Motion Control Technology. This faucet boasts advanced features such as voice activation, smartphone control, and an improved touchless sensor. Leveraging Motion Control technology, users can conveniently adjust water temperatures with simple hand swipes, and the Moen Smart Water App provides customization options. The faucet seamlessly integrates voice-activated functionalities, metered dispensing, user presets, and remote management. Moen offers a variety of styles, including handle-less designs, striking a balance between functionality and high-design aesthetics. Through these technological innovations, companies such as Moen are staying ahead in the market and meeting the evolving preferences of consumers.

In August 2022, Fortune Brands Home & Security Inc., a US-based manufacturer specializing in home and security products, completed the acquisition of Aqualisa Products Limited for an undisclosed sum. This strategic move is anticipated to strengthen Fortune Brands' capacity to tap into opportunities within the water management, connected products, and global sustainability sectors. Aqualisa Products Limited, the acquired company, is a UK-based faucet manufacturer.

Major companies operating in the faucet market report are Kyocera Corporation, Colston Bath Ltd., LIXIL Group Corporation, Seiko Epson Corporation, Fortune Brands Home & Security Inc., Kohler Co., Microchip Technology Incorporated, TOTO Ltd., American Standard Brands Inc., Eczacıbaşı Holding A.Ş., Danze Inc., Hansgrohe SE, Moen Incorporated, Villeroy & Boch AG, Jaquar Group, Globe Union Industrial Corp., Elkay Manufacturing Company, Delta Faucet Company a Masco Corporation, Nihon Dempa Kogyo Co. Ltd., Hindware Industries Limited, Pfister Faucets Inc., Sloan Valve Company, SiTime Corporation, CERA Sanitaryware Ltd., Franke Holding AG, Gerber Plumbing Fixtures LLC, Kerovit S.A., Aqua Source Faucet LLC, Paini UK Ltd., Lota Group, Roca Sanitario S.A., Kraus Inc., Waterstone Products Inc.

North America was the largest region in the faucet market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the faucet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the faucet market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of faucets are electronic and manual. Electronic faucets are operated by an infrared sensor and are commonly employed in commercial kitchens and public bathrooms to conserve water and minimize the spread of germs. Faucets are crafted using materials such as metal and plastic, and they incorporate various technologies, including cartridge, compression, ceramic disc, and ball mechanisms. These technologies determine the faucet's functionality and durability. Faucets find diverse applications in areas such as bathrooms, kitchens, and other spaces. They cater to a wide range of end users, including both residential and commercial settings.

The faucet market research report is one of a series of new reports that provides faucet market statistics, including global market size, regional shares, competitors with a faucet market share, detailed faucet market segments, market trends and opportunities, and any further data you may need to thrive in the faucet market industry. This faucet market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The faucet market consists of sales of disc faucets, cartridge faucets, and compression faucets. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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