The Global Faucet Market size is expected to reach $60.3 billion by 2031, rising at a market growth of 7.3% CAGR during the forecast period. In the year 2023, the market attained a volume of 551.74 million units, experiencing a growth of 23.9% (2020-2023).
According to the World Bank, urban population growth in Asia is projected to continue, with an estimated 1.2 billion people expected to move to urban areas by 2050. This urban expansion fuels the demand for new residential and commercial buildings, consequently boosting the faucet market. Thus, the Asia Pacific region acquired 36% revenue share in the market 2023. In terms of volume, the Asia Pacific region is expected to utilize 419.34 million units of Faucet by 2031.
Particularly in emerging economies, the market is substantially stimulated by the rapid rate of urbanization and infrastructure development. This urban growth significantly impacts the demand for various building components, including plumbing fixtures like faucets.
Additionally, the willingness to invest in quality products extends beyond mere functionality, as homeowners seek to create comfortable and visually appealing environments. Therefore, the rise in disposable income is a key driver of the market.
However, the prices of raw materials used in faucet manufacturing, such as brass, copper, and stainless steel, are subject to considerable fluctuations. Various factors, including market dynamics, supply chain disruptions, and geopolitical influences, drive these price changes. Thus, the aforementioned factors may impede the growth of the market.
According to the World Bank, urban population growth in Asia is projected to continue, with an estimated 1.2 billion people expected to move to urban areas by 2050. This urban expansion fuels the demand for new residential and commercial buildings, consequently boosting the faucet market. Thus, the Asia Pacific region acquired 36% revenue share in the market 2023. In terms of volume, the Asia Pacific region is expected to utilize 419.34 million units of Faucet by 2031.
Particularly in emerging economies, the market is substantially stimulated by the rapid rate of urbanization and infrastructure development. This urban growth significantly impacts the demand for various building components, including plumbing fixtures like faucets.
Additionally, the willingness to invest in quality products extends beyond mere functionality, as homeowners seek to create comfortable and visually appealing environments. Therefore, the rise in disposable income is a key driver of the market.
However, the prices of raw materials used in faucet manufacturing, such as brass, copper, and stainless steel, are subject to considerable fluctuations. Various factors, including market dynamics, supply chain disruptions, and geopolitical influences, drive these price changes. Thus, the aforementioned factors may impede the growth of the market.
Driving and Restraining Factors
Drivers- Rising urbanization and infrastructure development
- Growth in the real estate sector
- Rising disposable incomes of consumers
- High level of competition in the market
- Fluctuating raw material prices
- Increasing awareness of water conservation
- Rapid expansion of the commercial sector
- Substantial challenges posed by economic instability
- Evolving consumer preferences
Product Outlook
On the basis of product type, the market is classified into electronic and manual. The manual segment acquired 60% revenue share in the market in 2023. In terms of volume 796.02 million units of manual faucets are expected to be utilized by 2031. Manual faucets are generally more affordable than their electric counterparts, making them accessible to a broader range of consumers, especially in price-sensitive markets.Application Outlook
By application, the market is divided into bathroom, kitchen, and others. The kitchen segment garnered 32% revenue share in the market in 2023. In terms of volume 357.57 million units of kitchen faucet are expected to be utilized by 2031. Kitchen faucets are central to daily cooking, cleaning, and food preparation, making them indispensable fixtures in any home.
End User Outlook
Based on end user, the market is bifurcated into residential and commercial. The residential segment garnered 52.9% revenue share in the market in 2023. In terms of volume 534.65 million units of faucet are expected to be utilized for residential uses by 2031. Homeowners are investing more in upgrading their living spaces, including kitchens and bathrooms, with modern, aesthetically pleasing, and technologically advanced faucets.Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment acquired 30 % revenue share in the market in 2023. In terms of volume, the North America region is expected to utilize 295.80 million units of faucets by 2031. This can be attributed to the region's strong emphasis on home improvement and renovation activities, coupled with a high standard of living.List of Key Companies Profiled
- Lixil Corporation
- Jaquar Group
- Masco Corporation (Delta Faucet Company)
- Roca Sanitario, SA (Roca Corporacion Empresarial, SA)
- Fortune Brands Innovations, Inc.
- Toto Ltd.
- Spectrum Brands Holdings, Inc.
- Villeroy & Boch AG
- Paini S.p.A. Rubinetterie
- Kohler Co.
Market Report Segmentation
By Product Type (Volume, Million Units, USD Billion, 2020-2031)- Manual
- Electronic
- Bathroom
- Kitchen
- Others
- Residential
- Commercial
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Global Faucet Market by Product Type
Chapter 5. Global Faucet Market by Application
Chapter 6. Global Faucet Market by End User
Chapter 7. Global Faucet Market by Region
Chapter 8. Company Profiles
Companies Mentioned
- Lixil Corporation
- Jaquar Group
- Masco Corporation (Delta Faucet Company)
- Roca Sanitario, SA (Roca Corporacion Empresarial, SA)
- Fortune Brands Innovations, Inc.
- Toto Ltd.
- Spectrum Brands Holdings, Inc.
- Villeroy & Boch AG
- Paini S.p.A. Rubinetterie
- Kohler Co.
Methodology
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