Faucet Market Size & Share, by Product (Ball, Disc, Cartridge, Compression); Type (One Hand Mixer, Two-Hand Mixer); Technology (Manual, Automatic); Application (Bathroom, Kitchen); End User (Residential, Commercial); Material (Stainless Steel, Copper, Brass & Bronze, Zinc & Zinc Alloys, Plastic); Finish Outlook (Nickel, Chrome, Stainless Steel, Matte Black); Distribution Channel (Online, Offline) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 6049
  • Published Date: May 23, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Faucet Market size was over USD 23 Billion in 2023 and is projected to reach USD 70 Billion by the end of 2036, growing at around 7.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of faucet is assessed at USD 26 Billion.

The faucet market is expected to see a surge in demand due to the growing trend of renovating and the ensuing use of fashionable and intelligent bathroom accessories. The Joint Center for Housing Centers of Harvard University reports that expenditure on home repair projects climbed from USD 328 billion in 2019 to USD 472 billion in 2022, with an anticipated USD 485 billion in spending in 2024.


Faucet Market Overview
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Faucet Sector: Growth Drivers and Challenges

  • Escalating advancement - Other reasons driving faucet industry growth include a variety of product advancements, such as the creation of digital, hybrid, and touch-free smart faucets with temperature gauges and efficiency sensors built in. An LED temperature display, for example, is included with the GROHE Plus smart faucet, as it reinterprets what variety means.
  • Government aiding the population to build their home in a few regions - Various schemes have been put in place by governments of different countries around the world to ensure that there are concrete homes for people with a middle class or lower income.

    For example, to overcome the current shortage of about 6 million housing units, India's Government is planning to build around 11 billion houses and developments. Moreover, by 2022, the Government intends to provide housing for all India's citizens. In the range of 5 to 6 million units, the need for housing is almost equally distributed in urban and rural areas, with the majority of these dwellings being affordable.

    In addition, the Smart Cities Mission announced by the Indian Government calls for a spending of USD 7.75 billion over the next five years to build 100 such smart cities in India. As a result, with the advent of new residential and commercial buildings, demand for faucets and other products is expected to increase substantially.
  • Demand for modern bathroom accessories - The increasing popularity of modular bathrooms has led to increased customer demand for modern, ceramic sanitary ware, and high-quality built-in bathroom appliances.

    The is therefore expected to grow over the forecast period, driven by an increase in faucet usage in modern bathrooms. Out of the 970,000 single-family houses finished in 2021, 27,000 had one and a half baths or less, and 320,000 had three or more bathrooms, according to the U.S. Census Bureau.

Challenges

  • Price sensitivity issues - Especially in developing economies price is a major factor for many faucet buyers. This can put pressure on manufacturers to keep costs down which might impact quality or innovation.
  • Shifting consumer preferences is a notable factor hindering market growth in the upcoming period.
  • Competition from alternatives is another factor hampering the faucet market growth.

Faucet Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

7.9%

Base Year Market Size

USD 23 billion

Forecast Year Market Size

USD 70 billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Faucet Segmentation

End User (Residential, Commercial)

Commercial segment is predicted to dominate over 59% faucet market share by 2036. Over the past decade, demand for faucets in these areas has increased as a result of an increasing hospitality sector that includes hotels, resorts, and hospitals.

The hospitality sector is one of the most important faucet market in Europe, with major US hotel chains increasing their presence significantly. For instance, in Q4 2022, there were 14,267 undertakings ready to go all through the world, adding up to 2,298,846 rooms, an ascent of 4% year over year recorded as per the Global Construction Pipeline Trend report.

Technology (Manual, Automatic)

By the end of 2036, manual segment is likely to capture around 60% faucet market share. The market is expanding as a result of an increase in newly built residential units, commercial space development, home renovations, and faucet replacements.

 According to research that examines the worldwide housing market, 62.0 million new homes will be built by 2028 across the globe, representing an annual growth rate of 2.1%.

Application (Bathroom, Kitchen)

In faucet market, application segment is poised to capture over 55% revenue share by 2036. The rising worldwide real estate commercial sector and the burgeoning hotel industry are the main drivers of the increased demand for faucets in bathroom applications.

Globally, the expanding tourism and hospitality sectors are the primary drivers of demand for bathroom accessories. According to the survey, 71% of respondents think homeowners will be more willing to spend on bathroom renovations in 2023 than they were in previous years.

Our in-depth analysis of the global market includes the following segments:

 

 

          Product

  • Ball
  • Disc
  • Cartridge
  • Compression

 

          Type

  • One Hand Mixer
  • Two-Hand Mixer

 

          Technology

  • Manual
  • Automatic

 

          Application

  • Bathroom
  • Kitchen

 

          End User

  • Residential
  • Commercial

 

 

          Material

  • Stainless Steel
  • Copper
  • Brass & Bronze
  • Zinc & Zinc Alloys
  •  Plastic

 

 

          Finish Outlook

  • Nickel
  • Chrome
  • Stainless Steel
  • Matte Black

 

          Distribution Channel

  • Online
  • Offline

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Faucet Industry - Regional Synopsis

North American Market Forecasts

North America in faucet market is anticipated to dominate over 33% revenue share by 2036. The increase is mainly due to the increased spending by people in North America on residential renovation and repair.

In 2020, the US spent USD 363 billion on home improvement, renovations, and repair work while in the next year, it was USD 406 billion. The higher the number of rooms, the more bathrooms there are which leads to an increase in demand for taps that require the use of faucets.

Almost all the bedrooms have an attached bathroom, according to the housing patterns in the United States. In 2021, according to the U.S. Census Bureau, 160,000 of the 371,000 multifamily dwellings had only one bedroom, and 35,000 had three or more bedrooms.

The growth of the faucet industry in the Canadian region is driven by the increasing innovation in bathroom sanitary appliances and demand for the renovation of houses into advanced and modern designs. 

APAC Market Statistics

Asia Pacific faucet market size is poised to exceed USD 15 Billion by 2036. Due to a large range of products on the regional and global market, e.g. motion faucets, smart faucets, or water-efficient ones, Asia Pacific is expected to grow significantly in the region. The construction sector in the region is growing rapidly, with almost half of all new buildings worldwide assessed to be built there by 2040 according to data from UNEP published in 2021.

Growth in India can be attributed to a range of factors, including the rise in household incomes, an increase in urbanization, changes in consumer preferences, and increased demand for luxury housing.

Rising urbanization in China is expected to drive the growth in the faucet market

The commitment of the industry to sustainability in Japan is why these faucets are used in construction projects.

Research Nester
Faucet Market Regional
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Companies Dominating the Faucet Landscape

    The faucet market is evaluated to grow rapidly and the top 10 companies listed down are assessed to offer lucrative growth opportunities for the market in the future. Since some of them are among the leading textile manufacturers with a wide range of product portfolios for Faucet, market players have been facing strong competition from one another. To be able to reach both local and international consumers, these companies have a strong customer base due to the presence of an extensive distribution network. 

    • Kohler Co.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Kraus, USA Plumbing LLC
    • American Standard Brands
    • Grohe America Inc.
    • Pfister
    • Delta Faucet Company
    • Moen Incorporated
    • Aqua Source Inc.
    • Danze Inc.
    • BLANCO America, Inc.
    • TOTO Ltd
    • Fortune Brand Home & Security Inc

In the News

  • Blanco launched new productive accessories and faucet finishes, the kitchen offline solutions brand supported by industrial excellence in Germany. Bold black and luxurious satin gold have also been added to the finish of their metal sinks.
  • Moen's Smart Faucets have been put on display. Using gestures to control temperature and flow, the new feature has a completely hands-free operation.

Author Credits:  Parul Atri


  • Report ID: 6049
  • Published Date: May 23, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2023, the industry size of the faucet was over USD 23 billion.

The market size for faucets is projected to cross USD 70 billion by the end of 2036 expanding at a CAGR of 7.9% during the forecast period i.e., between 2024-2036.

The major players in the market are Kraus, USA Plumbing LLC, American Standard Brands, Grohe America Inc., Pfister, Delta Faucet Company, Moen Incorporated, and others.

The manual segment is anticipated to garner a share of 60% during 2024-2036.

In the year 2023, the industry size of the faucet was over USD 23 billion.
Faucet Market Report Scope
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