NEW YORK, July 17, 2024 /PRNewswire/ -- The global faucet market  size is estimated to grow by USD 15.58 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 9.03%  during the forecast period.  Increase in luxury homes due to changing consumer preferences and lifestyles is driving market growth, with a trend towards emergence of air-induced spray technology. However, long replacement cycle of metallic products  poses a challenge. Key market players include ALTON, CERA Sanitaryware Ltd., Eczacibasi Holding AS, FiveStar Brass India Ltd., Fortune Brands Innovations Inc., Globe Union Industrial Corp., Hindware Home Innovation Ltd., Jaquar Group, Kingston Brass Inc, Kohler Co., LIXIL Corp., Lowes Co. Inc., Masco Corp., Oras Ltd., Queo Bathrooms, Roca Sanitario SA, Toto Ltd., Ultra Faucets, VIGO INDUSTRIES LLC, and Zurn Elkay Water Solutions Corp..

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Key Market Trends Fueling Growth

The faucet market is witnessing innovation with the adoption of advanced air-induced spray technology. This technology atomizes water into tiny droplets, increasing the surface area and reducing water waste. Hansgrohe's shower head and Kohler Co's Katalyst technology are prime examples. They mix air into the water, creating large droplets that save water up to 98% and retain heat longer. These innovations could significantly contribute to the growth of the global faucet market. Kohler's Katalyst technology combines approximately 2.0 liters of air with 9.5 liters of water, resulting in efficient water usage. This technology's implementation is expected to drive market growth during the forecast period. 

The bathroom faucet market is thriving with trends that cater to both aesthetic appeal and functionality. Architects and designers are incorporating automatic features, such as sensor-based controls and touchless faucets, into modern bathroom designs for improved hygiene standards and convenience. High-quality home decor trends favor brass and ceramic disc faucets, while eco-friendly options made of recycled materials gain popularity. Kitchen faucets also follow these trends, with multi-functionality and smart functionalities becoming essential. Digital faucets and hybrid smart faucets offer home automation integration, allowing users to control the flow of water via smartphone apps or home automation systems. The hospitality sector and household markets are driving the demand for smart bathroom accessories, including smart faucets, with reflex faucet collections and one-hand mixers leading the way. Strategic acquisitions by retailers and real estate developers are shaping the market, focusing on high-performance cartridges and pipes for long-lasting, efficient faucets. As per capita income rises and population growth continues, the market for bathroom and kitchen faucets is expected to expand, with plastics and ceramics remaining the primary materials for manufacturing. The integration of smartphone control and smart home segments is set to revolutionize the industry, making faucets an essential component of modern homes. 

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Market Challenges

• The faucet market is characterized by a relatively short product lifespan of around 8 to 10 years. This limits the opportunity for vendors to create a significant replacement market, as consumers often opt for repairs instead of buying new faucets. In response, major players like Kohler Co., Lowes Co. Inc., and Masco Corp. Offer lifetime warranties on their faucets, using high-quality raw materials from reputable suppliers. In the Asia Pacific region, where consumers are price-sensitive, repairing plumbing and fixtures is a more cost-effective solution than replacement. This trend may slow down the growth of the faucet market during the forecast period.
• The faucet market is witnessing significant growth due to the increasing demand for home automation systems in various sectors. In the kitchen, smart faucets with multi-functionality and sensor-based controls are becoming popular. The hospitality sector and household use are major markets, with touchless and voice-activated faucets leading the way. However, challenges such as installation complexities, hygiene standards, and water supply issues persist. Urbanization and population growth are driving demand, especially in real estate and smart home segments. Manufacturers are focusing on hygiene and water conservation through sensors, smartphone control, and water-saving mechanisms. Strategic acquisitions of pipe and plastics companies are also shaping the market. Despite these opportunities, challenges remain in kitchen faucets, one hand mixers, and two hand mixers. Water supply hardware companies must navigate these challenges to succeed in the market.

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Segment Overview 

This faucet market report extensively covers market segmentation by

1. Technology 
   • 1.1 Cartridge
   • 1.2 Compression
   • 1.3 Ceramic disc
   • 1.4 Ball
2. End-user 
   • 2.1 Residential
   • 2.2 Non-residential
3. Geography 
   • 3.1 North America
   • 3.2 APAC
   • 3.3 Europe
   • 3.4 Middle East and Africa
   • 3.5 South America

1.1 Cartridge-  Cartridge faucets are popular choices in various sectors due to their superior performance and ease of use. These faucets feature a washer-less design, ensuring smooth water flow with minimal maintenance. Cartridge faucets can be found in single-handle or double-handle designs, making them versatile for various applications. With fewer components, they are easy to repair during leakages. The significant end-user segments, including residential, commercial, hospital, and hospitality establishments, are expected to drive the demand for cartridge faucets due to their cost-effectiveness and quick deployment. Infrastructure development in these sectors is projected to boost the market growth for cartridge faucets during the forecast period.

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Learn and explore more about Technavio's in-depth research reports

The global Plumbing Fixtures and Fittings Market is experiencing significant growth driven by urbanization, renovation activities, and increasing demand for water-efficient products. Similarly, the global Decking Market is expanding due to rising residential and commercial construction, along with a growing preference for outdoor living spaces. Meanwhile, the global Residential Digital Faucets Market is booming as smart home technology becomes more prevalent, offering advanced features such as touchless operation, temperature control, and water conservation. These markets collectively reflect a trend towards modern, efficient, and sustainable home improvement solutions.

Research Analysis

The Faucet Market is witnessing significant growth due to the increasing urbanization and the demand for aesthetic appeal in bathrooms. Smart bathroom accessories, such as reflex faucet collections, touch-free and digital faucets, and hybrid smart faucets, are becoming increasingly popular. Real estate developers and the construction sector are recognizing the importance of bathroom hardware in meeting hygiene standards and catering to the growing population. Touchless technology, sensor-based controls, and smart functionalities are key features driving the market. Customized faucet designs, eco-friendly faucets, and water-saving mechanisms are also gaining traction. Kitchen faucets, cartridges, ceramic discs, and touchless technology are essential components of the market. Smart functionalities, such as smartphone control, are also being integrated into faucets. Designers and architects play a crucial role in shaping the market trends.

Market Research Overview

The Faucet Market is a dynamic and evolving industry that caters to the bathroom and kitchen sectors with innovative and high-quality home decor solutions. Aesthetic appeal plays a significant role in the market, with architects and designers incorporating various styles, materials, and finishes such as Brass, Ceramic disc, and Plastics, to create unique and functional spaces. Automatic features, including sensor-based controls and touchless technology, are becoming increasingly popular for their convenience and adherence to hygiene standards. Bathroom and kitchen faucets come in various types, including Deck Mount and Wall Mount, catering to different design preferences and installation requirements. Eco-friendly faucets and water-saving mechanisms are essential for households and the hospitality sector, as population growth and urbanization drive the need for sustainable water usage. Smart functionalities, such as digital faucets, voice-activated controls, and smartphone integration, are transforming the market, with home automation systems and the smart home segments leading the way. Strategic acquisitions and collaborations continue to shape the competitive landscape, as retailers offer a wide range of products, from one hand mixer to multi-functionality faucets, to cater to diverse customer needs and preferences. The flow of water, pipe, and cartridge technologies also play a crucial role in the market's growth, with continuous advancements in water conservation and water supply hardware ensuring efficient and reliable performance. The per capita income and population growth of various regions influence the market dynamics, with the market expected to continue its upward trajectory in the coming years.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Technology
• • Cartridge
  • Compression
  • Ceramic Disc
  • Ball
• End-user
• • Residential
  • Non-residential
• Geography
• • North America
  • APAC
  • Europe
  • Middle East And Africa
  • South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio