According to a new report published by Allied Market Research, titled, the global bathroom taps market generated $17.2 billion in 2020, and is anticipated to generate $32.9 billion by 2030, witnessing a CAGR of 6.5% from 2021 to 2030. Surge in construction of malls and offices, rise in spending on home remodeling, and renovation of residential and non-residential bathrooms and toilets drive the growth of the global bathroom taps market. On the other hand, infrastructural development in African nations presents new opportunities in the coming years.
Bathroom tap is the valve that regulates flow of water in the bathroom. Bathroom taps are important components of bathrooms that are gaining popularity among both customers and producers. Smart taps are temperature sensors and efficiency sensors make it simple for every member of household to carefully regulate how much water they use in the kitchen or bathroom.
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- The outbreak of the Covid-19 pandemic led to global lockdown and temporary closure to manufacturing facilities, which hampered the growth of the global bathroom taps market.
- Moreover, key market players altered their investment plans during the lockdown period.
- Nevertheless, the market is going to recover by the start of 2022. Equipment and machinery producers must focus on protecting their staff, operations, and supply networks to respond to urgent emergencies and establish new methods of working.
The metal segment to maintain its leadership status throughout the forecast period
Based on material, the metal segment held the highest market share in 2020, accounting for nearly 88% of the global bathroom taps market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, this segment is projected to manifest the highest CAGR of 6.7% from 2021 to 2030. This is due to metal materials offer classic finish to taps. It fulfils the highest hygiene standards. Also, chemical acids, strong cleaning fluids, or hydrochloric compounds hardly affect this material. Another segment discussed in the report is plastic, which portray the CAGR of 4.6% from 2021 to 2030.
Get detailed COVID-19 impact analysis on the bathroom taps market:
The residential segment to maintain its lead position during the forecast period
Based on end user, the residential segment accounted for the largest share in 2020, contributing to nearly three-fourths of the global bathroom taps market, and is projected to maintain its lead position during the forecast period. Moreover, this segment is expected to portray the largest CAGR of 6.8% from 2021 to 2030, owing to rise in construction and infrastructure development. However, the commercial segment projected to register a CAGR of 5.5% from 2021 to 2030.
Asia-Pacific, followed by Europe and North America, to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by Europe and North America, held the highest market share in terms of revenue in 2020, accounting for nearly half of the global bathroom taps market. Moreover, this region is expected to witness the fastest CAGR of 7.6% from 2021 to 2030, owing to the high investment on commercial construction projects in the region. Other regions discussed in the report include North America, Europe, and LAMEA.
Leading Market Players:-
- CERA Sanitaryware Limited
- Delta Faucet Company
- Jaquar Group
- Kohler Co.
- LIXIL Corporation
- MOEN Incorporated
- MAC Faucets
- MASCO Corporation
- ROCA Sanitario S.A.
- Eczacibasi Group (VITRA)
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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