Jul 06, 2020
Bathroom Sink Market to be Valued at US$ 16.2 Bn by 2030 End; COVID-19 Pandemic Resulting in Supply Chain Disruptions and Decreased Demand
by Team Fact.MR
The growing infrastructure industry, in both, residential and non-residential application areas, is to drive the demand for bathroom sinks over the forecast period (2020-2030). Wall-mounted sinks, under-mount sinks, top-mount sinks, integrated sinks & countertops, wash-plane sinks, and console sinks are some of the available types according to usage needs. This customized availability has resulted in creating numerous opportunities for the bathroom sink market with respect to application-specific usage. As the focus on better sanitization activities becomes strong, worldwide, market players are eyeing potential opportunities in unexplored markets. Highly populous Asian countries, in particular, offer a huge customer base for leading manufacturers of bathroom sinks and other sanitation-related products.
According to a new Fact.MR study, the bathroom sink market is poised to expand at a value CAGR of 7%, and create an absolute $ opportunity of US$ 8.2 Bn by 2030-end.
Key Takeaways from Bathroom Sink Market Study
- Under-mount sinks are estimated to account for 24.4% share of the total market revenue in 2020, and lose 75 BPS in their market share by 2030 over 2020.
- The integrated sinks and countertops segment is set to influence the growth strategies of market players, and are expected to contribute revenue worth US$ 1.1 Bn in 2020, and US$ 2.1 Bn by 2030, progressing at a CAGR of 6.5% during the forecast period.
- Sales of bathroom sinks for residential applications have registered a notable growth rate over the historical period. This segment is expected to record a CAGR of 7% and create an absolute $ opportunity of US$ 6.7 Bn during the forecast period.
- The Asia Pacific bathroom sink market is projected to hold a prominent share of the global market value.
- The bathroom sink market in MEA is projected to resister a higher growth rate than average in terms of value during the forecast period.
- The COVID-19 outbreak has led to decreased demand, along with supply chain disruptions, as a result of lockdowns and travel restrictions across the world. However, rising focus of governments on hygiene and sanitation will shore up demand in the future.
“Increased expenditure from regional governments towards better sanitation facilities is expected to create numerous growth opportunities for bathroom sink market players,” says a Fact.MR analyst.
Collaboration of Key Players with Regional Players Stands as Prime Strategy
Key players in the bathroom sink market are focusing on product innovation and product portfolio diversification. Furthermore, companies are expanding their market reach with the help of e-Commerce and numerous digital platforms to reach their target customers. Collaboration with regional players is seen as a key strategy of global bathroom sink market players. For instance, LIXIL announced a new partnership with the Bill & Melinda Gates Foundation to bring, what could be, the world’s first 'reinvented toilet' for household use, in at least two markets. This stems from the Reinvent the Toilet Challenge.
More Valuable Insights on Bathroom Sink Market
Fact.MR, in its new offering, presents an unbiased analysis of the global bathroom sink market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study delivers essential insights on the bathroom sink market on the basis of product (under-mount sinks, top-mount sinks, pedestal sinks, vessel sinks, integrated sinks and countertops, semi-recessed sinks, wall-mounted sinks, washplane sinks, and console sinks), and application (non-residential and residential), across five major regions.
>>> To Get more insights on bathroom sink market, visit- https://www.factmr.com/report/4862/bathroom-sink-market
About the Retail and Consumer Goods Division at Fact.MR
Being a consortium of large number of sub-industries, not many market research companies are being able to fulfil the requirements of consumer product clients. Though, Fact.MR retail and consumer goods analysts at Fact.MR have been categorically tracking the broader sub-industries to keep themselves abreast of the recent happenings in the market. Our practical approach to product design and pricing strategy contributes to the growth of businesses that are struggling to hit the ‘move-the-needle’ bottom line. With unmatched analytical diligence, the team at Fact.MR helps organizations design product differentiation strategies and introduce exclusive product(s) to their existing portfolio. For more retail and consumer goods industry insights, visit here.