Analysis of Bathroom Sink Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global bathroom sink market is set to witness increasing growth in the coming years, as a result of increasing population and advancing standard of living in developing and developed economies. A sink-also known as sinker, washbowl, hand basin, and wash basin-is a bowl-shaped plumbing fixture used for washing hands, dishwashing, and other purposes.
The bathroom sink market is more consolidated in North America and Asia Pacific with the number of players in these regions. The market is primarily driven by trends in the construction industry, and increasing number of five star hotels and restaurants. Increasing adoption of digital platforms for ensuring global presence and regional availability has provided a boost for the development of the bathroom sink market, opening up numerous foreign opportunities for key players.
Furthermore, on the backdrop of industrialization and economic development in emerging countries, massive infrastructural transformation is on the way. These economic developments will lead to advancements in the construction industry, especially in terms of residential buildings with better facilities, which will drive the demand for bathroom sinks over the forecast period (2020-2030).
Innovation in bathroom sinks and related products in terms of size, shape, color, and texture will facilitate numerous opportunities for the bathroom sink market, projected to exhibit an impressive growth rate of 7.5%.
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Under-mount sinks are installed to the under-side of countertops. Better support of the countertop and easy accessibility make under-mount sinks stronger and cleaner as compared to other sinks. The under-mount sinks segment is expected to create an absolute $ opportunity of US$ 1.9 Bn by 2030. However, the market for pedestal sinks is poised to expand at a CAGR of 6% during 2020-2030. Furthermore, sinks that can be mounted on walls are gaining traction due to ease of installation and less space consumption.
Bathroom sinks find usage in both, residential and non-residential buildings. Increasing corporate spaces, co-working spaces, and restaurants are creating mounting demand for bathroom sink products. Global and regional players are focusing on promotional activities, which is creating increased demand for bathroom sink products.
This surge in promotional activities will lead to growing number of residential buyers over the forecast period. The residential bathroom sinks segment is expected to be valued at US$ 13.6 Bn by 2030, experiencing a growth rate of 7% during 2020-2030.
Non-residential applications with respect to the bathroom sink market are projected to gain momentum and create an absolute $ opportunity of US$ 1.4 Bn during the forecast period. These applications are estimated to account for 16.3% revenue share of the global market by 2030-end.
Asia Pacific is seen as the most lucrative region in the global bathroom sink market, backed by strong increasing population and advancements in the tourism industry. In addition, increasing disposable income has facilitated better standard of living among the people. These factors are expected to drive the growth of the bathroom sink market size in Asia Pacific at an impressive CAGR of 8% during the forecast period. However, the bathroom sink market in North America is expected to create an absolute $ opportunity of US$ 1.2 Bn by 2030.
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Bathroom sink companies focus on product customization and innovation with respect to different type of sinks. Companies are offering bathroom sinks in varied styles, colors, shapes, and texture in order to meet different requirements associated with various applications.
Prominent global players in the bathroom sink market include Kohler Co., LAUFEN Bathrooms AG, LIXIL Group Corp., Meon Inc., Roca Sanitario, S.A., Duravit, Annwa, and Huida Sanitary Ware. Furthermore, key players such as Kohler Co. have announced taking steps to scale up production capacity to meet the mounting demand across the globe.
Increasing opportunities and growing future scope will increase the competitiveness of the market, adding a number of bathroom sink manufacturers across the globe. In addition, Kohler Co. acquired U.K.-based Clarke Energy, an engineering, construction, installation, and maintenance firm. This acquisition is aimed at providing customers with maintenance and installation services in the U.K. market.
The spread of coronavirus has crippled the entire world. Nearly all countries have imposed lockdowns and strict social distancing measures. This has resulted in the disruption of supply chains. Covid-19 has substantially affected consumer demand in the bathroom sink market. However, regional governments are investing massive amounts for the development of better sanitation facilities. These investments will benefit the bathroom sink market, and growth in demand is expected till the mid-term of the forecast period.
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“The bathroom sink market will continue to witness strong growth, as an aftereffect of the growing construction and hospitality industry, especially in North America, Europe, and emerging new markets in the Asia Pacific region”.
Fact.MR published an exclusive forecast report on the bathroom sink market for the period of 2020-2030. The foremost objective of the bathroom sink market report is to pitch spearhead insights on the market scenario, demand generators, and technological advancements in the bathroom sink market. Also, the study addresses key dynamics that are expected to diversify the adoption and future prominence of the bathroom sink market.
The report on the bathroom sink market begins with an executive overview, in which, product definition has been provided. The report further proceeds with the taxonomy of the bathroom sink market, elaborating on key segments. The report also outlines visionary insights on the dynamics of the bathroom sink market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with key buying factors.
Fact.MR has studied the bathroom sink market with detailed segmentation on the basis of product type, application, and key regions.
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The bathroom sink market projected to exhibit an impressive growth rate of 7.5%.
Under-mount sinks accounted for 24.4% share of the total market revenue in 2020.
Prominent players in the bathroom sink market are Kohler Co., LAUFEN Bathrooms AG, LIXIL Group Corp., Meon Inc., Roca Sanitario, S.A. and others.
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