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Faucets Market Segmented By type such as One-hand mixer, Two-hand mixer and Others (pillars) with application such as Bathroom Faucets and Kitchen Faucets
A faucet is a device regulating the release of any form of liquid or gas. Faucets consist of various components, which include handle, cartridge, spout, mixing chamber, aerator, and water inlets. Faucets are available in wide range of colors, styles, and finishes in order to meet the demand from customers. When the handle of a faucet is turned on, the valve opens and regulates the flow of liquid/gas. The flow can be adjusted as per the user’s requirement. The body of the faucet is generally made of brass, although die-cast zinc and chrome-plated plastic are also utilized in the manufacture.
Residential faucets are usually available as single or dual control cartridge faucets. In single control type, a metal or plastic core is fitted, which operates vertically. Dual control type uses a metal ball, with spring loaded rubber seals fitted on to the body of the faucet. Cheaper versions of dual control faucets comprises of nylon cartridges with rubber seals. Certain faucets encompass a ceramic disc cartridge, which is relatively durable.
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Growing real estate sector including commercial, residential, and hospitality sectors, along with the rising disposable incomes, steady increase in urbanization, and high brand awareness among the consumers are projected to be the various factors boosting the growth of the global faucets market. Moreover, governments of various countries are introducing novel housing policies for rural areas, lowering housing loans, endorsing foreign investments in industrial sector and so on. The aforementioned reasons are expected to bolster the demand for faucets and in turn, propel the global faucets market growth.
The rapid growth exhibited by the housing industry acts as the key driver bolstering the faucets market growth. The steady rise in the sales of homes and construction of skyscrapers and new commercial as well as residential buildings in several developing countries are projected to influence the growth of global market for faucets significantly over the forecast period.
On the other hand, lack of penetration into several countries continue to serve as a major restraint to the industry. This is expected to slightly reduce the demand for faucets in near-future and thus restraining the growth of global faucets market. The key challenge identified in the market for the manufacturers is to meet the water conservation laws; according to these laws, faucets are manufactured in such a way that they must conserve water.
In order to meet the ever increasing demand by consumers, value addition and quality improvement are the two major concerning factors, which will offer growth opportunity for the manufacturers of faucets across the globe.
The key trend identified in the global faucets market include the manufacturing of sensor-based and battery operated faucets and also the significant drop in prices.
Rising per-capita income and high consumer spending power in developing countries, such as India and China, are the two major factors influencing the demand for faucets in the Asia Pacific region. The region is expected to continue its dominance throughout the forecast period, followed by Europe and North America. Europe is expected to be ahead of North America in styles, color, and designing department.
Some of the examples of the market participants in the faucets market identified across the value chain include GROHE AG, Kohler Co., TOTO LTD., Jaquar, MAC FAUCETS, LLC., CERA Sanitaryware Limited, VitrA, and Agmeco Faucets Private Limited among others.
Manufacturers are focusing on technology advancement, which helps in easier operations of the faucets and repair owing to fiber optics. These technological improvements are estimated to result in the introduction of electronic-based faucets in the residential sector.