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.
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Bathroom Sink Market- Critical Takeaways
- In terms of product, the under-mount sinks will be accounting for 24.4% of the overall market revenue share in 2020 and will generate an absolute $ opportunity of US$ 1.9 Billion towards 2030 end.
- Based on application, bathroom sinks sales for residential applications will record a remarkable 7% CAGR over the assessment period.
- Asia Pacific has shown impressive growth in the production and application in the bathroom sink market, registering an 8% CAGR.
- MEA will exhibit a maximum growth rate than average in value terms, over the assessment period.
Competitive Landscape:
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.
Bathroom Sink Market- Drivers
- Rapid industrialization and advancements in construction technology will provide an impetus to market growth.
- Steady growth in the worldwide construction sector particularly in emerging regions remains the primary market driver.
- A growing number of five-star restaurants and hotels in emerging countries in Asia and MEA support demand.
- The assurance of global presence through digital platforms has provided a boost for market development.
Bathroom Sink Market- Restraints
- The high price associated with designs and customization of bathroom sink might hamper growth.
- Fluctuations in raw material costs act as a restraint for the development of the market.
Bathroom Sink Market: Segmentation
Fact.MR has studied the bathroom sink market with detailed segmentation on the basis of product type, application, and key regions.
- By Product :
- Under-mount Sinks
- Top-mount Sinks
- Pedestal Sinks
- Vessel Sinks
- Integrated Sink and Countertops
- Semi recessed Sinks
- Wall-mounted Sinks
- Washplane Sinks
- Console Sinks
- By Application :
- Residential
- Non-residential
- By Region :
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
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How will be insights and market estimations provided in the Fact.MR report on the Demand of Bathroom Sink make a difference?
- The study takes a closer look at the major economic turmoil, with a focus on the recent COVID-19 pandemic disruptions
- The assessment of key growth dynamics highlights the attractiveness of new automation technologies and offers readers insight on the prospect of these during the forecast period
- The study tries to offer a balance perspective of the opportunities in mature and the most lackluster markets
- Provides scrutiny of the industry trends that have shaped recent government policies
- Provides an account of major breakthroughs in all segments that might change the course of the market considerably
- Provides an incisive analysis of socio-political milieu in which the key markets operate, and how will that influence the lucrativeness of the overall Bathroom Sink Market
- Analyzes how collaborations and partnerships among players from different industries shape the key growth dynamics in the near future
- Evaluates the role of various stages of funding on new growth avenues in key regional markets
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