Faucet Market Analysis North America, APAC, Europe, Middle East and Africa, South America - US, China, Japan, Russia, UK - Size and Forecast 2024-2028

Faucet Market Forecast 2024-2028

The Global Faucet Market size is forecast to increase by USD 15.58 billion at a CAGR of 9.03% between 2023 and 2028. The emergence of air-induced spray technology is an emerging trend shaping market growth. The air-induced spray technology is advanced. It is used to atomize water. During regular flow, a large amount of water bounces back from the hands, and some water directly flows into the drain. This can be reduced with the atomization technique, which makes the maximum use of water dispensed by the tap. The atomization process breaks the water into tiny droplets of water, creating a mist of high-speed water.

This increases the surface area of water dispensed, and the altered nozzle could save water up to 98%. Additionally, the integration of sensors and voice-activated controls in smart homes is revolutionizing the way people interact with their bathroom hardware and kitchens. Retailers are investing in home automation systems to provide customers with enhanced convenience and efficiency.

What will be the Market Size During the Forecast Period?

Request Free Sample in PDF

Investment in the industrial sector drives the global faucet market, offering multi-functionality faucets with aesthetic appeal, catering to urbanization trends and disposable income levels, while incorporating smart bathroom accessories like the Reflex faucet collection, touch-free faucets, and digital faucets, including hybrid smart faucets, to meet the demands of the construction sector, driven by technological advancements and sensor-based controls, serving both residential and commercial sectors with customized faucet designs.

Market Segmentation

This market growth analysis report extensively covers market segmentation by technology (catridge, compression, ceramic disc, ball), end-user (residential and non-residential), and geography (APAC, Europe, North America, South America, and Middle East and Africa). The market research and growth report also includes an in-depth analysis of drivers, trends, and challenges. In the cartridge segment of the market, innovation meets hygiene standards with cutting-edge technology. Cartridges, including ceramic discs, form the backbone of modern faucets, ensuring durability and reliability in both kitchen and bathroom settings. Touchless technology and water-saving mechanisms enhance user convenience while promoting eco-friendly practices. Smart faucets, controllable via smartphone, offer unparalleled convenience and efficiency, appealing to designers, architects, and homeowners alike. With a focus on sustainability and functionality, the cartridge segment continues to push boundaries, offering eco-friendly options and intuitive designs that meet the evolving needs of consumers in the modern world.

By Technology

The market share growth by the cartridge segment will be significant during the forecast years. Cartridge faucets are used widely as they proffer better performance than compression and ball faucets. A cartridge faucet has a distinctive design and is equipped with a washer-less structure for ease of water flow. It also requires low maintenance. A cartridge faucet could either be used in a single-handle or a double-handle faucet. These faucets have fewer components; thereby, they are very easy to repair during leakage.

Get a glance at the market contribution of the End User segment Request Free Sample

The cartridge segment was the largest and was valued at USD 8.58 billion in 2018. Applications of cartridge faucets are significant in bathroom and kitchen fittings in residential, office, and hospital and hospitality establishments. With an increase in infrastructural expenditure expected in these sectors, the adoption of cartridge faucets is expected to rise during the forecast period. This is primarily because of the cost-effectiveness of these products and the fast deployment rate of these faucets in the significant end-user segments. The demand for cartridge faucets is expected to grow, which will fuel the growth of the market during the forecast period.

Region Analysis

North America is estimated to contribute 33% to the growth of the global market during the projection period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the projection period.

For more insights on the market share of various regions Request Free Sample

Further, the growth of the market in North America will primarily be because of the increased spending on construction and infrastructural projects in the region. Rising residential construction is the significant growth driver of the market in the region. The housing market in Mexico has been recording steady growth. The housing market in Mexico recorded the return of American and Canadian buyers following a long slump. This can be attributed to low oil prices and strong US dollar currency rates. Being one of the most developed regions of the world, many industries in North America have growth prospects. The growing hotel industry in the US has increased the demand for the construction of new hotels.

In addition, the growth of the market in North America is also owing to the increasing number of new premium hotels in the region. Premium-class hotels require exclusive quality and customized bathroom fittings. The new constructions are also focusing on green design buildings. While constructing, the focus is on water and energy conservation. This will increase the use of new water-conserving faucet designs. Thus, all such factors will drive the growth of faucets in the region during the forecast period.

Market Dynamics

The Faucet Market is experiencing growth driven by growing brand awareness, prompting increased investments in kitchen faucets and bathroom faucets. An emerging trend in this market is the emergence of air-induced spray technology, offering enhanced water flow and efficiency. However, the industry faces challenges such as the long replacement cycle of metallic products, particularly in regions where polytetra methylene terephthalate (PTMT) plastic alternatives are gaining traction.

With a focus on improving the flow of water and addressing consumer preferences for one hand mixer or two hand mixer faucets, manufacturers innovate to meet market demands. As per capita income rises, consumers seek durable and aesthetically pleasing faucet options, driving the market growth. Market trends and analysis indicate a shift towards plastics in faucet manufacturing, driven by factors such as cost-effectiveness and design flexibility, thereby shaping the future landscape of the faucet market.

Key Market Driver

Growing brand awareness in the faucet industry is notably driving market growth. Faucets have now become a style statement with respect to home decor. Over the years, the rising disposable income of consumers, increasing construction activities across the globe, and changes in lifestyle and preferences have positively influenced the growth of the market. This has given rise to many local and international vendors. The vendors are continuously upgrading their products with new technologies and increasing their production capacity to meet the growing demand. 

Moreover, companies are differentiating their products to create a brand identity. For instance, Kohler Co. has been conducting many campaigns on its luxury products for stylist enthusiasts. The campaign is being carried out through television advertisements, digital media, and printing materials. All such activities may increase brand awareness among consumers, which may have a positive impact on the market growth and trends during the forecast period.

Significant Market Trends

The emergence of air-induced spray technology is an emerging trend shaping market growth. The air-induced spray technology is advanced. It is used to atomize water. During regular flow, a large amount of water bounces back from the hands, and some water directly flows into the drain. This can be reduced with the atomization technique, which makes the maximum use of water dispensed by the tap. The atomization process breaks the water into tiny droplets of water, creating a mist of high-speed water. This increases the surface area of water dispensed, and the altered nozzle could save water up to 98%. 

Furthermore, in January 2020, Kohler Co. patented its air-induced technology named Katalyst technology. The technology helps in combining air and water at the face of the spray, which reduces water consumption. The company stated that its spray technology combines around 2.0 liters of air with almost 9.5 liters of water, which forms large droplets of water that reduce water consumption and help the water retain heat for a longer time. Thus, technology innovation may fuel the growth of the market during the forecast period.

Major Market Challenge

The long replacement cycle of metallic products is a significant challenge hindering market development. The average life span of a metal faucet is approximately 8 to 10 years. As a result, there is a low opportunity for vendors to create a replacement market for the product. Moreover, due to the rising competition in the market, the vendors are procuring high-quality raw materials from reputed suppliers. This increases their confidence in providing a lifetime warranty on the products to their customers. Significant vendors such as Kohler Co., Lowes Co. Inc., and Masco Corp. are already extending their lifetime support to their customers on faucet products.

Moreover, the population in APAC is highly price-sensitive and does not invest much in new products when a repair is possible. The advantage of addressing the repair involved in plumbing and fixtures is more cost-effective compared with replacing the complete system due to low-cost service availability. This adversely affects the replacement market of faucet-products, which may result in slow market growth during the forecast period.

Key Companies

Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches to enhance their presence in the market.

ALTON - The company offers faucets such as the ALTON ALT2045 brass hole basin mixer, ALTON Fame 3360 brass centre hole basin mixer, and ALTON Opel 5070 brass centre hole basin mixer.

The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including ALTON, CERA Sanitaryware Ltd., Eczacibasi Holding AS, FiveStar Brass India Ltd., Fortune Brands Innovations Inc., Globe Union Industrial Corp., Hindware Home Innovation Ltd., Jaquar Group, Kingston Brass Inc, Kohler Co., LIXIL Corp., Lowes Co. Inc., Masco Corp., Oras Ltd., Queo Bathrooms, Roca Sanitario SA, Toto Ltd., Ultra-Faucets, VIGO INDUSTRIES LLC, and Zurn Elkay Water Solutions Corp.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Analyst Overview

The market is experiencing a surge in demand driven by urbanization and investment in the industrial sector, with a growing emphasis on technological advancements and aesthetic appeal. Smart bathroom accessories, including multi-functionality faucets and touch-free faucets, are reshaping consumer spending patterns, especially in the hospitality sector and commercial sector faucet segment.

Innovations such as the Reflex faucet collection and digital faucets offer smart functionalities and automatic features, catering to high-quality home decor and smart home segments. Hybrid smart faucets combine sensor-based controls with voice-activated features, ensuring water conservation and hygiene standards.

The market is witnessing strategic acquisitions and collaborations to introduce customized faucet designs and eco-friendly faucets suitable for both residential and industrial settings. Technological innovations like touchless faucets technology/touchless technology and smartphone control enhance user experience and water-saving mechanisms.

With a focus on designers and architects, the Faucet Market continues to evolve, offering a diverse range of products such as deck mount and wall mount faucets in various materials like stainless steel, chrome, and PTMT plastic. As real estate and construction sectors embrace smart home solutions, faucets play a crucial role in modern household and kitchen setups, ensuring convenience and efficiency in water supply hardware.

Segment Overview

The market report predicts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028. 

• Technology Outlook 
  • Cartridge
  • Compression
  • Ceramic disc
  • Ball

• End-user Outlook
  • Residential
  • Non-residential

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • South America
    • Chile 
    • Brazil
    • Argentina 
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Faucet Market Scope
Report Coverage	Details
Page number	170
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 9.03%
Market Growth 2024-2028	USD 15.58 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	8.51
Regional analysis	North America, APAC, Europe, Middle East and Africa, and South America
Performing market contribution	North America at 33%
Key countries	US, China, Japan, Russia, and UK
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	ALTON, CERA Sanitaryware Ltd., Eczacibasi Holding AS, FiveStar Brass India Ltd., Fortune Brands Innovations Inc., Globe Union Industrial Corp., Hindware Home Innovation Ltd., Jaquar Group, Kingston Brass Inc, Kohler Co., LIXIL Corp., Lowes Co. Inc., Masco Corp., Oras Ltd., Queo Bathrooms, Roca Sanitario SA, Toto Ltd., Ultra Faucets, VIGO INDUSTRIES LLC, and Zurn Elkay Water Solutions Corp.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, market growth analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Request Free Sample

What are the Key Data Covered in this Market Research Report?

• CAGR of the market forecast during the forecast period
• Detailed information on factors that will drive the growth of the market between 2024 and 2028
• Precise estimation of the size of the market size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market industry across North America, APAC, Europe, Middle East and Africa, and South America
• Thorough market analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

We can help! Our analysts can customize this market research report to meet your requirements. Get in touch