The bathroom sink market is projected to grow at a 7% value CAGR over the assessment period from 2020 to 2030. The growing infrastructure sector, in both, non-residential and residential application areas, is to fuel the bathroom sinks demand throughout the assessment period. Bathroom Sink Market to be valued at $16.2 billion by end of 2030.
The COVID-19 pandemic has influenced the consumption and buying habits of the consumers since the enactment of nationwide lockdown, due to the temporary suspension of non-essential products.
Growing spending from regional governments for better sanitation amenities is likely to generate numerous development prospects for bathroom sink manufacturers.
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 $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.
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.
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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-COVID-19 Impact
COVID-19 has put a dent on the revenue pool of the bathroom sink market. Impacting majorly most of the nations, the outbreak has inflicted strict social distancing and lockdowns measures.
This has ensued in the supply chain disruption.
The crisis has significantly influenced customer needs in the market.
Nevertheless, governments are putting resources of huge amounts for the increment of enhanced sanitation amenities.
These investments would welfare the bathroom sink market, and increment in demand is estimated until halfway of the projected period.
Major companies identified in the global bathroom sink market include LAUFEN Bathrooms AG, Kohler Co., LIXIL Group Corp., Roca Sanitario, S.A., Meon Inc., Huida Sanitary Ware, Annwa, and Duravit.
Key participants in the market to focus on product lines variation and product innovation.
Moreover, players are extending their market presence with the assistance of numerous digital and e-Commerce platforms to gain their target users. Partnership with local or regional players is witnessed as a significant strategy of manufacturers. For instance,
LIXIL declared collaboration with the Bill & Melinda Gates Foundation to bring first of its kind ‘reinvented toilet’ for household usage soon in markets. This is a product of Reinvent the Toilet Challenge.