portland, OR, April 26, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global faucet market was pegged at $37.8 billion in 2019 and is anticipated to garner $59.2 billion by 2027, growing at a CAGR of 7.8% from 2021 to 2027.
Rise in construction of new residential apartments, increase in demand for premium faucets with rise in investment in luxury homes, and development in commercial spaces have boosted the growth of the global faucet market. However, presence of substandard faucets and availability of counterfeit hamper the market growth. On the contrary, surge in construction of smart homes and development of smart faucets are expected to open lucrative opportunities for the market players in the future.
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Covid-19 Scenario
- The Covid-19 pandemic resulted in the halt of manufacturing activities of faucets to curb the spread of infection. Moreover, the raw material shortage occurred as the supply chain disrupted due to prolonged lockdown.
- The demand for faucets reduced significantly during the lockdown, due to stoppage of construction activities. However, the demand is expected to increase post-pandemic as the construction activities resume.
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The global faucet market is segmented based on application, product type, material, end user, and region. On the basis of application, the bathroom segment is projected to manifest the fastest CAGR of 8.6% during the forecast period. In addition, the segment held the lion’s share in 2019, accounting for nearly half of the market.
Based on product type, the electronic segment is estimated to portray the highest CAGR of 10.6% during the forecast period. However, the manual segment dominated in 2019, contributing to more than four-fifths of the market
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The global faucet market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across the Asia-Pacific region is anticipated to showcase the highest CAGR of 8.6% from 2021 to 2027. In addition, the region held the largest share in 2019, accounting for more than half of the market.
The global faucet market report includes an in-depth analysis of the prime market players such as Sloan Valve Company, LIXIL Group Corporation, Paini (UK) Ltd., MASCO Corporation, Roca Sanitario S.A., Fortune Brands Home & Security, Inc., Spectrum Brands, TOTO Ltd., Danze, Inc., and Rohl LLC.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.