Pune, Indiia, Sept. 25, 2023 (GLOBE NEWSWIRE) -- The global bathtub market size stood at USD 10.20 billion in 2022 and is anticipated to expand to USD 15.10 billion by 2029, exhibiting a CAGR of 5.72% over the estimated period. The rise is being driven by the growing adoption of sanitary ware in the construction sector.
This information is provided by Fortune Business Insights™ in its research report, titled “Bathtub Market, 2023-2029”.
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List of Key Players Profiled in the Bathtub Market:
- Toto Ltd. (Japan)
- Royal Manufacturing (U.S.)
- Villeroy & Boch Group (Germany)
- RAK Ceramics (UAE)
- American Bath Group (U.S.)
- Geberit AG (Switzerland)
- Porcelanosa Group (Spain)
- LAUFEN Bathrooms AG (Switzerland)
- Jacuzzi Inc. (U.S.)
- Kohler Co. (U.S.)
Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2023-2029 |
| Forecast CAGR | 5.72% |
| 2029 Value Projection | USD 15.10 Billion |
| Market Size in 2022 | USD 10.20 Billion |
| Historical Data | 2018-2019 |
| No. of Pages | 202 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Bathtub Market Growth Drivers | Industry Value to Surge Driven by Increasing Construction in Residential and Commercial Sectors |
| Expansion of the Hospitality Industry to Favor Market Expansion |
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Segments:
Alcove Bathtubs to Gain Traction Driven by Popularity in Various Regions
On the basis of type, the market is categorized into drop-in, free-standing, alcove, and others. Of these, the alcove segment is anticipated to register substantial growth over the projected period. The surge can be attributed to the rising popularity of the product in Europe and North America.
Residential Segment to Record Commendable Growth Owing to Increasing Renovations
Based on application, the market is fragmented into commercial and residential. The residential segment is estimated to record appreciable expansion throughout the forecast period. The rise is being propelled by an escalation in renovation projects in various regions.
Fiberglass Segment to Register Notable Surge Due to Low Cost
On the basis of material type, the market is subdivided into cast iron, acrylic, fiberglass, and others. The fiberglass segment is projected to depict commendable growth over the analysis period. This is on account of a range of benefits such as lightweight, low cost, and ease of installation.
Oval Shaped Tubs Exhibit Soaring Demand Considering Rising Product Adoption in Smaller Homes
Based on shape, the market is segregated into oval, square, rectangular, and others. Oval-shaped tubs are anticipated to register lucrative expansion throughout the forecast period. The rise is being driven by an increase in product adoption in smaller homes and apartments.
On the basis of geography, the market for bathtubs has been studied across five regions. These include Asia Pacific, Europe, North America, the Middle East & Africa, and South America.
Report Coverage:
The report provides an in-depth analysis of the significant trends favoring market expansion throughout the estimated period. Some of the other aspects of the report include the key steps taken by major participants to consolidate their position in the market. The report also gives an insight into the prominent factors impelling industry growth over the projected period.
Drivers & Restraints:
Market Value to Rise Driven by Growing Construction in Commercial & Residential Sectors
One of the major factors driving the bathtub market growth is the upsurge in infrastructure projects. The expansion of the commercial construction and real estate sector is expected to propel the demand for smart bathrooms, impelling business expansion.
However, the industry growth may be hindered due to lack of indoor plumbing in households
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Regional Insights
Asia Pacific to Lead Driven by Rising Number of Construction Projects
The Asia Pacific bathtub market share is estimated to record notable growth over the forecast period. The rise can be attributed to the surging urbanization and an increase in residential and commercial construction projects in countries such as India and China.
North America is expected to hold a considerable share of the market. This is on account of the presence of well-established market players in countries such as Canada and the U.S.
Competitive Landscape
Leading Companies Enter into Partnership Deals to Strengthen Industry Position
Major market participants focus on partnership agreements and collaborations to expand their product reach. Many companies are also adopting various initiatives including acquisitions and mergers to increase their geographical footprint. The rising participation in trade fairs and conferences is another prominent step taken by major industry players to strengthen their industry position.
COVID-19 Impact:
Market Temporarily Affected Due to Manufacturing Shutdowns
The COVID-19 pandemic temporarily affected the bathtub demand impelled by the halt on business investments. These areas included employee management, technology capitalization, and others. However, the post-pandemic period led to an increase in product demand considering the surge in urbanization in numerous regions. An additional factor propelling product demand is the escalating production of bathroom products by numerous local manufacturers.
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Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of the Parent Market
- Industry SWOT Analysis
- Bathtub Products Supply Chain Analysis
- Market Analysis and Insights (in Relation to COVID-19)
- Impact of COVID-19 on the Market
- Potential Opportunities Due to COVID-19 Pandemic
- Global Bathtub Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights, and Forecast – By Type
- Freestanding
- Alcove
- Drop-in
- Others
- Market Analysis, Insights, and Forecast – By Material
- Acrylic
- Cast Iron
- Fiberglass
- Others
- Market Analysis, Insights, and Forecast – By Application
- Residential
- Commercial
- Market Analysis, Insights, and Forecast – By Shape
- Rectangular
- Oval
- Square
- Others
- Market Analysis, Insights, and Forecast – By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
TOC Continued…!
Key Industry Developments:
- March 2022 - The Engineered Stone Group announced its acquisition of MTI Baths and Aquatica. The deal helped in enhancing the company’s ability to serve customers in North America.
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