Faucet Market Analysis, Competitive Landscape and Forecast 2030

Faucet Industry Overview

The global faucet market size was valued at USD 19.3 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.4% from 2022 to 2030. The increasing prominence of multi-functionality faucets and the focus on aesthetic appeal are enhancing the demand for faucets in the market. The increase in investment in the industrial sector and rapid urbanization is expected to make way for market growth during the forecast period.

COVID-19 is still a significant issue for economies around the world, due to a year-on-year decline in exports and an increase in imports over the same period of time. The faucets market is trying to recover. Despite this, it means there is a direct impact on the ICT/ Healthcare/ chemical industries, resulting in a large market for the faucet market.

Gather more insights about the market drivers, restrains and growth of the Global Faucet Market

U.S. faucets market size, by distribution channel, 2020 - 2030 (USD Billion)

The increase in the disposable income of consumers is one of the primary factors that drive the growth of the global market. A rise in the trend of remodeling and thereby the use of trendy and smart bathroom accessories is anticipated to increase the demand in the market. According to iProperty Management, in 2019, most homeowners spent USD 5.000-10,000 upgrading their homes.

Bathroom accessories are the essential smart products that are gaining increasing focus among consumers as well as manufacturers. With the introduction of modern innovative technologies, manufacturers are providing a wide range of digital and electronic faucets for the domestic and commercial sectors. For instance, in January 2022, Daniel Rubinetterie, a creative manufacturer in Europe, launched ‘Reflex’ a new faucet collection for kitchen and bathroom applications.

Additionally, various product innovations, such as the development of touch-free, digital and hybrid smart faucets that are equipped with efficiency sensors and temperature gauges, are acting as other growth-inducing factors. For instance, GROHE Plus digital faucet comes with a LED temperature display. It redefines the notion of versatility.

The ongoing demand for creating a modern and luxurious home is also paving way for renovated kitchen settings, hence, fueling the demand for kitchen products. For instance, the Franke 3-in-1 faucet offered by Franke Kitchen Systems is designed to provide hot, cold, and distilled water to ensure the usage of pure and appropriate temperatures for various kitchen purposes.

Browse through Grand View Research's Homecare & Décor Industry Research Reports.

  • Bathroom Accessories Market - The global bathroom accessories market size was valued at USD 17.05 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 10.2% from 2021 to 2028.
  • Smart Faucets Market - The global smart faucets market size was valued at USD 301.9 million in 2018. Shifting consumer preferences towards the smart home technology in a household on account of its high level of convenience and luxury is expected to play a key role in expanding the market size.

Market Share Insights

  • March 2022: Blanco the kitchen Offline solutions brand backed by industry-leading German engineering, introduced new productive accessories and faucet finishes. They have also expanded their metal faucet finish with bold black and luxurious Satin Gold
  • January 2022: Moen revealed its smart faucet. The new feature has a completely hands-free operation, using gestures to control the temperature as well as flow
  • December 2021: Delta faucet expanded its kitchen product by offering a launch of three workstation sinks to utilize the space and maximum personalization possible
  • August 2021: Astral Limited entered the new business vertical of faucets and sanitary ware. The company has 14 manufacturing units spread across India

Key Companies profiled:

Some prominent players in the global faucet market include

  • Kohler Co.
  • Kraus, USA
  • American Standard Brands
  • Grohe America Inc.
  • Pfister
  • Delta Faucet Company
  • Moen Incorporated
  • Aqua Source Faucet

Order a free sample PDF of the Faucet Market Intelligence Study, published by Grand View Research.

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