Global Faucet Market Report and Forecast 2024-2032

Global Faucet Market Outlook

The global faucet market size reached nearly USD 43.46 billion in 2023. The market is further estimated to grow in the forecast period of 2024-2032 at a CAGR of 8% to attain a value of USD 86.96 billion by 2032.

A faucet is a device utilised to regulate the flow of liquid or gas from a pipe or a container. It is an essential accessory for bathrooms and kitchens and is gaining popularity amongst manufacturers to satisfy consumer needs, which has led to the production of different types of electronic and digital faucets having unique features like water management, temperature control, and automatic detection.

Faucets are used in kitchens, bathrooms, and other areas requiring controlled water delivery. They come in various styles and finishes, ranging from basic functional designs to elaborate, decorative styles. Modern faucets can also include features like touchless operation, water filtration systems, and temperature memory settings.

North America has been a leading market, attributed to increased spending on residential renovations and repairs. The Asia Pacific region is expected to witness substantial growth due to the booming construction sector and the wide range of products offered by market players in the region.

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Faucet Market Segmentation

The major product types in the market are:

• Electronic 

• Manual

Manual faucets hold a significant share of the market. Their simplicity, lower cost, and widespread application in various settings, both residential and commercial, contribute to their continued demand. While electronic faucets are growing in popularity, manual faucets are still prevalent due to their reliability and ease of use in a wide range of settings.

Moreover, electronic faucets, also known as automatic faucets, are gaining popularity due to their efficiency, water-saving features, and hygienic benefits. These faucets typically come equipped with features like sensors for touch-free operation, temperature control displays, and efficiency sensors.

The market can be bifurcated on the basis of material into:

• Metal

• Plastics

Metal faucets, known for their durability and robustness, are a popular choice in both residential and commercial settings and occupy a significant faucet market share. They are often preferred for their long-lasting properties and resistance to wear and tear. Innovations in metal faucets, such as the introduction of touch-free, digital, and hybrid smart faucets with efficiency sensors and temperature gauges, have further enhanced their appeal in modern homes and commercial establishments.

Brands like Kohler, Grohe, and Franke have been incorporating these advanced features into their metal faucet offerings, reflecting the ongoing trend towards creating more luxurious and versatile home environments.

On the other hand, plastic faucets, while less durable than their metal counterparts, offer benefits like lower cost and lighter weight. They are often used in less demanding applications where cost is a more significant factor than longevity.

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The market can be broadly categorised on the basis of its applications into:

• Bathroom

• Kitchen

• Others

The bathroom segment leads the market due to the essential role of faucets in bathroom settings, both in residential and commercial spaces. The growth of this segment is driven by the expanding hospitality sector, including hotels, resorts, and hospitals, and the rising real estate sector globally. As new buildings and facilities are constructed, and existing ones are renovated or upgraded, the demand for bathroom faucets increases.

Additionally, the growing trend of modern and luxurious bathrooms in homes further boosts the faucet market demand.

The kitchen faucet segment is also anticipated to grow rapidly in the forecast period. This growth is expected to be driven by the increasing spending on home remodelling and the rising demand for advanced, elegant, multifunctional, and sophisticated kitchen faucets.

By end use, the market can be segmented into:

• Residential

• Commercial

The residential segment of the market is anticipated to expand at a relatively faster pace. The growth in residential construction, especially in developing countries like China, India, and Indonesia, is a key driver of the residential faucet market. As urban population grows and the demand for new housing rises, the demand for residential faucets is also expected to witness a significant growth.

There is a growing trend of renovating and modernising existing homes. Many homeowners are opting for more luxurious, efficient, and technologically advanced faucets as part of their bathroom and kitchen upgrades. The demand for faucets in the residential sector is also influenced by consumer preferences for aesthetically pleasing and functional designs. This includes preferences for features like touchless operation, water efficiency, and stylish finishes.

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The report also covers the major regional markets for faucet, which are as follows:

• North America

• Europe

• Asia Pacific 

• Latin America

• Middle East and Africa

Faucet Market Analysis

The market for faucet is primarily driven by increasing residential and commercial construction, rising standards of living, and growing demand for modular kitchen and bathroom facilities. The robust growth of the real estate sector, rapid urbanisation, consumer preferences for aesthetically pleasing and functional designs, and technological innovations like digitised and automated faucets are some of the crucial faucet market trends.

The market caters to both residential and commercial sectors. The residential sector is witnessing rapid growth due to increasing construction activities, particularly in developing countries, and the trend of home renovation and modernisation in developed countries.

Expanding real estate sector to augment the market growth

The faucet market growth is being significantly driven by the expanding real estate sector, which is propelling the construction of residential and commercial buildings that require faucet installations. Rapid urbanisation, coupled with increasing disposable incomes, has aided the market growth. The growing introduction of innovative technologies like digitised and automated faucets, with energy and water-saving features, at cost-effective rates, has further catalysed the growth of the market due to increasing emphasis on energy conservation.

While the COVID-19 pandemic in 2020 had an adverse effect on the market due to the low availability of raw materials and disruptions in the supply chain, the market is expected to witness a rebound, supported by favourable trade policies. With governments around the globe aiming to provide housing to lower-income groups, the demand for faucets is further anticipated to grow.

Regional Insights

North America and the Asia Pacific are the Significant Regional Markets

North America is projected to be one of the largest faucets market in the forecast period. The market growth within North America can be attributed to the expanding residential sector in the region, which, in turn, has been driving market revenue. The Asia Pacific, meanwhile, is expected to be one of the fastest-growing regional markets in the coming years. The market growth in the Asia Pacific region is expected to be driven by rapid urbanisation in countries such as India and China. The market in the Asia Pacific region is also projected to be driven by the growing presence of regional and global players. For instance, in 2020, Jaquar, one of the leading faucet manufacturers in India, announced the opening of two new factories in India with a CAPEX of INR 200 crores.

Key Players in the Market

The faucet market report by EMR presents a detailed analysis of the following key players in the market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Danze Inc.

• Fortune Brands Home & Security, Inc.

• Franke Holding AG

• LIXIL Corporation

• Masco Corporation

• Others

The comprehensive report looks into the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report