Faucet Global Market Opportunities and Strategies to 2033

This report describes and explains the faucet market and covers 2018-2023, termed the historic period and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global faucet market reached a value of nearly $39.24 billion in 2023, having grown at a compound annual growth rate (CAGR) of 5% since 2018. The market is expected to grow from $39.24 billion in 2023 to $62.07 billion in 2028 at a rate of 9.6%. The market is then expected to grow at a CAGR of 10.5% from 2028 and reach $102.18 billion in 2033.

Growth in the historic period resulted from the strong economic growth in emerging markets, rise in construction activity and increase in renovation activities. Factors that negatively affected growth in the historic period were volatility in raw material prices.

Going forward, rising urbanization, increasing population growth and increasing investments in infrastructure will drive the growth. Factor that could hinder the growth of the faucet market in the future include high installation costs.

The faucet market is segmented by product type into electronic and manual. The manual market was the largest segment of the faucet market segmented by product type, accounting for 78.8% or $30.93 billion of the total in 2023. Going forward, the electronic segment is expected to be the fastest growing segment in the faucet market segmented by product type, at a CAGR of 10.6% during 2023-2028.

The faucet market is segmented by material into metal and plastics. The metal market was the largest segment of the faucet market segmented by material, accounting for 79.5% or $31.19 billion of the total in 2023. Going forward, the metal segment is expected to be the fastest growing segment in the faucet market segmented by material, at a CAGR of 9.8% during 2023-2028.

The faucet market is segmented by technology into cartridge, compression, ceramic disc and ball. The cartridge market was the largest segment of the faucet market segmented by technology, accounting for 44.7% or $17.55 billion of the total in 2023. Going forward, the ceramic disc segment is expected to be the fastest growing segment in the faucet market segmented by technology, at a CAGR of 10.7% during 2023-2028.

The faucet market is segmented by end user into residential and commercial. The residential market was the largest segment of the faucet market segmented by end user, accounting for 82.7% or $32.44 billion of the total in 2023. Going forward, the commercial segment is expected to be the fastest growing segment in the faucet market segmented by end user, at a CAGR of 10.3% during 2023-2028.

The faucet market is segmented by application into bathroom, kitchen and other applications. The bathroom market was the largest segment of the faucet market segmented by application, accounting for 47.4% or $18.6 billion of the total in 2023. Going forward, the kitchen segment is expected to be the fastest growing segment in the faucet market segmented by application, at a CAGR of 10.1% during 2023-2028.

North America was the largest region in the faucet market, accounting for 31.6% or $12.39 billion of the total in 2023. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the faucet market will be Asia Pacific and North America where growth will be at CAGRs of 14% and 8.2% respectively. These will be followed by Western Europe and South America where the markets are expected to grow at CAGRs of 8.1% and 8% respectively.

The global faucet market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 13.8% of the total market in 2022. The market concentration can be attributed to the presence of large number of players in different geographies. Prominent players are acquiring the products and entering into partnerships with the other companies to consolidate their market positions across the globe, while others are distributing products. Kohler Co. was the largest competitor with a 3.3% share of the market, followed by TOTO Ltd with 2.6%, LIXIL Group Corporation with 1.7%, Masco Corporation with 1.3%, Globe Union Industrial Corp with 1.2%, Artemis Holding AG with 1.1%, Fortune Brands Innovations Inc with 1%, Lowe’s Companies, Inc with 0.9%, Roca Sanitario, S.A with 0.5% and Sloan Valve Company with 0.2%.

The top opportunities in the faucet market segmented by product type will arise in the Manual segment, which will gain $17.35 billion of global annual sales by 2028. The top opportunities in the faucet market segmented by material will arise in the Metal segment, which will gain $18.51 billion of global annual sales by 2028. The top opportunities in the faucet market segmented by end user will arise in the Residential segment, which will gain $18.53 billion of global annual sales by 2028. The top opportunities in the faucet market segmented by technology will arise in the Cartridge segment, which will gain $10.18 billion of global annual sales by 2028. The top opportunities in the faucet market segmented by application will arise in the Bathroom segment, which will gain $10.65 billion of global annual sales by 2028. The faucet market size will gain the most in the USA at $5.94 billion.

Market-trend-based strategies for the faucet market include focus on technology advancements to offer improved faucet features, launch of new products with improved aesthetic and performance, strategic partnerships and collaborations among market players, introduction of smart faucets to improve user experience and advanced scald prevention for modern faucet solutions.

Player-adopted strategies in the faucet market include strengthening business capabilities through the launch of new products, enhancing production capabilities through business expansions, strengthening business operations through new product launches, expanding operational capabilities through strategic acquisitions and focuses on strengthening its business capabilities through the launch of new products.

To take advantage of the opportunities, the analyst recommends the faucet companies to focus on technological advancements in faucets, focus on elevating product portfolios through innovation, focus on expanding market presence with smart faucet innovation, focus on elevating safety standards with advanced scald prevention, focus on expanding in the rapidly growing electronic faucet segment, focus on expanding in the rapidly growing electronic faucet segment, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships for enhanced product innovation, provide competitively priced offerings, focus on strategic pricing strategies for market success, participate in trade shows and events, continue to use B2B promotions, prioritize digital engagement for enhanced brand visibility, focus on tailoring faucet offerings for diverse end-user needs and focus on seizing opportunities in the rapidly growing kitchen segment.