Residential Bathroom Sinks Segment is expected to be valued at US$ 13.6 Bn by 2030, Fact.MR

The bathroom sink market is forecasted to experience a 7% value compound annual growth rate (CAGR) during the assessment period spanning from 2020 to 2030. According to a recent report by Fact.MR, the escalating infrastructure sector, encompassing both non-residential and residential applications, is expected to drive the demand for bathroom sinks throughout this period.

However, the COVID-19 pandemic has significantly impacted consumer consumption patterns and purchasing behavior, particularly with the implementation of nationwide lockdowns, resulting in the temporary suspension of non-essential product purchases.

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This surge in promotional efforts is expected to attract a growing number of residential buyers over the forecast period. The residential segment of the bathroom sink market is forecasted to reach a valuation of US$ 13.6 billion by 2030, with a growth rate of 7% from 2020 to 2030.

Furthermore, non-residential applications in the bathroom sink market are anticipated to gain momentum, resulting in an absolute opportunity of US$ 1.4 billion during the forecast period. By the end of 2030, these applications are projected to contribute to a revenue share of 16.3% of the global market.

Here are the key insights regarding the bathroom sink market:

• Under-mount sinks are expected to account for 24.4% of the overall market revenue share in 2020. By 2030, they are projected to generate an absolute opportunity of US$ 1.9 billion.
• In terms of application, sales of bathroom sinks for residential purposes are forecasted to achieve a remarkable 7% compound annual growth rate (CAGR) over the assessment period.
• The Asia Pacific region has demonstrated impressive growth in both production and application within the bathroom sink market, registering an 8% CAGR.
• Meanwhile, the Middle East and Africa (MEA) region are anticipated to exhibit a growth rate higher than the market average in terms of value over the assessment period.

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Bathroom Sink Market- Drivers

• Rapid industrialization and advancements in construction technology will provide an impetus to market growth.
• Steady growth in the worldwide construction sector particularly in emerging regions remains the primary market driver.
• A growing number of five-star restaurants and hotels in emerging countries in Asia and MEA support demand.
• The assurance of global presence through digital platforms has provided a boost for market development.

Bathroom Sink Market- Restraints

• The high price associated with designs and customization of bathroom sink might hamper growth.
• Fluctuations in raw material costs act as a restraint for the development of the market.

Market Segmentations:

By Product:

· Under-mount Sinks

· Top-mount Sinks

· Pedestal Sinks

· Vessel Sinks

· Integrated Sink and Countertops

· Semi recessed Sinks

· Wall-mounted Sinks

· Washplane Sinks

· Console Sinks

By Application:

· Residential

· Non-residential

By Region:

· North America

· Latin America

· Europe

· Asia Pacific

· MEA

Bathroom Sink Market-COVID-19 Impact

COVID-19 has put a dent on the revenue pool of the bathroom sink market. Impacting majorly most of the nations, the outbreak has inflicted strict social distancing and lockdowns measures. This has ensued in the supply chain disruption. The crisis has significantly influenced customer needs in the market. Nevertheless, governments are putting resources of huge amounts for the increment of enhanced sanitation amenities. These investments would welfare the bathroom sink market, and increment in demand is estimated until halfway of the projected period.

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Competitive Landscape

Major companies identified in the global bathroom sink market include LAUFEN Bathrooms AG, Kohler Co., LIXIL Group Corp., Roca Sanitario, S.A., Meon Inc., Huida Sanitary Ware, Annwa, and Duravit. Key participants in the market to focus on product lines variation and product innovation. Moreover, players are extending their market presence with the assistance of numerous digital and e-Commerce platforms to gain their target users. Partnership with local or regional players is witnessed as a significant strategy of manufacturers. For instance,

The increasing opportunities and expanding scope in the market are expected to intensify competition, leading to a rise in the number of bathroom sink manufacturers worldwide. Additionally, notable developments such as Kohler Co.’s acquisition of Clarke Energy, a U.K.-based engineering, construction, installation, and maintenance firm, are indicative of strategic maneuvers within the industry.

Recent News:

Kohler Co.’s acquisition of Clarke Energy is primarily aimed at enhancing its service offerings by providing customers in the U.K. market with comprehensive maintenance and installation services. This strategic move underscores the company’s commitment to delivering value-added services to its clientele, further solidifying its position in the market. Such acquisitions and strategic partnerships are likely to contribute to the evolution and growth of the bathroom sink market, fostering innovation and enhancing customer experience.

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