CLEVELAND, Feb. 9, 2021 /PRNewswire/ — Throughout the COVID-19 pandemic, the big question of commercial building operators has been how to make facilities safer for occupants. One popular solution: replacing handled faucets with higher value touchless ones, as this reduces the number of surfaces users of sinks in commercial buildings touch, and thus potentially limits the spread of disease in these spaces.
Though global demand for faucets declined in 2020 due to the effects of the pandemic, renovation trends, including efforts to retrofit commercial buildings for COVID-19 safety, represented a key bright spot. Additionally, home renovations held steady and even spiked in some countries:
- Spending more time at home as a result of stay-at-home orders and a shift toward telecommuting, many consumers opted to invest in home renovations, including faucet and showerhead replacement.
- These products are popular for home improvements because they are relatively easy to install as a DIY project and can make a strong aesthetic statement in kitchens and bathrooms.
Through 2024, Global Demand for Faucets & Taps Is Forecast to Rise 3.6% Annually
While the sales decline recorded in the global faucet and tap market in 2020 will somewhat drag down the average rate of demand growth through 2024, the market is expected to rebound in 2021 as more vaccines are distributed, economies reopen, and building construction activity returns to pre-pandemic levels. Demand is then expected to post steady growth through 2024, supported by:
- growth in housing completions and nonresidential building construction, particularly in the Asia/Pacific region, by far the world’s largest market
- rising nonresidential remodeling as commercial and retail spaces retrofit for COVID-19 safety with higher value touchless faucets
- rising incomes and expanding access to water delivery and sanitation networks in developing markets
- home improvement trends in developed markets calling for bathroom additions, kitchen expansions, and more aesthetic and better performing faucets to boost home value
- government mandates or incentives in many countries driving adoption of water-efficient faucets and showerheads, which typically cost more than other types
Want to Learn More?
Global Faucets & Taps, a spin-off of Global Plumbing Products, is now available from the Freedonia Group. This study analyzes the global market for faucets and taps, which include:
- bathroom sink (lavatory) faucets (e.g., two-lever controls, single-lever controls, wall-mount, commercial-grade)
- bathtub and shower faucets (e.g., single- and double-lever bathtub and shower controls, bathtub and shower combinations, showerheads, personal showers, bathtub fillers and spray units)
- kitchen sink and other faucets including bar faucets, sediment and sill (i.e., outdoor) faucets, and faucets for laundry and other utility sinks
In addition, major manufacturers of faucets and taps are identified. Historical data for 2009, 2014, and 2019 and forecasts to 2024 and 2029 are provided in current dollars (which are not adjusted to account for inflation) for each major product segment. Historical and forecast demand by market is provided in current dollars for:
- new residential construction
- residential improvement and repair
- new nonresidential construction
- nonresidential improvement and repair
- transportation equipment (e.g., RVs, watercraft, civilian aircraft)
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
SOURCE The Freedonia Group