According to a research report titled ‘Global Faucet market Size study, by Application ( Bathroom, Kitchen) by Product Type (Electric, manual ),by Material( Metal, Plastic(PTMT) ), by end use (Residential, Commercial), and Regional Forecasts 2020-2027’, available with Market Study Report, global faucet market was worth USD 37.8 billion in 2019 and is expected to amass a valuation of USD 59.2 billion over the forecast period 2020-2027, registering a CAGR of over 7.8% throughout.
 

Report findings claim that rapid urbanization in line with increasing number of activities pertaining to construction of commercial spaces, new residential complexes, and home renovations & retrofitting are the primary factors driving worldwide faucet industry growth.
 

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Increasing efforts by manufacturers to extend product offerings to meet customer demands for personalized faucets is also adding substantial traction to market development. Furthermore, introduction of innovation of smart/electronic faucets with smart consumer interfaces by prominent players is enhancing the industry remuneration.
 

For those unversed, faucets are equipment used to control the flow of water in plumbing systems. These products are predominantly utilized in bathrooms, kitchens, and other places where supply of water is required on a regular basis. They come in a variety of colors, models & finishes, and are available in both low-cost, as well as high-end variants.
 

Despite the positive outlook of the business scenario, high installation & maintenance costs of equipment and availability of counterfeit brands are likely to hamper overall market growth in the upcoming years.
 

On the regional front, global faucet market research report emphasizes on the current trends and forecasts for the markets in Asia Pacific, Europe, Latin America, and North America. Analysts cite that North America currently captures majority market share owing to rising demand from the residential sector. This can be ascribed to construction of multiple bathrooms across each household.
 

Meanwhile, Asia Pacific is projected to be a major growth hub for the market over the forecast period, largely driven by the rise in commercial and residential construction activities.
 

Elaborating on the competitive landscape, Masco Corp., Rohl LLC, Toto Ltd., Danze Inc., Fortune Brands Home & Security Inc., Spectrum Brands Holdings Inc., Roca Sanitario S.A., Paini (U.K.) Ltd., Sloan Valve Company, and Lixil Corp. are the top-tier players influencing the global faucet industry trends.