According to a recent report by Future Market Insights (FMI), the water sink market is expected to surpass a valuation of US$ 45.9 Bn in 2022 and at a CAGR of approximately 2.9% through 2027.
Over the years, the global water sink market has evolved tremendously in terms of product offerings and quality. With a stream of smartphones and upgraded electronic equipment gaining traction among the target segments, the global water sink market is striving to offer efficient services.
In the premier segment, the new generation of smart sinks provide additional services such as the dispensing of liquid soap and water, drying out one’s hands, etc. The AER-DEC Integrated Sink System by Sloan is an example of a smart water sink that is being designed to be efficient as well as hygienic.
The consumers of today are more inclined to nature-based interior designs that give the perception of a more spacious and authentic look from the inside. Hence, most water sink manufacturers are aiming at creating nature-oriented water sink products for households as well as commercial segments.
For instance, vessel water sinks and traditional farmhouse water sinks have become among the most preferred water sink products among target customers. Hand-carved stone on water sinks provide a splendour touch to the products and provide a lasting impression in the minds of consumers.
As customers are confused while choosing the colours of water sinks, there has been an increase in the preference for monochrome style kitchens and bathrooms, which keep the black and white colours consistent. Matte black is another upcoming colour used in bathroom faucets, hardware as well as water sink products as it provides an overall natural and luxurious look.
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Key Takeaways from the Water Sink Market Study
- The desire of consumers to maintain the attractiveness of the interiors of their properties to encourage positive vibes drives them to maintain the interiors of their kitchens and bathrooms as well to boost cleanliness and comfort.
- As a result, the installation of newly upgraded water sinks in kitchens and bathrooms helps cater to the varying preferences and needs of target customers.
- In terms of sales channel, online retailing is expected to rise as online platforms provide the promotion of products and services as well as their easy delivery to the target customers.
- Furthermore, the rise in technological advancements in the water sink is expected to boost the sales of water sink market globally.
Impact of COVID-19 on the Market
The COVID-19 epidemic impacted various industries worldwide, even the kitchen fixtures industry. The kitchen fixtures market saw a decline in demand in the mid-months of 2020, due to government restrictions imposed globally, furthermore closure of manufacturing plants disrupted the overall supply chain.
However, despite of the slowdown in the initial months of the year 2020, the kitchen fixture market saw a surge in demand during the last months of 2020 due to increasing commercial as well as residential projects. Besides this, the growing penetration of disease further encouraged the government organizations especially in the developing countries, to take hygiene factor into serious consideration in various public areas.
The government bodies have already proposed the installation of public toilets and other fixtures wherever necessary. Thus the installation of such public toilets and bathroom are likely to trigger demand for various water sink products especially drop-in water sinks.
Information Source: https://www.futuremarketinsights.com/reports/water-sink-market
Who is winning?
Leading manufacturers of water sink are focused on aggressive promotional strategies and advertisements that have driven sales growth of water sink globally.
Major players present in the water sink market are Blanco America, Inc., Crown Products (Kent) Limited, Elkay Manufacturing Company, Franke Kitchen Systems, LLC, Huida Sanitary Ware Co., Ltd., JULIEN INC., Kohler Co. (Sterling), Kraus USA INC., LIXIL Corporation (American Standard Brand), Moen Incorporated, Mountain Plumbing Products, Roca Sanitario, S.A., ROHL LLC., Schock GmbH, Stern-Williams Co. Inc., among others.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global water sink market, presenting historical demand data (2013-2021) and forecast statistics for the period from 2022-2027.
The study divulges compelling insights on the water sink market based on the product type (drop-in, pedestial, top mount, undermount, wallmount and others), by base material (fireclay, cast iron, copper, quartz and others), by end use (household and commercial-[foodservice, healthcare, hospitality, corporate & governance offices, educational institutes, public toilets, shopping malls, clubs & resorts and others]) by sales channel (wholesalers/distributors, speciality stores, multi-brand stores, direct sales, online retailers and other sales channel), across each of the seven major regions.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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