According to a recent Future Market Insights (FMI) report, the water sink market is expected to reach a valuation of $45.9 billion in 2022 and will grow at a CAGR of approximately 2.9% through 2027.
Over the years, the global water sink market has developed tremendously in terms of product offering and quality. With a stream of smartphones and improved electronic devices gaining traction in the target segments, the global water rinsing market is striving to offer efficient services.
In the premium segment, the new generation of intelligent sinks offers additional services such as dispensing liquid soap and water, drying hands, etc. Sloan’s AER-DEC Integrated Sink System is an example of an intelligent water sink designed to be efficient and hygienic.
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Today’s consumers tend to prefer more natural interior designs that give the impression of a more spacious and authentic look from the inside. Therefore, most of the water sink manufacturers aim to develop nature-oriented water sink products for both household and commercial segments.
For example, water sinks for ships and traditional water sinks for farmhouses are among the most popular water sink products among the target customers. Hand-carved stone on water basins gives a glamorous touch to the products and leaves a lasting impression in the minds of consumers.
As customers get confused in choosing the colors of sinks, there has been an increased preference for monochrome style kitchens and bathrooms, where the black and white colors remain consistent. Matte black is another emerging color used in bathroom faucets, hardware and sink products as it offers an overall natural and luxurious look.
Key insights from the Water Sinks market study
Consumers want the interiors of their homes to look good to spread positive energy, so they also take care of the interiors of their kitchens and bathrooms to improve comfort and cleanliness.
Installing modernized sinks in bathrooms and kitchens thus helps to meet the different tastes and requirements of target customers.
Online platforms allow for the promotion of goods and services and their easy delivery to the intended customers, hence this distribution channel is predicted to grow.
Furthermore, the global water rinsing market is expected to register an increase in revenue owing to technical improvements in the industry.
Impact of COVID-19 on the market
The COVID-19 epidemic affected various industries worldwide, even the kitchen faucet industry. The market for kitchen faucets saw a drop in demand in mid-2020 due to government restrictions imposed around the world and the closure of manufacturing plants disrupting the entire supply chain.
Despite the slowdown in the first few months of 2020, the kitchen faucet market saw a surge in demand in the last few months of 2020 due to increasing commercial and residential projects. Also, the increasing spread of disease has encouraged governmental organizations, especially in developing countries, to seriously consider the hygiene factor in various public spaces.
Government agencies have already proposed installing public toilets and other facilities wherever necessary. Therefore, the installation of such public toilets and bathrooms is likely to generate a demand for various water flushing products, especially built-in water flushing systems.
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Leading faucet manufacturers are focusing on aggressive promotional strategies and promotions which have propelled faucet sales growth worldwide.
Major players in the Water Sinks 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, SA, ROHL LLC., Schock GmbH, Stern-Williams Co. Inc., among others.
Global Water Tanks Market by Category
By product type:
Drop in sink
standing water basin
Top mount water sink
Wall mounted sink
By base material:
According to end use:
corporate and government offices
Clubs & Resorts
By distribution channel:
wholesalers / distributors
Different distribution channel
By region :
Middle East & Africa
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Future Market Insights (ESOMAR-certified market research firm and member of the Greater New York Chamber of Commerce) provides in-depth insights into the determinants driving demand in the market. It reveals opportunities that will fuel market growth across various segments based on source, application, distribution channel and end-use over the next 10 years.
This version was published on openPR.