Global Water Sink Market - 2020-2027
A water sink is also stated as a water sinker, hand basin, washbasin, and washbowl, which is further defined as a bowl-shaped plumbing connection used for dishwashing, washing hands, and other applications. The water sinks are integrated with taps that supply cold and hot water, along with a spray feature for faster rinsing. These also include a drain to drain-off used or wastewater. Some of the water sinks also come with an integrated soap dispenser around the world.
The global water sink market size was worth US$ XX billion in 2019 and further predicted to reach US$ XX billion by 2027, at a CAGR of XX% during the forecast period (2020-2027).
The rising demand for designs and new materials to meet the changing demand of customers' preferences. Besides this, the market companies are intended to focus on innovation and new product development in the global water sink market. The incorporation of stainless steel sinks, solid surface sinks, acrylic kitchen sinks, stone, granite, copper sinks, and marble sinks is expected to witness a key growth in its demand for water manufacturing sink globally.
Rising Adoption for Nature-Inspired Prints and Natural Colours Water Sinks
The global water sink market is primarily focused on the environmental-friendly approach to gain the key market trends in the revenue opportunities in the past few years. This change is increasing the use of warm and natural elements with earthen luxury components across the household and hospitality sectors. Moreover, global consumers are focused on adopting new updated advanced quality materials with renowed features to minimize the human efforts primarily by enhancing the demand for nature-inspired prints and natural colors water sinks in the global market during the forecast period. Also, the rapid growth in buyers' purchasing power in the market is further rising the demand for the luxury natural feature-based water sinks in the different application areas. These features are also expected to make kitchens and bathrooms look spacious and attractive by incorporating nature-inspired prints and natural colors. The warmth of wooden surfaces of water promotes a natural touch to household interiors, further enhance the growth of the water sinks worldwide.
Growth in Various Water Sink Products Demand from the Commercial Segment
The rapid growth in industrialization and urbanization in the emerging economies have raised the need for commercial establishments to start maintaining attractive and spacious properties. This growth also leads to the demand for environment-friendly and cleaning washrooms. The commercial segment primarily comprises corporate offices, resorts, and hotel industry, which are focused on promoting creativity in their areas. Thus, this created a scope for the demand for upgraded water sink product versions such as under-mount water sinks, top-mount water sinks, and wall mount water sinks.
The rising global internet penetration is creating the scope for e-commerce platforms as useful tools for promoting water sink manufacturers' products and services to the target segments. Commercialized users are more focused on e-commerce platforms to purchase in the global market due to limited purchase time. Such factors will increase the demand for various water sink products demand from the commercial segment globally.
COVID-19 Impact Analysis
COVID-19 pandemic has disturbed the supply chain of the global economy and companies that are globally based. The global construction industry witness a drop in the overall production and the dip in the renovation of the houses due to the COVID-19 outbreak, which is expected to reduce the demand and consumption of water sink globally. The pandemic has also impacted the global market economy by affecting production and demand, financial impact, and supply chain disruption.
Regardless of the pandemic, there will be new market opportunities for the global construction industry, which are expected new demand in the water sink's market size in the global market during the forecast period.
Based on the distribution channel, the water sink market has been classified into distributors/wholesalers, multi-brand stores, franchise stores, specialized stores, and e-commerce.
Distributors/wholesalers segment accounted for the largest market share globally
The distributors/wholesalers segment accounted for the largest market share in 2019 in the global water sink market due to the growth of the the online portables to sell water sinks, mainly propelling the water sink market growth. Moreover, the overall development of the distributors/wholesalers networks and their growth in the E-commerce platforms are further contributing to the water sinks market growth.
Based on the end-user, the water sink market has been classified into residential and commercial.
Residential segment dominated the global water sink market in 2019
In 2019, the residential application segment dominated the water sink market and expected to showcase its dominance in the forecast period. Moreover, the rising demand for luxury and modular kitchens and the increasing consumer disposable income is growing the purchasing power, which is primarily expected to raise the demand for water sinks in the residential application segment.
Although, the commercial application segment is expected to grow at the highest CAGR in the market during the forecast period.
Based on geography, the study analyzes the water sink market in the global market, including North America, Asia-Pacific, South America, Europe, and the Middle East & Africa.
Asia Pacific leads the global market throughout the forecast period
Asia Pacific dominates the global water sink market in 2019 due to the rapid increase in the adoption rate of different designed and printed water sinks across the various application areas. It is endorsing the growth of the Asia Pacific water sinks market. The Asia Pacific market is expected to dominate the target market during the forecast period. The region is also accounted for rapid urbanization, increasing demand for various types of wash basin such as pedestal, top-mount, wall mount wash basin, and monochrome style kitchen and bathrooms in various emerging countries such as China
Although, the North American market is expected to register a moderate growth in the global water sink market followed by the market in Europe, owing to the growing e-commerce sector, high disposable income in countries, and rising inclination towards smart sinks among individuals in these regions.
The water sink market is highly competitive, owing to the presence of big food brands. The key water sink players which are contributing to the growth of the global market include Franke Kitchen Systems, LLC, Blanco America, Inc. (Delaware Corporation), Elkay Manufacturing Company, Moen Incorporated, Crown Products (Kent) Limited, Roca Sanitario, S.A., ROHL LLC, LIXIL Corporation, Huida Sanitary Ware Co., Ltd., Julien Inc., Jomoo Kitchen & Bath Co. Ltd., Jiangsu Medwish Network Technology Co., Ltd., Shandong Jiunai Import and Export Trade Co., Ltd., Chaozhou Boling Smart Sanitary Wares Co., Ltd., and Taishan Hongzhou Cabinet Co., Ltd, among others. The major players are adopting new product launch and expansion strategies for global growth in the water sink market.
Franke Kitchen Systems
Overview: Franke Kitchen Systems includes the foodservice systems, hoods &cooking systems, water systems, division's kitchen systems, and coffee systems. It has over 9,000 employments around the world. Also, the company is the global leading smart systems manufacturers for residential kitchens. Its focus on reliability and expertise has built lots of enduring and rewarding partnerships. It also helps its partners enhance its businesses and make its customers' lives easier by making work in the kitchen a pleasure.
Product Portfolio: The company's portfolio comprises sinks, taps, worktops, waste management systems, ventilation hoods, cooking appliances, and accessories.
The global water sink market report would provide access to an approx. 75 market data table, 71 figures, and 263 pages.
LIST NOT EXHAUSTIVE