Global Faucets & Taps

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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

Related plumbing fixtures and fittings – including sinks, bathtubs, and showers – are excluded.

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)

Demand by Region

Global demand for faucets and taps is anticipated to grow 3.6% annually through 2024 to $18.6 billion. The leading Asia/Pacific market will remain by far the largest regional faucet and tap fixture market, accounting for 62% of global market gains through 2024, bolstered by the massive housing stocks in China and India and rising penetration of indoor plumbing.

Despite below average anticipated growth due to market maturity, the second and third leading global markets, North America and Western Europe, will also contribute to advances based on growth in building construction.

The fastest advances are expected in the emerging Africa/Mideast market due to rising incomes and expanding access to water delivery and sanitation networks. Despite comprising just 6% of global faucet and tap demand in 2019, the region is expected to account for 11% of global market gains through 2024.

Demand by Market

Through 2024, the leading residential market will continue to drive global demand for faucets and taps. Though the dominant improvement and repair segment will account for a slightly larger share of gains, the new residential market will see faster growth, bolstered by increases in new housing construction in most developing countries. Residential market advances will also be supported by:

• the higher value faucets typically employed in home renovations in mature markets
• rising incomes in many of these countries and expanding access to water delivery and sanitation systems in developing countries enabling households to install these products for the first time

Below average growth in the nonresidential market will restrain faster gains – particularly as the COVID-19 pandemic either exacerbates already weak markets or creates significant short-term losses from which countries must recover.

Pricing Trends

Faucets and taps are largely commodity-type products used in building construction markets. These products are made using well-known production technology and, in some cases, have limited opportunities for production innovation.

Prices for most faucets and taps will rise modestly going forward, restrained by such factors as:

• moderate price increases for raw materials such as vitreous china and metal
• the basic nature of most faucet and tap designs that helps to streamline production processes
• the increasing share of global demand supplied by countries with low production costs, especially for commodity-grade products installed in such end uses as starter homes and nonresidential structures

Prices will rise most strongly in bathtub and shower faucets, primarily due to a shift in product mix toward higher value products, such as products that:

• have value-added features, such as:
  • touchless faucets
  • LED and aromatherapy showerheads
  • senior-friendly personal showers and sensor-controlled showerheads
• greater aesthetic appeal (e.g., decorative handles or finishes)
• meet more stringent water efficiency standards

Sustainability & Water Conservation

Water conservation is an important factor affecting purchases of faucets and taps, with many governments mandating or incentivizing installations of higher value water-efficient products – particularly in North America and Western Europe, but also in parts of the Asia/Pacific and Africa/Mideast regions, where water scarcity is a recurring issue. Additionally, homeowners and businesses often prefer water-efficient plumbing fixtures due to the long-term savings they can represent in terms of lower water and sewage bills.

A plumbing fixture’s water efficiency is typically defined by industry and government standards that can earn product certifications such as the US Environmental Product Agency’s WaterSense label. Examples of water-efficient faucets and taps include low-flow faucets and showerheads (i.e., models with a flow rate of 2.75 gallons per minute or less), which can reduce water usage by as much as 60% compared to standard fixtures.

Growing demand for water-efficient faucets and taps in both new and improvement and repair applications will continue to boost the value of the global faucet and tap market, especially as efforts expand to curb the effects of climate change, such as water shortages.