The global ceramic sanitary ware market is projected to reach USD 80.2 billion by the end of 2025 and expected to grow with a CAGR of 10.4% over the forecast period, according to a new report published by Million Insights. Rising consumer awareness regarding the personal hygiene and sanitation through the help of government supportive initiatives are expected to propel the market growth. For instance, in October 2014, government of India has launched the Swachh Bharat Abhiyan campaign.The campaign has helped government to increase the sanitation coverage from 41.92% in 2014 to 63.96% in 2018. Thus, projected to bolster theproduct demand in the forthcoming years. Furthermore, the growing adoption of ceramic sanitary ware in hotels, restaurants, Malls, and corporate offices are expected to bolster the market growth over the forecast period.
The growing demand of products among the consumers, due to its cost-effectiveness, high resistance properties against chemicals & scratches, and low maintenance cost are expected to aid the market growth in the upcoming years. Furthermore, with the rising competition in the market,companies are compelled to provideinnovative designs, textures, and colors products. Moreover, it is alsohelping companies in differentiating the products, thus providing a competitive edge in the market.The toilet sinks & water closets segment has captured the largest market revenue share in 2018 and anticipated to dominate over the next few years. Further, rising investments by key manufacturers for product development and new product launches are expected to accelerate the market growth over the forecast period.
Market Share Insights
The leading players in the market include Duravit AG; Villeroy & Boch; RAK Ceramics; Toto Inc.; Hansgrohe; Grohe AG; Kohler; HSIL, among others. The market players are adopting various strategies such as product innovation, collaborations, merger & acquisition, and partnership, in order to capture the higher market share and gain a competitive edge over each other.
For example, The Tokoyo based company LIXIL Group has acquired the Sentini Sanitary wares in 2018. Moreover, with the help of these acquisitions company will be able to expand its geographical presence in emerging countries like India and China.
Request free sample to get a complete analysis of the market players @ https://www.millioninsights.com/industry-reports/global-ceramic-sanitary-ware-market/request-sample
Regional Insights
North America has accounted for more than 20% of market revenue share in 2018, owing to growing consumer awareness about luxury sanitary products with aesthetic appealing the U.S. and Canada. Furthermore, the growing availability of products with unique designs, color variants, and glossy finish features is anticipated to augment the product demand in the region. The growing innovations and high penetration of advanced technologies in the region are expected to create huge growth opportunities for the market in the region.
Asia Pacific market is expected to grow with the fastest CAGR during the forecast period, 2019 to 2025. Growing development in the real estate industry coupled with the rising disposable income of middle-class consumers in emerging countries such as China, India, and Indonesia are projected to boost the regional product demand in the forthcoming years. Furthermore, changing lifestyles, rapid urbanization, and rising product awareness are expected to accelerate regional market growth in the forthcoming years. The growing number of new product launches by leading players in the market such as LIXIL Corporation, Toto Inc, and HSIL, are projected to upsurge the product visibility in emerging countries such as India, Japan, and China. Thereby, anticipated to augment the regional market growth over the forecast period.
COVID-19 Impact Insights
The ceramic sanitary ware market has been negatively impacted by the COVID-19 outbreak, owing to strictness imposed by the government on the import and export of products. The production of the product has been affected severely, owing to a shortage in the supply of raw materials and the unavailability of laborers. Furthermore, due to lockdown, various construction projects have been put on hold, as a result, reducing the demand for ceramic sanitary ware products. Moreover, consumers are reducing their spending on non-essential products, such as clothing, sanitary wares, beauty care, and various others. This is expected to hamper the market growth over the forecast period. However, as the lockdown eases and the economy will reopen, the ongoing & upcoming construction projects are projected to aid the market growth during the forecast period, 2019 to 2025.
Browse Related Category Research Reports @ https://industryanalysisandnews.wordpress.com/
No comments:
Post a Comment