Ceramic Sanitary Ware Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What Does the Ceramic Sanitary Ware Market Size Look Like Currently and In the Future?
The ceramic sanitary ware market has witnessed robust growth in recent years. It is expected to escalate from $34.67 billion in 2023 to $37.21 billion in 2024, recording a compound annual growth rate CAGR of 7.3%. The growth in the historic period can be attributed to urbanization and housing development, improvements in living standards, water conservation and sustainability, rise in disposable income, and changing consumer preferences.
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And the prediction for the future is even brighter. The ceramic sanitary ware market size is projected to witness noteworthy growth in the next few years, climbing to $49.35 billion in 2028 at a compound annual growth rate CAGR of 7.3%. The growth in the forecast period can be attributed to a shift in consumer lifestyles and preferences, regulatory emphasis on standards, expansion in emerging markets, economic development, and growth in disposable income.
What Are the Primary Growth Drivers of the Ceramic Sanitary Ware Market?
Upsurge in demand for the construction and building sectors is expected to stimulate the growth of the ceramic sanitary ware market moving forward. Ceramic sanitary ware plays a vital role in the building and construction industry for maintaining cleanliness in homes, businesses, or any other structure being created, thus requiring careful design and planning. This explains why the booming construction and building sector will subsequently elevate the demand for ceramic sanitary ware.
Reflecting this trend, in June 2021, a report published by Canada's national statistical agency revealed that the investment in building construction increased from $14,294 million in April 2019 to $19,273 million in 2020. Additionally, the 2022 U.S. Construction Cost Trends report highlighted that total construction spending in the U.S. has surged by 16% since the pandemic's commencement. Hence, the rise in demand for the construction and building sectors is driving the growth of the ceramic sanitary ware market.
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Who Are The Key Players Operating in The Ceramic Sanitary Ware Market?
A crucial part of the report is the identification of major companies operating in the ceramic sanitary ware market. Big names in the industry include Siam Cement Group Public Company Limited, LIXIL Corporation, Kohler Co., TOTO Ltd., Foshan Huida Bathroom Co. Ltd., Geberit AG, Lecico Egypt S.A.E., Roca Sanitario S.A., American Standard Brands, Hansgrohe SE, Villeroy & Boch AG, Porcelanosa S.A., and many others.
How Are Emerging Market Trends Impacting The Ceramic Sanitary Ware Market?
The market is being significantly influenced by the introduction of technologically advanced products. Companies are innovating and developing strategies to make their mark in the ceramic sanitaryware market. For instance, in April 2023, Somany Ceramics, an India-based company specializing in tiles, sanitary ware, and bath fittings, launched an All-New Range Of Smart Sensing Sanitary and Toilet Products, featuring touchless operation, adjustable water pressure, self-cleaning technology, and diverse faucet options.
How Is The Global Ceramic Sanitary Ware Market Segmented?
Understanding the market segmentation provides a holistic view of the ceramic sanitary ware market covered in this report. The market is segmented as follows:
1 By Product Type: Washbasin and Kitchen Sinks, Faucets, Water Closets, Bathtubs, Bidets, Urinals, Other Product Types
2 By Technology: Slip Casting, Spagless, Jiggering, Pressure Casting, Isostatic Casting, Other Technologies
3 By Distribution Channel: Online, Offline
4 By End Use: Commercial, Residential
What Does The Regional Outlook of the Ceramic Sanitary Ware Market Look Like?
Asia-Pacific had the lion's share in the ceramic sanitary ware market in 2023. This report covers various regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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