NEW YORK, Jan. 13, 2022 /PRNewswire/ -- 41% of the growth will originate from APAC for the bathroom sinks market. China and Japan are the key markets for bathroom sinks in APAC. Countries such as Indonesia are expected to spur the sales of bathroom sinks owing to the growing residential sector, increasing investments in infrastructure, and continuous implementation of policy reforms to spur private investments. Market growth in this region will be faster than the growth of the market in the European, North American, and South American regions. The growing construction activity in emerging countries will facilitate the bathroom sinks market growth in APAC over the forecast period. The bathroom sinks market size is expected to increase by USD 1.84 billion from 2020 to 2025, registering a CAGR of  4%, according to the latest research report from Technavio.

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The bathroom sinks market covers the following areas:

• Bathroom Sinks Market Sizing
• Bathroom Sinks Market Forecast
• Bathroom Sinks Market Analysis

Bathroom sinks market - Driver

The key factor driving growth in the bathroom sinks market is the increase in building refurbishment activities.  There is a growing trend of home improvement and repair spending around the world. Construction spending on remodeling activities is witnessing continuous growth in American and European markets. Rising disposable income, coupled with the growing awareness about home décor, is expected to drive renovation and remodeling activities, thereby, fueling the demand for bathroom sinks. Home prices are expected to rise, facilitating an increase in demand for refurbishment services as homeowners often leverage the value of their homes through loans to fund remodeling projects.

Bathroom sinks market - Challenge

Fluctuations in raw material prices will be a major challenge for the bathroom sinks market. Bathroom sinks are typically made up of different materials such as ceramic, concrete, copper, glass, granite, marble, nickel, plastic, polyester, stainless steel, and stone. Most of the raw materials are sourced goods and obtained on the basis of purchase orders. Any change in raw material prices will adversely affect the production cost of bathroom sinks. Fluctuating prices of raw materials such as ceramic, concrete, copper, glass, and steel hinder the growth of the bathroom sinks market. Increment in material costs will lead to a rise in production costs, which, in turn, inflates the price of the equipment.

Bathroom sinks market - Segmentation & Revenue Generating Segment

The Bathroom Sinks Market is segmented by End-user (Residential and Non-residential) and Geography (APAC, North America, Europe, MEA, and South America).

The bathroom sinks market share growth by the residential segment will be significant for revenue generation. The growth in the residential sector growth across the globe is expected to drive the global bathroom sinks market. The housing sector in the US is showing signs of a strong recovery post the economic slowdown. On the other hand, APAC has the maximum number of emerging economies in its portfolio. In APAC, countries such as India, Indonesia, Singapore, Malaysia, and the Philippines have significantly contributed to the growth of the global bathroom sinks market.

Technavio report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters.

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Companies Mentioned

The bathroom sinks market is fragmented and the vendors are deploying growth strategies such as focusing on technological advancements and innovations to compete in the market.

• Duravit AG
• Elkay Manufacturing Co.
• FRANKE Holding AG
• HSIL Ltd.
• Jaquar Group
• JOMOO Kitchen and Bath Co. Ltd.
• Kohler Co.
• LIXIL Corp.
• Roca Sanitario SA
• Toto Ltd.

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SOURCE Technavio