Global Sanitary Ware Market
Dublin, Sept. 29, 2022 (GLOBE NEWSWIRE) -- The "Global Sanitary Ware Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The global sanitary ware market is expected to grow at a compound annual growth rate of 5.38% over the forecast period to reach a market size of US$47.112 billion in 2027 from US$32.645 billion in 2020.
In the past decade, major developing countries have increased their budget for building and developing proper sanitation facilities for vulnerable and indigent populations. This has led to a rise in demand that will have a positive and significant impact on the market. Major manufacturers and players are spending significant capital on developing novel and innovative composites and materials. The growth in the income of consumers in developing countries has led to the demand for premium quality sanitary ware products.
Therefore, major and key players are investing more capital in developing technological aspects and design. The growth in the real estate market will have a significant effect on the global sanitary ware market. The real estate industry is worth trillions and will continue to register significant growth in the coming years. The positive effects of globalization, students travelling to different countries for studies, growth in business-to-business interaction between people of different nations, rise in the tourism sector, and others will have a positive impact on the global sanitary ware market.
Growth in the real estate sector will have a significant impact on the Sanitary Ware Market. According to the data given by the National Association of Realtors, a North American Trade Association, 5.34 million existing homes were sold out in the year 2019 in the United States. 682,000 novel build homes were sold out in 2019. The data given by the Association of Real Estate License Law officials gave an estimate that about 2 million real estate licensees are active and working in the United States.
The emergence and growth of nuclear families, rising commercial and household income, and rapid urbanization will play a significant growth in the development of the market. 70-75% of India's GDP was projected to come from Urban Areas in 2020. The sanitary ware market is fragmented, and the significance of small, local, and regional players has risen. Major companies are working to invest and penetrate the regional market by working and collaborating with local, small, and medium players. Governments worldwide are spending a substantial sum of capital on smart city projects and urbanization infrastructure development.
Sanitation will play an indispensable role in the growth of the market. According to the World Health Organisation, 45% of the global population had access to safely managed sanitation facilities in 2017. 31% of the population worldwide had access to privately managed sanitation facilities, which were connected to sewers that were located on the spot to treat wastewater. 14% of the population worldwide used latrines or toilets where excreta were disposed of on the spot. 74% of the population had access to basic sanitation facilities.
This also hurts the overall economic growth as the effects of poor sanitation have been visible on the country's GDP. Some countries have lost billions of dollars in GDP, such as the equivalent of 6.3% of GDP in Bangladesh, 6.4% of GDP in India, and others. The losses are due to premature deaths, lost time in treating a person, and productivity in locating proper sanitation facilities.
Nevertheless, there have been recent developments in this sector as more countries are enhancing their infrastructure and eliminating diseases. The government of India announced that it had built more than 90 million toilets by February 2019 under the Swachh Bharat Mission Gramin Scheme, which was launched in 2014. The scheme has positively impacted and covered 98% of the rural areas. This has registered significant growth in the sanitary ware market.
Middle East and Africa
Key Topics Covered:
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. GLOBAL SANITARY WARE MARKET ANALYSIS, BY TYPE (VALUE IN US$ MILLION)
6. GLOBAL SANITARY WARE MARKET ANALYSIS, BY MATERIALS (VALUE IN US$ MILLION)
7. GLOBAL SANITARY WARE MARKET ANALYSIS, BY APPLICATIONS (VALUE IN US$ MILLION)
8. GLOBAL SANITARY WARE MARKET ANALYSIS, BY GEOGRAPHY (VALUE IN US$ MILLION)
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
10. COMPANY PROFILES
LIXIL Group Corporation
CERA Sanitary Ware Ltd.
Euro Ceramics Ltd.
Villeroy & Boch AG
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