The Asia Pacific Thermostatic Faucet Market would witness market growth of 10.7% CAGR during the forecast period (2021-2027).
The demand for thermostatic faucets is increasing due to the growing number of home renovation projects and the increase in the investments by customers. While, the COVID-19 pandemic has negatively impacted the supply chain of the thermostatic faucet, which is responsible for declining demand for the product. Severe social distancing rules & limitations by the government on traveling led to the decrease in consumer spending and it is estimated that the same scenario will prevail for some time. Several manufacturers and developers are now deploying several strategies to cope up with the situation and it will also help in procuring significant growth during the forecast period.
Asia-Pacific is emerging as the fastest-growing market, owing to the rise in construction projects in the commercial and residential sectors. In the past few years, many construction projects were started as the construction of shopping complexes, malls, hotels & restaurants, educational institutions, hospitals, airports, railway stations, and many others. These projects are attributed to the rise in the demand for advanced faucets application and this also accelerated the growth of the thermostatic faucets market.
Many countries in this region are developing gradually, which is also evolving the lifestyle of the people, and also the growing per capita income is changing the purchasing pattern of the people living in this region. This factor is majorly accountable for creating the lucrative opportunities of the thermostatic faucets market. Additionally, the features of advanced faucets are highly attracting customers, as they are safer to use and are easily manageable. All these aspects are bolstering the demand for thermostatic faucets and also helping in growing the regional market.
The Commercial market dominated the South Korea Thermostatic Faucet Market by End User in 2020, thereby, achieving a market value of $133.4 million by 2027. The Residential market would exhibit highest CAGR of 13.7% during (2021 - 2027).
Based on Product, the market is segmented into Two Handle Mixers, Single Lever Mixers and Other Products. Based on End User, the market is segmented into Residential and Commercial. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Australia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Thermostatic Faucet Market is Projected to reach USD 12.6 Billion by 2027, at a CAGR of 9.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Hangzhou Oulin Sanitary Ware Co., Ltd., Kohler Co., Roca Sanitario SA, Moen Incorporated (Fortune Brands), Masco Corporation, LIXIL Corporation, Geberit AG (Doughty Hanso), Reliance Worldwide Corporation Ltd., Cera Sanitaryware Ltd., and Jaquar Group
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