The Global Sanitary Ware Market is expected to grow at a compound annual growth rate of 5.28% over the forecast period to reach a market size of US$42.981 billion in 2025 from US$31.565 billion in 2019. There has been a rise in demand for better and enhanced sanitation facilities like good toilets, up to scratch sanitary ware products and others, globally.
There are a lot of people worldwide that don't have access to better and proper sanitation facilities. There is a substantial disparity in enhanced sanitation features and facilities as half of the prosperous population has access to excellent and superior sanitation whereas the other half, which doesn't have enough money and proper resources, are struggling to get clean and healthier sanitation facilities. In the past decade, major developing countries have increased their budget for building and developing proper sanitation facilities for the vulnerable and indigent population. This has led to a rise in demand that will have a positive and significant impact on the market. Major manufactures and players are spending a significant sum of capital on the development of 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 the development of 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 traveling 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 U.S Energy Information Administration Commercial Buildings Energy Consumption Survey showed that, in 2012, 5.6 million commercial buildings were there in the United States. 119.7 million homes in the United States were occupied in 2018. The data illustrates the growth in the real estate sector, which will have a positive effect on the sanitary ware market. According to India Brand Equity Foundation (IBEF), the Real estate sector is projected to grow at a substantial rate and reach USD 1 trillion, by 2030.
The emergence and growth of nuclear families, rising commercial and household income, rapid urbanization will play a significant growth in the development of the market. 70-75% of India’s GDP, is projected to come from the Urban Areas by 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 was disposed of on the spot. 74% of the population had access to basic sanitation facilities. About 2 billion people are deprived of any sort of basic sanitation facilities such as latrines or toilets. Out of 2 billion, 673 million defecate in the open, such as in open bodies of water, street gutters, and behind trees or bushes. This has become a major concern for governments worldwide. The continuation in Urbanisation has imposed a burden on the small towns and cities to keep up with the sanitation facilities. 57% of the urban dwellers lack access to proper sanitation facilities, 16% are deprived of basic sanitation facilities, and more than 100 million are still defecating in the open. This also hurts the overall economic growth as the effects of poor sanitation have been visible on the countries GDP. Some countries have lost billions of dollars in GDP, such as the equivalent of 6.3% of GDP in Bangladesh, 6.4% GDP of India, and others. The losses are due to premature deaths, lost time in the treatment of a person, and productivity in locating proper sanitation facilities. But, there have been recent developments in this sector as more countries are enhancing their infrastructure and eliminating diseases. The government of India announced, that they have built more than 90 million toilets till February 2019, under the Swachh Bharat Mission Gramin Scheme, that was launched in 2014. The scheme has made a positive impact and covered 98% of the rural areas. This has registered significant growth in the Sanitary Ware Market.
Ceramic Material holds a major share in the market, because of a wider range of properties. Ceramics are known as an inorganic solid and nonmetallic material that is used in the construction of tiles, sink, pedestal, and washbasin. The material is heat resistant, is great in strength and hardness, is hard-wearing and long-lasting, and is corrosion-free. The material has been in greater demand in recent years. Since the ceramic material is non-porous, clean, and is used to keep the toilet in sanitary and pristine condition. It also makes the overall cleaning process much easier and flexible.
Frequently Asked Questions (FAQs)
Q1. What will be the sanitary ware market size by 2025?
A1. The global sanitary ware market is expected to reach a market size of US$42.981 billion in 2025.
Q2. What is the size of global sanitary ware market?
A2. Sanitary Ware market was valued at US$31.565 billion in 2019.
Q3. What are the growth prospects for the sanitary ware market?
A3. The sanitary ware market is expected to grow at a CAGR of 5.28% over the forecast period.
Q4. How is the global sanitary ware market segmented?
A4. The sanitary ware market has been segmented by type, materials, applications, and geography.
Q5. What factors are anticipated to drive the sanitary ware market growth?
A5. The growth in the real estate market will have a significant effect on the global sanitary ware market.