In 2022, the global bathtub market reached a valuation of USD 10.20 billion, with expectations for further growth to USD 15.10 billion by 2029. This projected expansion reflects a Compound Annual Growth Rate (CAGR) of 5.72% over the forecast period. The surge in market size is attributed to the increasing integration of sanitary ware within the construction industry. These insights are sourced from the research report titled “Bathtub Market, 2023-2029” by Fortune Business Insights™.
Information Source:
https://www.fortunebusinessinsights.com/bathtub-market-106211
Fortune Business Insights™ lists out all the bathtub market companies that are presently striving to reduce the impact of the Covid-19 pandemic on the market:
- Toto Ltd. (Japan)
- Royal Manufacturing (S.)
- Villeroy & Boch Group (Germany)
- RAK Ceramics (UAE)
- American Bath Group (S.)
- Geberit AG (Switzerland)
- Porcelanosa Group (Spain)
- LAUFEN Bathrooms AG (Switzerland)
- Jacuzzi Inc. (S.)
- Kohler Co. (S.)
Report Coverage:
The report provides an in-depth analysis of the significant trends favoring market expansion throughout the estimated period. Some of the other aspects of the report include the key steps taken by major participants to consolidate their position in the market. The report also gives an insight into the prominent factors impelling industry growth over the projected period.
Drivers and Restraints:
Market Value to Rise Driven by Growing Construction in Commercial & Residential Sectors
One of the major factors driving the bathtub market growth is the upsurge in infrastructure projects. The expansion of the commercial construction and real estate sector is expected to propel the demand for smart bathrooms, impelling business expansion.
However, the industry growth may be hindered due to the lack of indoor plumbing in households.
Segments:
Alcove Bathtubs to Gain Traction Driven by Popularity in Various Regions
On the basis of type, the market is categorized into drop-in, free-standing, alcove, and others. Of these, the alcove segment is anticipated to register substantial growth over the projected period. The surge can be attributed to the rising popularity of the product in Europe and North America.
Residential Segment to Record Commendable Growth Owing to Increasing Renovations
Based on application, the market is fragmented into commercial and residential. The residential segment is estimated to record appreciable expansion throughout the forecast period. The rise is being propelled by an escalation in renovation projects in various regions.
Fiberglass Segment to Register Notable Surge Due to Low Cost
On the basis of material type, the market is subdivided into cast iron, acrylic, fiberglass, and others. The fiberglass segment is projected to depict commendable growth over the analysis period. This is on account of a range of benefits such as lightweight, low cost, and ease of installation.
Oval Shaped Tubs Exhibit Soaring Demand Considering Rising Product Adoption in Smaller Homes
Based on shape, the market is segregated into oval, square, rectangular, and others. Oval-shaped tubs are anticipated to register lucrative expansion throughout the forecast period. The rise is being driven by an increase in product adoption in smaller homes and apartments.
On the basis of geography, the market for bathtubs has been studied across five regions. These include Asia Pacific, Europe, North America, the Middle East & Africa, and South America.
Regional Insights:
Asia Pacific to Lead Driven by Rising Number of Construction Projects
The Asia Pacific bathtub market share is estimated to record notable growth over the forecast period. The rise can be attributed to the surging urbanization and an increase in residential and commercial construction projects in countries such as India and China.
North America is expected to hold a considerable share in the market. This is on account of the presence of well-established market players in countries such as Canada and the U.S.
Competitive Landscape:
Leading Companies Enter into Partnership Deals to Strengthen Industry Position
Major market participants focus on partnership agreements and collaborations to expand their product reach. Many companies are also adopting various initiatives including acquisitions and mergers to increase their geographical footprint. The rising participation in trade fairs and conferences is another prominent step taken by major industry players to strengthen their industry position.
Key Industry Development:
- March 2022 – The Engineered Stone Group announced its acquisition of MTI Baths and Aquatica. The deal helped in enhancing the company’s ability to serve customers in North America.
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