Ceramic Sanitary Ware Market Key Factors and Opportunities by 2028
The global ceramic sanitary ware market size is anticipated to hit USD 74.52 billion by 2028 and exhibit a CAGR of 7.4% during the forecast period. The increasing construction activities due to rising urbanization, industrialization, and the growing trend of smart homes is projected to boost the market growth. Fortune Business InsightsTMhas presented this information in its report titled, “Ceramic Sanitary Ware Market, 2021-2028”. The market size stood at USD 44.17 billion in 2020 and USD 45.24 billion in 2021.
COVID-19 Impact-
The construction sector took a major hit from the coronavirus pandemic. Halted construction activities and labor shortages due to strict curfews and lockdowns resulted in delayed projects and diminished revenues. This consequently reduced the demand for ceramic sanitary ware. Furthermore, the closure of manufacturing plants of ceramic sanitary ware hampered the market growth. However, the market is gaining significant traction due to the efficacious vaccination drives. The market is projected to prosper in the forthcoming years.
Segmentation-
On the basis of product type, the market is segmented into urinals, wash basin, water closets, and others. On the basis of end-use, the market is trifurcated into renovation, commercial, and residential. Geographically, the market is classified into Latin America, Europe, Asia Pacific, North America, and the Middle East & Africa.
Drivers & Restraints-
Escalating Construction Activities to Propel Market Growth
The swift infrastructure development, soaring urbanization, and the rising trend of smart homes fuel the global ceramic sanitary ware market growth. The growing consumer demand for restaurants, schools, offices, shopping malls, and others is expected to further expand the market growth. Moreover, the growing construction project investments by citizens, favorable government policies, and improving consumer disposable income levels are likely to complement the market growth.
Source: https://www.fortunebusinessinsights.com/ceramic-sanitary-ware-market-106587
