DUBLIN, March 16, 2023 /PRNewswire/ — The “Quartz Sink Market Size, Share & Trends Analysis Report By Type (Single Bowl, Double Bowl, Multi Bowl), By Application (Residential, Commercial), By Distribution Channel, By Region, And Segment Forecasts, 2022 – 2030″ report has been added to ResearchAndMarkets.com’s offering.
The global quartz sink market size is expected to reach USD 401.5 million by 2030. The market is anticipated to expand at a CAGR of 5.0% from 2022 to 2030.
The increasing prominence of well-equipped kitchens in households has led to the need for unique and different types of kitchen sinks, which, in turn, is ramping up the sales of the product across the globe. Health concerns among consumers over healthy food preparation and clean utensils are compelling them to cook at home, which is further fueling the need for a quartz sink.
The growth of the quartz kitchen sink industry is primarily driven by the rising building construction, which creates a need for kitchen sinks, and rising standards of living. The market for various cutting-edge sinks has expanded as a result of consumer demand to make homes more aesthetically pleasing and comfortable. Consumer interest in technologically advanced features including soap dispensers, sprays, and waste collection systems is increasing, which is fueling the expansion of the industry.
The residential segment is expected to continue holding the largest revenue share over the forecast period. It is mainly driven by the rising demand for elegant and customized kitchen sinks across the globe.
Additionally, rising disposable income and a rise in the number of residential dwellings are further expected to contribute to the market growth. Whereas the rise in the demand for 2-bowl kitchen sinks among restaurants, cafes, and other commercial buildings is expected to emerge as one of the major trends reshaping the market growth in the forthcoming years.
Europe dominated the global market in terms of revenue and is expected to maintain its dominance over the forecast period. Key players operating in the region are focusing on strategic growth initiatives, comprising partnerships, acquisitions, along with new product launches to gain competitive advantage and reinforce their regional and global presence.
Additionally, rising construction spending on commercial properties such as hotels, restaurants, and cafes in the region is backed by a home remodeling trend in the region.
Manufacturers are increasingly spending on R&D, marketing, and partnerships to widen their customer base. Direct-to-consumer distribution channels are highly profitable only for brands that enjoy consumer loyalty and hence, they do not have to invest significantly in endorsements. E-retailers enjoy high-profit margins owing to the limited presence of middlemen in distribution channels.
Having realized that profit margins are high for online retailers, companies are actively focusing on direct-to-consumer distribution channels to further increase their revenues. The growing popularity of online shopping is particularly increasing company revenues generated via online sales.
Quartz Sink Market Report Highlights
- The single-bowl sink segment captured 50% of the revenue share in 2021 on account of an increase in the demand for single-bowl kitchens across the residential sector and the wide availability of a variety of products
- The commercial segment is projected to register a CAGR of 4.4% from 2022 to 2030. The growth of the segment is attributable to the growth of the construction of commercial properties including cafes, restaurants, and hotels across the globe
- Asia Pacific is expected to grow at a CAGR of 6.3% over the forecast period. The growth is expected to be driven by the rising purchasing power of consumers in the region supported by the trend of sustainable and stylish kitchen products and appliances
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Quartz Sink Market Variables, Trends & Scope
Chapter 4. Consumer Behavior Analysis
4.1. Demographic Analysis
4.2. Consumer Trends and Preferences
4.3. Factors Affecting Buying Decision
4.4. Consumer Product Adoption
4.5. Observations & Recommendations
Chapter 5. Quartz Sink Market: Type Estimates & Trend Analysis
5.1. Type Movement Analysis & Market Share, 2021 & 2030
5.2. Single Bowl
5.3. Double Bowl
5.4. Multi Bowl
Chapter 6. Quartz Sink Market: Application Estimates & Trend Analysis
6.1. Application Movement Analysis & Market Share, 2021 & 2030
Chapter 7. Quartz Sink Market: Distribution Channel Estimates & Trend Analysis
7.1. Distribution Channel Movement Analysis & Market Share, 2021 & 2030
Chapter 8. Quartz Sink Market: Regional Estimates & Trend Analysis
Chapter 9. Competitive Analysis
Chapter 10. Company Profiles
- Kohler Co.
- Franke Holding AG
- Oliveri Solutions.
- Elkay Manufacturing Company.
- Astracast (KAD Group Limited.)
- Moen Incorporated
- Teka Group.
- Ruvati USA.
For more information about this report visit https://www.researchandmarkets.com/r/lw877q
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