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Pull out faucets are integrated with high pressure spray knobs that work well with the small sinks due to its compact and advance designing. This type of faucets are mostly used in residential kitchen, bathrooms and commercial places that have limited sink space like laboratories and retail stores. Pull out faucets are highly prefered by most of the residential and commercial customers as its offers wide range of slim designed models that enhances the overall aesthetic look of the modular place. Moreover, customers across the world are tending towards two-lever pull out faucet system that accommodates their preference better.
Pull out faucet is a primary need of every residential and commercial place that has kitchen and bathrooms around the space. As per the current market trend, huge diversification can be observed with regards to the faucet market. Changing customer preference for durable, advance and aesthetic pull out faucets is one of the key driver to boost the market growth. Residential and commercial kitchens across the world are refurbishing the traditional kitchens into modular one, thus uplifts the market demand of pull out faucets worldwide. Furthermore, emergence of sensor based pull out faucets with advance touch and tap features is driving the pull out faucet market vigorously.
Key Market Driver -
• Change in market patterns for durable and advance faucets • Rising adoption of modular kitchens • Emergence of sensor based pull out faucets
Key Market Restraint -
• Limitations regarding marketing & advertisement of pull out faucets
Major market players are primarily focusing on upgrading over the sensor based and aesthetic designs of the pull out faucets to gain new customer base and enhance their business operations. Additionally, market players are also focusing on developing new sensor based pull out faucets to reduce manual handling and enhance its robustness, safety, and efficiency.
Some of the key competitors in the steel bollard market include Lixil Group Corporation, Hansgrohe Group, Masco Corporation, Fortune Brands, Spectrum Bands, TOTO, Roca Sanitario, S.A., Jaquar Group, Kohler Co., Symmons, IKEA, Pfister and others.
North America is expected to dominate the pull out faucet market during the forecast period owing to rising residential construction across the region, hence escalates the demand of pull out faucets for residential applications. According to the U.S. Census Bureau, the U.S. residential construction sector valued at over USD 530 billion in 2019. Such type of immense growth in residential sector across North America leads to rising need of advance technology based pull out faucet products. Asia Pacific is anticipated to grow exponentially in the pull out faucet market due to higher incomes of the middle class population and improcing standard of living. Amidst COVID-19 pandemic, the legal implications on residential and commercial construction projects vary from country to country and project to project. Many projects across the countries such as, India, and China have slowed down owing to supply chain disruption, leading to slow pace market growth. Moreover, the increasing government and private sectors investments in the residential constructions in Europe is projected to propel pull out faucets market size over forecast timeline. For instance, in Budget 2017, the Chancellor of the UK set out his plan to rise the funding available through the Home Building Fund from USD 3.75 billion to approximately USD 5.60 billion to support more new homes to be built in the country.
The pull out faucet market is expected to witness moderate growth in Middle East and Latin America as these regions are on the path of adopting advance and aethetic pull out faucets for residential and commercial applications. These regions are drastically affected by COVID-19 pandemic, and it has brought both the economies down, thus impacting the construction sectors. Hence, it has reduced the capacity of the manufacturers to produce high quantity products and subsequently impacts the pull out faucet market growth in both the regions.
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