The global market for ceramic sanitary wares is expected to grow at a CAGR of 8% over the next five years. The market is highly fragmented with multiple vendors competing for share of the market. While most vendors maintain a standard price list, some have inflated prices, which consumers can take advantage of. To get a competitive edge, consumers must learn how to bargain. It is important to negotiate for better prices when they meet with a merchant.
The Asia Pacific region is expected to dominate the global ceramic sanitary ware market in the coming years. The region is home to the majority of emerging economies and is witnessing a rapid growth in construction and infrastructure sectors. The governments of developing countries in the region are focusing on infrastructure investment, expanding their tourism industries, and expanding their infrastructure. These trends will help the regional market expand. The ceramic sanitary ware industry is a multi-billion dollar industry.
The market for ceramic sanitary wares is projected to expand at a CAGR of 6.2% between 2018 and 2022. The growth of the ceramic sanitary ware industry can be attributed to several factors, including the rapid urbanization of populations and the growing purchasing power of middle-class consumers. Meanwhile, the increasing number of upscale hotels and premium flats is expected to increase the market's share. It will also boost demand for ceramic sanitizing utensils.
North America is expected to hold a large share of the market, with nearly 20% of the market being accounted for by the region. The region is also a significant source of innovation in the ceramic sanitary ware industry.
COVID-19 has negatively affected the market for ceramic sanitary wares. Import and export of ceramic sanitary wares has been restricted, and laborers have been scarce. Additionally, various construction projects have been on hold due to the lockdown. This has reduced the demand for ceramic sanitizing ware. In addition, the growth in the hospitality industry is boosting the market for ceramic sanitizing urinal wards.
Increasing use of ceramic sanitary wares in the US market is fueled by a growing work-from-home culture. The market for ceramic sanitary wares is gaining ground globally. Despite a sluggish economy, the world's population is rapidly growing, and the market is expected to continue to expand in the next five years. For instance, in North America, the aforementioned demographic is expected to increase its use of ceramic sanitary wares by 4% over the next few years.
Despite the competition from imported ceramic sanitary wares, the demand for the product is expected to grow at a CAGR of 3% during the next five years. Increasing disposable incomes and government measures to promote sanitation are driving the market growth in the Asian region. This trend is projected to continue through the forecast period until 2028. If the demand for ceramic sanitary wares remains strong, the market is expected to grow at a CAGR up to 5.9% over the next five years.
In addition to the traditional uses for ceramic sanitary wares, the market is also segmented by region. In 2017, the market for ceramic sanitary wares was valued at $35 million. It is expected to continue growing at a CAGR of 7.2% over the next five years. During this time period, the market is expected to grow at a CAGR of 7%. The residential segment will account for more than 60% of the market.
The ceramic sanitary wares market is expected to grow at a CAGR of 6.8%. The demand is driven by the rising construction and real estate markets. Government efforts to improve hygiene are boosting the segment's growth, and the segment is expected to continue to grow in the coming years. Furthermore, the market is characterized by an increasing number of luxury sanitary wares. The market for ceramic sanitary wares in the Asia-Pacific region is estimated to increase at a CAGR of 9.1% over the next five years.