Bathtub Market Supply, Demand, Market Value, Infrastructure and Competition 2033
The increasing adoption of bathtubs in the construction and hospitality industries is a significant driver of this growth. Additionally, changing consumer preferences, new product launches, and government initiatives promoting the use of sanitary ware are expected to bolster market growth further.
In 2021, the residential segment contributed significantly to the global bathtub market, accounting for 58.65% of the revenue. The segment is expected to continue growing steadily at a CAGR of 5.9%, driven by the expansion of the housing sector worldwide.
The demand for smart and intelligent bathroom products that are easy to install and incorporate digitization is also expected to fuel the overall demand for bathtubs in residential applications.
The alcove bathtub segment accounted for almost 35% of the global bathtub market share in 2021, with their ease of installation, affordable cost, and versatility in design. All these features of bathtubs make them a popular choice for residential bathrooms, particularly for small spaces.
Fiberglass and acrylic bathtubs are the two important materials dominating the market, with fiberglass bathtubs accounting for 31.73% of the global market, and acrylic bathtubs holding a significant share of 46.7%.
North America held a significant share of the global bathtub market in 2020, accounting for 31.9%, with the residential segment being the notable contributor to market growth. The increasing demand for luxury bathroom fittings, rising disposable income, and growing awareness about bathroom aesthetics are driving market growth in North America.
Europe held a significant share of the market in 2021, accounting for 31.5% of total market revenue. Europe bathtub market is expanding due to several factors, including rising demand for luxurious bathroom products and increased residential and commercial construction activity.
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Asia Pacific is the region with the swift-growing bathtub market, with a CAGR of 6.55%, driven by the increasing demand for modern bath ware in the region.
In conclusion, the global bathtub market is set to experience robust growth in the coming years. Additionally, market growth is fuelled by the factors such as changing consumer preferences, new product launches, and increasing investments.
The demand for smart and intelligent bathroom products, the expanding residential construction sector, and rising disposable income in various regions are also significant contributors to the growth of the bathtub market.
Competitive Landscape
Major companies in the market are increasingly focusing on sustainable business practices, partnerships, and innovation as a means of achieving growth. In particular, they are concentrating on sustainable manufacturing by using high-quality raw materials in the production of bath ware products that can be recycled in the future.
