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NEW YORK , Sept. 2, 2022 /PRNewswire/ -- The global kitchen sinks market size is expected to grow by USD 533.96 mn from 2021 to 2026, according to Technavio. Moreover, the growth momentum of the market will accelerate at a CAGR of 3.37% during the forecast period.
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The kitchen sinks market is fragmented, with the presence of multiple established players. Vendors are deploying organic and inorganic growth strategies to compete in the market. Key players compete on the basis of quality, brand, and variety. Companies adopt various marketing strategies to expand their market share. The leading competitors are entering into several partnerships and acquiring new brands to maintain their presence in the global kitchen sinks market during the forecast period. The practice of sustainability is essential for future production and is followed by major and other prominent vendors. Many global players are expected to expand their presence across the world during the forecast period.
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The growing global residential building construction market is driving the growth of the market. The global residential building construction market is expected to reach USD 7 trillion by 2023. APAC is the major contributor to the global residential building construction market owing to rapid urbanization and increasing disposable income. People are investing in houses, as they are considered long-term assets. As rent is a non-detectible expense, house owners can rent their houses. This, in turn, will support the kitchen sinks market growth during the forecast period.
Fluctuations in raw material prices are challenging the growth of the kitchen sink market. Most of the raw materials are sourced goods. They are obtained on the basis of purchase orders. Any changes in the price of raw materials can negatively impact the production cost of kitchen sinks. A rise in material costs will result in a rise in production costs, which can increase the price of kitchen sinks. The high prices of materials can result in a reduction in sales, which affects the profit margins of vendors. In addition, the need for constant maintenance and support raises the overall cost of ownership, which lowers the profit margins of vendors. Such factors can hinder the growth of the kitchen sinks market during the forecast period.
Kitchen Sinks Market End-user Outlook (Revenue, USD mn, 2021-2026)
Kitchen Sinks Market Geography Outlook (Revenue, USD mn, 2021-2026)
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Tiny Homes Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2022-2026
Household Kitchen Blenders Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2021-2025
Accelerate at a CAGR of 3.37%
North America, Europe, APAC, Middle East and Africa, and South America
US, China, Japan, UK, and Germany
Leading companies, Competitive strategies, Consumer engagement scope
Acrysil Ltd., BLANCO GmbH and Co. KG, Dornbracht AG and Co. KG, Elkay Manufacturing Co., Fletcher Building Ltd., FRANKE Holding AG, Futura Kitchen sinks Ind Pvt Ltd., JOMOO Kitchen and Bath Co. Ltd., JULIEN Inc., Kohler Co., Kovinoplastika Loz d.o.o., Kraus USA Inc., Moen Inc., Roca Sanitario SA, Ruvati, Schock GmbH, TEKA INDUSTRIAL S.A., VIGO INDUSTRIES LLC., Whitehaus Collection, and Zuhne
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
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Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com/
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