According to the latest research by Future Market Insights, the plastic bathtub market is set to witness steady growth during 2021-2031, with a CAGR of around 4.3%.
Demand for plastic bathtubs will witness growth due to the rapidly changing lifestyles of the individual and the growing demand of customers to install premium products in their residential area.
Further, the heavy influence from the western culture leads to the customer giving their bathrooms a modern look, therefore, such reasons are projected to grow the plastic bathtub sales.
Plastic Bathtub Market Forecast and CAGR
According to the latest research by Future Market Insights, the plastic bathtub market is set to witness steady growth during 2021-2031, with a CAGR of around 4.3%.
Demand for plastic bathtubs will witness growth due to the rapidly changing lifestyles of the individual and the growing demand of customers to install premium products in their residential area.
Further, the heavy influence from the western culture leads to the customer giving their bathrooms a modern look, therefore, such reasons are projected to grow the plastic bathtub sales.
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What is Driving Demand for Plastic Bathtub Market
One of the major factors driving the growth of the plastic bathtub industry includes the rise in housing construction with the development in rural areas and increasing demand for premium plumbing fixtures.
Further, the plastic bathtubs serve the purpose of relaxing the mind and body of the consumers, maybe after a physical workout or stressful day.
Additionally, a plastic bathtub allows an individual to submerge their body in cold or warm water to refresh their minds or relax the muscles respectively.
Also, plastic bathtubs turn out to be an effective option for patients suffering from arthritis, as it allows them to inflate their body and experience hydrostatic pressure blocking the gravity force on them in order to help get rid of joints pain, therefore, growing the demand for medical reasons available at home are projected to grow the sales.
Innovating and Expanding Product Portfolio Likely to Augment Plastic Bathtub Sales
Bathtub business manufacturers and players are focusing and widening their business portfolios by focusing on innovation in order to supply customers with satisfying and comforting items. Plastic bathtubs that can be mounted with a fixed surface include various innovations like the introduction of Bluetooth speakers, cup holders, lights, temperature control features, jacuzzi tubs, etc., which are likely to raise the demand and sales of the plastic bathtub.
In addition, the innovation in the use of the material has enabled the customer to purchase portable plastic bathtubs. These bathtubs come with electrical motors that can pull and blow air within 2-4 minutes and provide the customer with personal space to relax. Tubble, an Amsterdam-based company provides these portable plastic bathtubs an alternative option to other expensive bathtubs, therefore, expanding the product portfolio and creating new opportunities for the plastic bathtub industry to grow.
COVID-19 Impact on Plastic Bathtub Market
The sudden outbreak of COVID-19 had affected all the industries due to the shortfall of demand and supply and the plastic bathtub industry was no different.
Further, the regulations implemented by regional governments restricting the movement of individuals lead to the shutdown of shopping malls, commercial areas, waterparks, etc., reducing the demand and sales for plastic bathtub.
The offline segment was heavily impacted due to the restriction in movements of individuals and changing preferences of customers towards digital platforms due to the availability of various discounts, quality ensuring, and extra services added. Further, the manufacturers tend to regain the sales volume by focusing on reshaping the distribution channels and innovating the products, therefore, growing the plastic bathtub industry.
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U.S. and Canada Plastic Bathtub Market Outlook
Region-wise, North America had dominated the global plastic bathtub industry. However, the spread of the virus had impacted the demand in the market, therefore, affecting the sales.
But, the changing lifestyle patterns, growing demands for innovative and premium products for personal use are projected to lead the region with the highest sales of the plastic bathtub.
Especially, portable bathtub have a tremendous opportunity in the U.S. and Canada. Additionally, with the resuming of the construction industry in the countries, the plastic bathtub business is projected to recover in the forecast period 2021-2031. The presence of favorable government, a growing number of investments in innovation of products, and emerging players in the segment are some of the factors attributing to the growth of plastic bathtub.
Europe Demand Outlook for Plastic Bathtub Market
Europe regions consist of various factors that can help many of the developing countries to conduct business due to the presence of various ports allowing the exchange of raw materials for the production of items.
However, the countries of Europe were heavily impacted due to the spread of the virus, and also, many regulations implemented by governments had stopped the movement of products affecting the production capacity, therefore, placing boundaries for the growth rate of sales of the plastic bathtub.
Further, the manufacturers and players focus upon providing products to the customers according to their needs and in order to do so, they adopt certain strategies that help them to fuel the market share, profitability, grow the competitiveness for the other players. Such factors and the implementation of innovative strategies are likely to grow the plastic bathtub industry in the forecast period.
Who are the Key Manufacturers and Suppliers of Plastic Bathtubs
Some of the leading manufacturers and suppliers of plastic bathtubs include
- Homefilos,
- KOBIA Bathtub Manufacturer,
- Korra Bath Ware Co., Ltd.,
- Xuancheng GreenGoods Enterprise Co., Ltd.,
- Taizhou Hanxi Trade Co., Ltd.,
- Asia Billion Innovation Technology Limited,
- HSIL Limited, OVE Decors,
- TOTO LTD.,
- Villeroy & Boch, Roca Sanitario S.A.,
- Foshan Deltar Building Material Co., and many others.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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