Global underbar sinks market to reach a valuation of US$ 812.5 million in 2023. Future Market Insights reports say that the market is expected to grow at a 6.14% CAGR from 2023 to 2033, anticipated to be valued at US$ 1,474.3 million by the end of 2033.
Increase in the number of people cooking at home for health and various other reasons, the need for a well-equipped kitchen has skyrocketed. Underbar sinks fulfill a number of functions and in modular and smart kitchens, they can be especially useful if incorporated with the latest features and technologies. Sinks come in a wide range of sizes, shapes, materials, and brands that are suited to the varied demands and needs of a diverse group of consumers around the world.
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Rising volume of hotels, restaurants, and other commercial outlets being established across the world, the increasing number of renovation projects in developed regions, and the emergence of IoT (Internet of Things) are the major factors fostering the growth of the market.
Market is also being fueled by the growing trend of renovating old and traditional kitchens with modern fixtures. Need for more functional spaces in apartments and houses is necessitated by a drop in the average household size. An increasing number of consumers have also been investing in minor as well as major home improvement projects, particularly over the past two years.
North America is said to dominate the underbar sinks market followed by Europe at the second position and the Asia Pacific at the third.
Key Takeaways from the Market Study
- Sales of the global underbars sink market expanded at a CAGR of 5.4% from 2018 to 2022
- The Asia Pacific market for global underbars sink market is likely to grow at a CAGR of 5.1%
- The North American market for the global underbar sinks market is likely to expand at 6%.
- The European market for global underbars sinks market is likely to grow at a CAGR of 5.73%.
- Undermount underbar Sinks are expected to generate maximum demand for the global compartment sink market.
- Commercial sales of underbar sink to drive market growth during the forecast period.
- Stainless steel underbar sinks are said to dominate the market during the forecast period.
“Increase in the demand for underbar sinks, and rise in the demand for cafes, bars, and restaurants are some of the primary drivers of the global demand trends of the underbar sinks market.” comments a Future Market Insights analyst.
Competitive Landscape
Some of the prominent players in the global market are-
- Acrysil
- AGA
- Alveus
- Astracast
- Baekjo
- BLANCO
- Bonke
- Elkay
- Franke
- JOMOO
- Kohler
- Moen
- Oliveri
- OULIN
- Primy
- Reginox
- Schock
- SONATA
- Teka
Some of the important developments of the key players in the market are:
- In March 2023, BLANCO, America, Inc. introduced coal black SILGRANIT color, a patented material sink, claimed to be stronger and more durable as compared to other sinks. Product incorporates SILGRANIT’s Hygenic Plus surface formula that acts as a shield against bacteria and dirt and is capable of reducing bacterial growth by up to 88%.
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global underbar sinks market providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the underbar sinks market is segmented based on major By Product (Drop-in water sink, Pedestial water sink, Top Mount water sink, Under Mount water sink, Wallmount water sink, Others), By Base Material (Fireclay, Stainless Steel, Cast iron, Copper, Quartz, Others), By End-use [Household, Commercial (Foodservice, Healthcare, Hospitality, Corporate and Government Offices, Educational Institutes, Public toilets, Shopping malls, Clubs and Resorts, Others)], Sales Channel (Wholesalers/Distributors, Speciality Stores, Multi-brand stores, Direct sales, Online Retailers, Other Sales Channel), By Regional (North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East and Africa)
Key Segments Profiled in the Market
By Product:
- Drop-in water sink
- Pedestial water sink
- Top Mount water sink
- Under Mount water sink
- Wallmount water sink
- Others
By Base Material:
- Fireclay
- Stainless Steel
- Cast iron
- Copper
- Quartz
- Others
By End-use:
- Household
- Commercial
- Foodservice
- Healthcare
- Hospitality
- Corporate and Government Offices
- Educational Institutes
- Public toilets
- Shopping malls
- Clubs and Resorts
- Others
By Sales Channel:
- Wholesalers/Distributors
- Speciality Stores
- Multi-brand stores
- Direct sales
- Online Retailers
- Other Sales Channel
By Regional:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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