The PVD faucet finishes market size in U.S., Germany, and China is expected to value USD 11.8 billion by 2020, according to a new report by Grand View Research, Inc., exhibiting a 7.3% CAGR during the forecast period. Increasing expenditure on renovation by hotel groups and rise in home constructions are expected to drive demand for PVD faucet finishes. Increasing urbanization is another factor fueling market growth.
Physical Vapor Deposition (PVD) refers to the process of bonding a finish to a faucet. This process is preferred over powder coating, atomic layer deposition, and electroplating as faucets with PVD finishes offer resistance to scratches, wear and tear, and corrosion, and enhance durability. Several faucet manufacturing companies have been using this process in place of conventional electroplating processes.
North America and Europe are major travel destinations and the growing number of visitors is boosted the hotel and lodging industry in these regions. This, in turn, has fueled expenditure on building new hotels and rooms with advanced technologies and classic as well as unique interior fixtures. As a result, demand for different types of PVD faucet finishes is anticipated to be on the rise over the forecast period.
The global housing market is also expected to contribute significantly to the U.S., China, and Germany market for PVD faucet finishes. Rise in residential construction has led to demand for additional housing faucets, including bathroom and kitchen faucets and related fixtures and this is likely to fuel market growth in the coming years.
In 2016, China was estimated to be the largest market, followed by U.S. In China, the highest demand for faucets stemmed from the hotel industry, in terms of both volume and revenue. The industry constituted a share of 69.75% of the total market in terms of volume
International multi-chain hotels are penetrating into tier-II and tier-III cities in China to capitalize on the growth potential created by expanding middle class population. This section of the society has been seeking premium hospitality services in the country in recent times
In U.S., the physical vapor deposition faucet finishes market was dominated by the residential homes segment, which is expected to increase from 9,302,992 faucets in 2016 to 10,598,304 faucets by 2020
In Germany, physical vapor deposition faucet finishes are witnessing high demand in the home-use segment. The number of newly constructed homes is gradually increasing due to rising government support and easy availability of finances
In terms of color variation, chrome faucets was the largest segment in 2016 and is expected to register a CAGR of 7.7% from 2017 - 2020
Key players include Kohler Co.; Hansgrohe SE; GROHE AG; California Faucets, Inc.; Delta Faucet Company; American Faucets & Coatings Corporation; and Moen, Inc.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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