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Quartz Sink Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global quartz sink products market was valued at USD 3.2 billion in 2022 and is expected to register a CAGR of 5.2% between 2023 and 2030. Increasing residential and commercial construction activities are likely to drive the market during the forecast period. Quartz sinks are considered to be one of the most durable and attractive sinks available in the market. These sinks possess anti-bacterial properties, which make them suitable for kitchen and bathroom applications.
The increasing demand for quartz sinks from the residential sector is driving the market. The rise in residential construction activities and increasing disposable incomes in developing countries are expected to drive the market for quartz sinks. Furthermore, the trend of luxurious kitchen designs is also positively impacting the demand for quartz sinks. In addition, the increasing trend of digitalization and smart homes is also creating demand for quartz sinks. For instance, in April 2021, India-based kitchen appliances manufacturer Kaff Appliances launched a range of digitally-enabled kitchen products, including quartz sinkware.
Moreover, the rising demand for quartz sinks from the non-residential sector is also driving the quartz sink products market. The growing hospitality sector and the increasing number of restaurants is driving the demand for quartz sinks. Furthermore, the increasing demand for hygienic and aesthetically pleasing products is also driving the demand for quartz sinks. Additionally, the increasing number of corporate buildings is also driving the demand for quartz sinks.
The increasing demand for prefabricated buildings is also expected to offer lucrative opportunities to the market. Prefabricated buildings are easy to install and can be used for a variety of purposes, such as office buildings, hotels, and factories. The increasing use of prefabricated buildings is expected to create demand for quartz sinks due to their durability and easy installation. Furthermore, the increasing popularity of green buildings is also expected to support the growth of the quartz sink products market.
Product Insights
The quartz sinks segment accounted for a share of 41.2% in 2022. Increasing demand for luxury products and the emergence of quartz as a popular material for kitchen sinks are some of the key factors driving the growth of the quartz sinks market. According to an article published by The Spruce, quartz sinks are much heavier than stainless steel or porcelain sinks, making them a popular choice for heavier kitchen tasks. Furthermore, quartz sinks come in a wide variety of colors and styles, making them a great choice for any kitchen remodeling project.
The undermount sinks segment is anticipated to expand at the fastest CAGR over the forecast period. The undermount sinks are gaining traction in the market due to their ease of installation, seamless look, and durability. According to an article published by DIY Network, undermount sinks are installed directly beneath the countertop, which creates a sleek, modern look and easy access to sink areas. In addition, the increasing demand for convenient and functional kitchen design is boosting the growth of the undermount sinks market.
Distribution Channel Insights
The home improvement stores segment dominated the quartz sink products market with over 34.2% market share in 2022. The home improvement stores offer a wide range of quartz sink products to the consumers. They also provide expert advice to the customers for selecting the best suitable quartz sink for their kitchen. According to a study by the National Kitchen and Bath Association, nearly 63.2% of the consumers prefer to purchase kitchen products, including quartz sinks, from home improvement stores. Also, the growth of the segment is attributed to the rising trend of DIY (Do It Yourself) among consumers.
The online segment is anticipated to expand at the highest CAGR of 12.4% over the forecast period. The growth of the segment is primarily attributed to the increasing penetration of the internet and the rising number of online stores offering quartz sink products. In addition, the increasing trend of online shopping among consumers is also contributing to the growth of the segment. Furthermore, the availability of quartz sink products at discounted prices and cashback offers are further driving the growth of online stores.
Type Insights
The quartz composite sinks segment accounted for the largest revenue share of 53.7% in the year 2021. The growing preference towards quartz composite sinks over traditional stainless steel sinks is propelling the demand for the quartz composite sinks segment. Quartz composite sinks are highly durable and resistant to scratches and stains, which is the primary factor driving the growth of the segment. Furthermore, the ability to customize quartz composite sinks in various colors and finishes is likely to boost the demand for the segment.
The drop-in segment is anticipated to expand at the highest CAGR of 9.5% over the forecast period. The growing trend of installing drop-in sinks in residential and commercial applications is driving the growth of the segment. Easy installation and low cost of drop-in sinks are likely to propel the market growth in the forecasted period. Additionally, the availability of drop-in sinks in various sizes, shapes, and colors is likely to attract new consumers and boost the segmental demand.
Regional Insights
Europe held the largest revenue share of over 33.6% in 2022. This is due to the presence of a large number of quartz sink manufacturers in the region. Additionally, the presence of affluent customers with high disposable incomes and a preference for luxury home appliances are also driving the market in the region. For instance, in November 2021, Blanco, a German manufacturer of quartz sinks, opened a new production facility in Poland.
Asia Pacific is projected to witness the fastest growth in the coming years. This is due to the rapid urbanization and increasing disposable income in the region. In addition, an increase in the number of construction projects, particularly in India and China, is also driving the market. For instance, in April 2022, Hansgrohe, a German manufacturer of quartz sinks, launched its new range of sinks in India.
Financial Projections
In this part of the quartz sink products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your quartz sink products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a quartz sink products business comes from the sale of these products. It is important to include in the business plan an estimated breakdown of sales by product type and the projected unit sales. Additionally, the business plan should include the expected prices of each product and the estimated gross margin for each product.
Projecting Expenses
In this section, all the regular expenses related to keeping the quartz sink products business running will be described. The list of operating expenses includes purchase of raw materials and quartz sinks, production and manufacturing costs, wages, rent, marketing and advertising costs, insurance policies, utilities, and other overhead expenses.
Key companies & market share insights
Some of the key companies operating in the quartz sink market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In September 2022, Kohler Co. launched the Quartz Master sink collection, a range of stylish and functional quartz sinks.
– In October 2022, Blanco GmbH & Co. KG launched the Granite Tectura series of quartz sinks, which are designed for durability and easy cleaning.
– In November 2022, Franke launched the Granite Inset Quartz sink series, which features a sleek design and is scratch-resistant.
Some of the prominent players in the quartz sink market include:
– Kohler Co.
– Blanco GmbH & Co. KG
– Franke
– Elkay Manufacturing Co.
– Kraus USA, Inc.
– Moen Incorporated
– American Standard
– Villeroy & Boch
– RAK Ceramics
– Ruvati USA Inc.
Global Quartz Sink Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global quartz sink products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Kitchen Sinks
– Bathroom Sinks
– Bar/Prep Sinks
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Single Sink
– Double Sink
– Integrated Sink
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential of Product Innovation?
[A]: Product innovation has been a key factor driving the market for quartz sink products. Manufacturers are developing new designs and features for quartz sinks to meet the changing customer needs. These new designs and features include drop-in and undermount options, integrated cleaning systems, and the use of different materials such as granite and marble. These innovations have enabled manufacturers to increase their market share by offering unique and innovative products.
[Q]: Who are the Key Players in the Quartz Sink Products Market?
[A]: Key players in the quartz sink products market include Kohler Co., Elkay Manufacturing Company, Houzer Inc., Franke, Lenova, and Wells Sinkware.
[Q]: Which Region Offers the Largest Opportunity for Sales of Quartz Sink Products?
[A]: The Asia Pacific region is expected to offer the largest opportunity for sales of quartz sink products due to the increasing demand for luxury products in emerging economies. In addition, the region is witnessing an increasing demand for quartz sinks due to the growing disposable incomes and the increasing preference for high-end products.
[Q]: What are the factors driving the quartz sink products market?
[A]: Factors driving the quartz sink products market include increased demand for luxury products, increasing disposable incomes, and the introduction of advanced technologies that provide better performance and reduce installation time. Additionally, increasing consumer preference for eco-friendly materials is also driving the growth of the quartz sink products market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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