The worldwide Compartment Sinks Market is expected to be worth USD 810.4 million in 2023. Future Market Insights reports say that the market will expand at a projected to grow at CAGR of 6.3% between 2023 and 2033, totaling around USD 1,409.2 million by 2033.
Rising volume of hotels, restaurants, and other commercial outlets being established across the world, increasing number of renovation projects in developed regions and emergence of IoT (Internet of Things) are the major factor fostering the growth of the market. Rising number of nuclear families and rise in the demand for the number of sink bowls for cleaning and washing purposes and surge in the disposable income of individuals worldwide have resulted in increased demands for modernized household products which also further carve the way for the growth of market.
Delivery schedule pressures in multistoried apartments, space constraints, and smaller utility and storage spaces in the kitchen are expected to hamper the market’s growth.
Availability of different types of kitchen sinks with different color, shapes, and designs and constant new innovations in the designs of kitchen sinks is estimated to generate growth opportunities in the long run. Factors such as disruption in supply chain due to COVID-19 virus outbreak and labor shortage to install the compartmental sinks pose as a challenge for the market.
Continuous monitor and updating reports on political and economic uncertainty due to the Russian invasion of Ukraine. Negative impacts are significantly foreseen globally, especially across Eastern Europe, European Union, Eastern & Central Asia, and the United States.
Contention has severely affected lives and livelihoods and represents far-reaching disruptions in trade dynamics. Potential effects of ongoing war and uncertainty in Eastern Europe are expected to have an adverse impact on the world economy, with especially long-term harsh effects on Russia. Reports uncover the impact of demand & supply, pricing variants, strategic uptake of vendors, and recommendations for compartment sinks market considering the current update on the conflict and its global response.
| Attributes | Details |
|---|---|
| Projected Forecast Value (2023) | USD 810.4 million |
| Projected Forecast Value (2033) | USD 1,409.2 million |
| Growth rate | 6.3% CAGR |
| Forecast period | 2023 to 2033 |
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The compartment sinks market grew at a CAGR of 5.9% from 2018 to 2022, as per Future Market Insights, a provider of market research and competitive intelligence.
Market during the previous forecast period slowed down due to Covid-19. FMCG along with the hospitality sector such as hotels, eateries, and outlets were shut down and the market flourished at a much lower rate, which resulted due to the lockdown, which was followed by individuals refraining from eating risky outside food to stop the spread of CAGR.
High fall in CAGR value results from the complete shutting down of a business to temporarily going out of funds to renovate or build their business. Government support and subsidies along with a high spike in the demand for fast food the increasing online food demand have finally put the business back on track for compartment sink vendors.
Rise in the Per Capita Income
Rising per capita incomes in emerging countries and a growing preference for monochrome-style water sinks in the commercial and residential sectors are expected to drive global market growth over the forecast period. Growing trends toward aesthetic appeal in the home and rising preference for nature-based interior designs among people all over the world are key factors driving the target market's growth.
Growing Trend towards Interior Designing and Awareness of Various Types of Water Sinks
Increased awareness of various types of compartment sinks, such as wall-mount water sinks, under-mount water sinks, top-mount water sinks, and drop-in water sinks, is driving up demand for water sinks as this is another important factor that is expected to boost the global market growth. Rising awareness of smart sinks and their additional features such as liquid soap dispensing and hand drying is expected to drive growth in the global compartment sink market over the forecast period.
Rise in Demand from Bars, Cafes, Restaurants
A long list of applications and rising demand from bars, cafes, restaurants, and hotels. Social gatherings such as parties, concerts, and movie show keep these sinks for serving different kinds of drinks to the end users. Other small-range suppliers who work with medium-scale enterprises in customizing the sink in accordance with their needs can be seen and defined with these verticals can be viewed and understood. New and advanced lighting systems with utensil-specific compartments are pushing restaurants to adopt the latest technology including compartmental sinks.
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Occurrence of Failure while Installing Compartment Sinks
Rising occurrence of failures and complications associated with the installation of technologically advanced compartment sinks and the high cost associated with advanced compartment sinks are key factors expected to restrain global market growth to some extent.
High Cost with the Introduction of Cloud Kitchen
Biggest factor that hinders the sale of compartment sink systems is the high cost associated with it along with the introduction of cloud kitchen that takes away the whole dining experience with its fast delivery systems, where not only Covid-19 but also new eatery experiences have also hampered the sales of compartment sinks. Application of sustainable disposable is also hindering the demand for compartmental sinks.
Companies Taking a Step towards Environmental Approach
Companies in the compartment sink market have been taking a more environmentally friendly approach in recent years, which includes incorporating warm and natural elements and earthen luxury components, particularly in the household and hospitality sectors. Consumers are increasingly looking for materials derived from nature or that mimic the appearance of nature, this makes kitchens and bathrooms appear more appealing and spacious. Warmth of water's wooden surfaces adds a natural touch to home interiors.
Rising awareness of the AER-DEC integrated sink system, which is widely used in the commercial sector such as SPAs, salons, hotels, and restaurants, is one of the key factors expected to propel global market growth over the next ten years.
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United States of America to holds the Dominant Share
United States of America holds the dominant share of 32.6% in the global market attributed to the huge number of hotels and eateries. Penetration of automated technologies and smart kitchen ideas in the United States has fueled the demand for these compartmental sinks.
North America dominates the compartment sinks market owing to the increasing inclination towards modernizing households coupled with increased disposable income.
India is said to have a Growing Market in the World
India becomes the most lucrative and the most growing region in the global compartment sinks market with anticipation of a CAGR of 6.18%. Nation building its healthcare systems and hospitals along with the rise in the number of hotels and restaurants due to the rising population and tourism has led India to become the growing market in the Asia Pacific.
Increasing adoption of various designed and printed compartment sinks across a number of commercial applications is boosting the market growth in the region.
Asia-Pacific region is dominating due to large population and it is the reason why the compartment sink is dominating in India as in the country, most of the water sink is used for the shopping malls, hospitality, corporate and government offices, and among others.
Undermount Compartment Sinks are said to Dominate the Market Region
Undermount sinks account for a notable share of 44.2%. Factors such as easy installation, convenience in terms of cleaning, etc. have facilitated large adoption of undermount compartment sinks in the country.
Commercial Sales of Compartment Sinks to Drive Market Growth
Commercial category is projected to drive market growth during the forecast period. Compartment sink sales in the commercial category, are expected to reflect a higher CAGR of 6.6% over the next ten years.
Stainless Steel Compartment Sink is said to Dominate the Market
Stainless steel market is expected to increase at a CAGR of 3.2%. Stainless steel compartment sink is the most popular base material owing to its characteristics such as corrosion resistance, fire and heat resistance, hygiene, impact resistance, etc.
Some of the prominent players in the global market are:
Some of the important developments of the key players in the market are:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 6.3% from 2023 to 2033 |
| Market value in 2023 | USD 810.4 million |
| Market value in 2033 | USD 1,409.2 million |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | USD Million for Value and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | By Product Type, By Base Material, By End-use, By Sales Channel, Region |
| Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; Middle East and Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Rest of Latin America, Germany, United Kingdom, France, Spain, Italy, Rest of Europe, China, Japan, South Korea, Singapore, Thailand, Indonesia, Australia, New Zealand, Rest of Asia Pacific, GCC countries, South Africa, Israel, Rest of MEA |
| Key Companies Profiled | Acrysil; AGA; Alveus; Astracast; Baekjo; BLANCO; Bonke; Elkay; Franke; JOMOO; Kohler; Moen; Oliveri; OULIN; Primy; Reginox; Schock; SONATA; Teka |
| Customisation Scope | Available on Request |
The global compartment sink market in 2033 is likely to be worth USD 1,409.2 million
The global compartment sink market is expected to grow at a 6.3% CAGR during the forecast period 2023 to 2033
Sales of global compartment sink market expanded at a CAGR of 5.9% from 2018 to 2022
The Asia Pacific market for global compartment sink market is likely to grow at a CAGR of 6.18%
The North American market for global compartment sink market is likely to expand at 32.6%.
Undermount Compartment Sinks are expected to generate maximum demand for the global compartment sink market.
Commercial Sales of Compartment Sinks to Drive Market Growth
Stainless Steel Compartment Sink is said to Dominate the Market
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Single Compartment Sinks 5.2. Double Compartment Sinks 5.3. Multiple Compartment Sinks 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material 6.1. Stainless Steel Compartment Sinks 6.2. Granite Compartment Sinks 6.3. Ceramic Compartment Sinks 6.4. Other Materials 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-use Industry 7.1. Foodservice 7.2. Healthcare Facilities 7.3. Educational Institutions 7.4. Commercial Kitchens 7.5. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. MEA 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. Elkay Manufacturing Company 16.2. Just Manufacturing 16.3. Kohler Co. 16.4. Franke Holding AG 16.5. Acero Ware 16.6. Eagle Group 16.7. Advance Tabco 16.8. Crown Verity 16.9. BK Resources 16.10. Tarrison Products Ltd. 17. Assumptions & Acronyms Used 18. Research Methodology
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Compartment Sinks Market
