Market Segmentation
Rising costs associated with home prices as well as mortgage rates have led to consumers increasingly investing in home remodeling projects to revamp their household structures. Growing home values have doubled the homeowner equity since 2019. This indicates a trend of homeowners feeling richer and disposed toward spending money on home improvement. In addition, the U.S. economy steadily expanded with rising prices of houses and low unemployment since 2018, thereby putting more equity in the hands of homeowners. As a result, consumers are looking to invest in home remodeling projects instead of buying a new home. The consumer demand for customized ceramic and engineered stone products has grown exponentially in economies such as the U.S., Canada, and China. Increasing demand for cabinets with value-added amenities such as medical chests, space savers, and frameless wall-mounted vanities providing attractive and secure storage options as compared to free-standing or open-shelving bathroom furnishings is expected to drive technological advancements within the industry.
With the increasing expansion of real estate as well as commercial construction, the market is bound to witness growth, which is likely to propel the demand for bathroom vanities in commercial and residential settings. According to a Global Real Estate report published by Morgan Stanley Capital International (MSCI) in 2021, the professionally managed real estate market's size increased to USD 11.4 trillion from USD 10.5 trillion in 2020. 40.2% of the estimated global market size came from the Americas. This was an increase of 12.9% from 2020, coming in at USD 4.6 trillion. Due to the strengthening of the US dollar relative to other currencies, growth in Asia Pacific was restrained at 6.8% and increased in Europe, the Middle East, and Africa at 5.5%. The growing need for new houses as a result of the increasing population across regions is also expected to boost market expansion. According to a study by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau published in July 2022, strong multifamily output caused overall housing starts to rise 0.3% since July 2021 to a seasonally adjusted annual rate of 1.79 million units. These developments in the residential household category are expected to drive the need for bathroom fittings and bathroom vanities in the global market.
Medium-density fiber, commonly known as MDF, is a cost-effective material and can be used with a variety of varnish, water, and oil-based paints. It has high thickness tolerance, uniform density, and a smooth surface, which makes it ideal for lamination too. However, it is proven to be a harmful human carcinogen due to the use of urea formaldehyde. MDF is composed of wood fibers that are glued vigorously under heat. Urea formaldehyde is the resin used to bind the fibers, which is proven to cause several ailments. Contact with the leakage of formaldehyde from the surface of the board can irritate skin, nose, lungs, and eyes; cancer; and rhinitis, dermatitis, and asthma. However, the U.S. Environmental Protection Agency (EPA) is currently developing compliance and testing provisions for various standards. An increasing number of wood products and finished goods in California are becoming CARB (California Air Resource Board)-compliant. Berkeley Woodworking Inc. and Bell Cabinets are some examples of no-added formaldehyde components and adhesives as well as FSC (Forest Stewardship Council)-certified.
This section will provide insights into the contents included in this bathroom vanities market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.
Industry overview
Industry trends
Market drivers and restraints
Market size
Growth prospects
Porter’s analysis
PESTEL analysis
Key market opportunities prioritized
Competitive landscape
Company overview
Financial performance
Product benchmarking
Latest strategic developments
Market size, estimates, and forecast from 2017 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance