Increasing urbanization and hygiene consciousness coupled with rising disposable income to drive sanitary ware sales in China over next five years
According to recently published TechSci Research report "China Sanitary Ware Market Forecast & Opportunities, 2020", the sanitary ware market in China is projected to grow at a CAGR of over 14% during 2015-20. Growth in the market is anticipated on account of increasing hygiene consciousness, growing hospitality sector, rising disposable income, high urbanization rate and booming real estate sector. There are majorly four types of sanitary ware products available in China including water closets & bidets, basins, bathing products and urinals, out of which, water closets & bidets dominated the market with the highest share in 2014, predominantly on account for a shift in consumers preference from squat pans to water closets & bidets.
Due to the presence of large number of production plants of both domestic as well as international companies, China has emerged as the largest manufacturer of sanitary ware products in the world. Moreover, low labor cost and industry-friendly government policies have also been working in favor of sanitary ware manufacturers in China. Furthermore, China has the natural advantage of abundant availability of raw materials, which are required for the sanitary ware production such as feldspar, kaolin, silica, etc., which has enabled sanitary ware manufacturers in China to meet the growing domestic as well as international demand for sanitary ware products.
"Beijing, Shanghai, Hong Kong, etc. are emerging as prominent commercial destinations in the world. As a result, hospitality sector has grown tremendously over the years, which has boosted the demand for sanitary ware products in China. Moreover, urbanization in most of the provinces of China is growing at a fast rate. Increasing demand for sanitary ware from both residential as well as commercial sectors hasn't only been alluring the domestic players, but also opening opportunities for various international companies as well." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"China Sanitary Ware Market Forecast & Opportunities, 2020" has evaluated the future growth potential of sanitary ware market in China and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities prevalent in sanitary ware market in China.