Dublin, Aug. 03, 2021 (GLOBE NEWSWIRE) — The “Bathroom Cabinets Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029” report has been added to ResearchAndMarkets.com’s offering.
Bathroom cabinets have undergone substantial design and technological advancement over the past few decades resulting in impressive styling and remodeling demand. It was over a decade ago when trend watchers started noticing the first stirrings of the inclusion of furniture in the bathroom. Today, this is a standard practice, with a wide variety of beautiful and durable furniture in the market, made specifically for bathroom applications.
Custom Requirement in Upcoming Projects Coercing Demand
The global bathroom cabinets market is experiencing a moderate growth due to rising housing development projects, which demands high end household amenities. Surge in demand for customized countertop materials such as engineered stone, lava stone, granite, marble, etc. owing to wide range of pattern, price affordability and accountability of these products in bathroom application is expected to spur market growth through the forecast period. However, premium pricing of high quality products, high design cost and is expected to hinder bathroom vanities market growth over the forecast period. This report covers all such qualitative and quantitative aspects of the bathroom cabinet market and also analyzes the impact of key drivers, restraints, challenges, opportunities on the market growth.
Residential Applications & Wooden Cabinets Dominating Market Revenues
On the basis of material type, the global bathroom cabinets market is segmented into wood, ceramics, metal, glass and stone material. In terms of revenue contribution, wood segment accounted for major share of bathroom cabinet market. It accounted for 41.95% market share in 2020. There are various types of woods such as MDF, plywood, or chipboard, etc. used for construction of bathroom cabinet. Availability of improved quality MDF (Medium-Density Fibreboard) is expected to boost the demand for wooden cabinets in near future. In terms of revenue contribution among applicaton areas, residential application accounted for major share of bathroom cabinet market.
Developing Economies Remain As Key Destination
In 2020, Asia Pacific was observed as the largest market for bathroom cabinet. This growth is attributed to the growing demand from developing economies such as China and India due to surging real-estate industry and developing infrastructure facilities in these countries. Asia Pacific region contributed to 36.22% revenue share in 2020. The region is anticipated to witness highest growth rate of 6.4% over the forecast period. North America was the second largest region in global bathroom cabinets market accounting for revenue share of 26.06% in 2020.
Government Initiatives to Set Off Covid Impact
Direct commercial real estate market fell by 29 percent globally to approximately US $ 320 billion in the first half on 2020. The key reason of the fall included travel lockdown that influenced cross border investments. Therefore, short term capital deployment plans have been postponed or cancelled. However, in countries such as Japan, Germany and South Korea the situation remained positive. Japan registered a growth of 7% in