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PORTLAND, OREGON, UNITED STATES, February 21, 2023 /EINPresswire.com/ -- According to the report, the Vietnam sanitary ware & bathroom accessories market was estimated at $419 million in 2017, and is expected to reach $685.2 million by 2025, growing at a CAGR of 6.4% from 2018 to 2025. The report offers an in-depth analysis of the top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, top investment pockets, and changing market trends. Wall Mounted Toilet Bowl
Emergence of concept bathrooms and rise in construction activities in Vietnam spur the growth of the Vietnam sanitary ware & bathroom accessories market. On the other hand, environmental concerns coupled with stringent regulations check the growth to some extent. Nevertheless, different prospects to expand business on online platform have created lucrative opportunities in the industry.
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Sanitary ware and bathroom accessories refer to products used in bathrooms and kitchens. These include wash basins, toilet sinks, pedestals, and cisterns, showers, faucets, and other bathroom accessories such as soap holders, and towel rings. Traditionally manufactured using porcelain, a ceramic material, is now available in wide variety of materials such as metals, glass, and plastics. However, the ceramic sanitary wares have excellent resistance to chemical attacks, are cost effective, and are able to withstand heavy loads as well. According to the Asian Development Bank, Asia-Pacific is estimated to invest $8–$9 trillion in infrastructure development between 2010 and 2020 to maintain its economy. The numerous ambitious programs launched by the government, are expected to provide significant impetus to the demand for sanitary wares. Furthermore, replacement of old bathroom sanitaryware also creates demand for new sanitary wares & bathroom accessories. In addition, government impetus on housing through investment inducing policies, reduction in interest rates for housing loans, and increase in nuclearization is expected to catalyze demand for housing going forward.
Sanitary ware refers to products used in bathrooms and kitchens. These include wash basins, toilet sinks, pedestals cisterns, faucet, showers, and other bathroom accessories. The Vietnam sanitary ware & bathroom accessories market is expected to see robust growth in the upcoming years. The changing landscape, in tandem with the upcoming trends and the growth trajectory that Vietnam is experiencing, is fast-tracking the growth of the sanitary ware industry in the region. This pace of growth is expected to continue in the foreseeable future, driven primarily by rapid urbanization, increase in disposable income, and expansion of hospitality industry in the region
Also, there lies colossal untapped opportunities for online distribution channel. Online attractiveness of sanitary ware products is mainly driven by the price transparency. Convenience acts as a prominent factor for millennials on account of their hectic lifestyle. The battle between offline and online will turn into an amalgamation of retail modes to offer more engaging Omnichannel experience to consumers.
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The toilet/water closets segment to lead the trail till 2025-
Based on product type, the toilet/water closets segment accounted for nearly one-third of the total market share in 2017 and is expected to dominate throughout the study period. The wash basins segment, on the other hand, is projected to grow at the fastest CAGR of 8.2% by 2025.
The ceramics segment garnered the lion’s share -
Based on material, the ceramics segment contributed to more than three-fourths of the total market revenue in 2017 and is anticipated to retain its dominance through 2018–2025. The same segment is also predicted to showcase the fastest CAGR of 6.8% during the estimated period.
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The key players analyzed in the report include Gessi SpA, Jaquar Group, Innoci Vietnam, Thien Thanh Sanitaryware Joint Stock Company (Thien Thanh), LIXIL Group, Roca Sanitario, S.A., TOTO Ltd., Viglacera Corporation, Italisa (Vietnam) Co. Ltd., and CAESAR Bathroom. These players have incorporated a number of exclusive strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to maintain their strong stand in the market.
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