NORTH AMERICA SANITARY WARE MARKET 2022-2028
MARKET OUTLOOK
According to Triton, the sanitary ware market in North America is estimated to surge with a CAGR of 3.51% in revenue and 3.14% in volume over the forecasted years 2022-2028. The United States and Canada together constitute the market in this region.
The commercial and residential construction sectors in Canada are witnessing significant development, driven primarily by supportive government initiatives and rising immigration. It is expected to grow further over the projected phase. Moreover, in its 2019 budget, the Canada Mortgage and Housing Corporation (CMHC) announced its plans to spend $943 million to offer financial aid to first-time home buyers till 2022.
Further, the national government, under its ‘Investing in Canada’ initiative, plans to invest approx. $139 billion in key infrastructure sectors by 2028. Also, there has been a growing interest in green building projects, which is expected to create demand for new buildings and renovations.
Various government projects, such as the New Building Canada Plan (NBCP), Made in Canada, and the Affordable Housing Initiative (AHI), are expected to hugely support the growth of the construction sector. The construction sector is a strong indicator of the nation’s economic strength. Its growth is expected to drive demand for sanitary ware in the country. This, in turn, will fuel the Canadian market’s growth in the years to come.
COMPETITIVE OUTLOOK
Some of the players competing in this market include HSIL Limited, Grohe AG, Jaquar Group, Duravit AG, Cera Sanitaryware Limited, Elkay Manufacturing Company, Fortune Brands Home & Security Inc, Lecico Egypt, Rak Ceramics, and Laufen Bathrooms AG.
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