The brassware and taps market in the UK,
which is worth in excess of £200m, is estimated to have grown by 4% in 2017. Following
a period of slow growth, the market improved between 2014-2016, driven by more
favourable conditions in the new housebuilding sector and demand from the
private commercial sector. A more modest performance is anticipated in 2018 and
2019, with consumer and business confidence expected to decline, impacting on
demand for brassware and taps.
Basin brassware represents largest sector of the market
with around 40% share, closely followed by kitchen taps with a similar share,
while remaining 20% was accounted for by bath brassware.
The main distribution channel for brassware and taps
continues to be builders and plumbers’ merchants with the home improvement
multiples also holding a substantial share. Other retail channels include
kitchen and bathroom specialists, grocery and furniture multiples, direct
supply and department stores. Online retailers are also becoming more important
as consumers increasingly use the internet to source the best deals.
Along with durability, key factors such as quality and
design will remain important in the UK brassware and taps market. Aesthetics
will continue to exert a notable influence on consumer choice particularly with
respect to total kitchen or bathroom co-ordination, but the issue of design has
also gained importance in commercial applications such as hospitals and
schools, with a shift away from the traditional institutionalised appearance
towards more domestic orientated styling.
With an ageing UK population, there will continue to be a
significant demand for inclusive brassware and taps that combine style with
ease of use. For example, lever-controlled products, thermostatic mechanisms,
and those designed with digital/electronic controls. Water saving will also continue
to be an important consideration and growth is likely in product areas
including aerated spray taps, low water content taps, and brassware with an
in-built eco button etc.
Going forward, there are several key factors affecting
the market prospects for the brassware and taps market in the UK. Housebuilding
volumes have achieved good growth in recent years and this is expected to remain
steady, albeit at a lower level compared to recent years, while RMI activity
may be more constrained. However, refurbishment activity is expected to improve
towards the end of the forecast period.
In the commercial sector, private work is typically a key
driver of growth, but also relies upon business confidence, which is again
expected to be stronger towards the end of the forecast period following the EU
withdrawal. However, public sector spending cuts will continue to be an issue.
Exchange rates and the cost of imported goods have direct
implications for brassware and taps produced or sourced from abroad. The
current weakness of sterling makes imports into the UK more expensive, along
with increasing transportation costs.
“Moderate to steady
growth of 3-4% per annum is currently forecast from 2020 to 2022” said Hayley
Thornley, Market Research Manager at AMA Research. “The brassware and taps market will continue to fragment and the number
of own-label products, is likely to increase. Pricing pressures are likely to
remain intense due to the high level of imported product, weak value of
sterling and the growing number of competitive distribution channels such as
the internet.”
The ‘Bathroom & Kitchen Brassware and
Taps Market Report - UK 2018-2022’ report is available now and
can be ordered online at www.amaresearch.co.uk or by calling 01242
235724.
No comments:
Post a Comment