The global bathroom vanities market is expected to reach USD 8.40 billion by 2020, according to a new study by Grand View Research, Inc. Increasing reconstruction and remodeling activities owing to changing consumer preferences is anticipated to spur market growth over the forecast period. Growing demand for functional bathrooms may promote the installation of specialized countertops which incorporate sinks. Advances are expected to driven by rising bathroom remodeling expenditure, which may outpace other housing improvement expenditures.
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Proliferation of eco-friendly materials such as engineered stone and recycled glass for countertop applications may drive the bathroom vanities market. Recycled high density polyethylene materials, glass with LED backlighting and high-pressure plastic laminates are various advanced countertop features that are expected to boost volume demand for the material used.
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Health concerns due to the use of urea formaldehyde which is a resin used to bind the fibers are expected to hamper market growth through the forecast period. However, the U.S. Environmental Protection Agency (EPA) is currently developing compliance and testing provisions for various standards. Additionally, increasing number of wood products and finished goods in California, are becoming CARB (Califonia Air Resource Board) compliant which is expected to yield opportunities for the bathroom vanities market.
Further key findings from the study suggest:
• The residential application segment accounted for majority of the market in 2013 and is further expected to generate high revenue through the forecast period. Rising demand for new...