Stainless Steel Sink Market

The global stainless steel sink market is expected to experience growth in both volume and value over the next eight years, with a forecasted CAGR of +1.5% for volume and +3.5% for value from 2022 to 2030. Consumption patterns have been relatively flat, reaching 68M units in 2022. Key consuming countries include China, the United States, and India. Production trends indicate a slight decline in output in 2022, with China leading in production volume. Imports have shown growth over the last decade, with the United States being a major importer. Exports have also seen an increase, with China dominating the export market. Pricing trends have shown slight fluctuations, with the average export price increasing to $78 per unit in 2022.

Market Forecast

Driven by rising demand for stainless steel sink worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.5% for the period from 2022 to 2030, which is projected to bring the market volume to 77M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.5% for the period from 2022 to 2030, which is projected to bring the market value to $6.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Stainless Steel Sinks And Wash Basins

In 2022, the amount of stainless steel sinks and wash basins consumed worldwide shrank modestly to 68M units, standing approx. at 2021 figures. Overall, consumption saw a relatively flat trend pattern. Global consumption peaked at 71M units in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

The global stainless steel sink market revenue stood at $4.6B in 2022, almost unchanged from the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the global market attained the peak level at $4.9B in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (13M units), the United States (8.8M units) and India (7.2M units), together comprising 42% of global consumption.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +5.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest stainless steel sink markets worldwide were China ($763M), the United States ($551M) and India ($477M), with a combined 39% share of the global market.

In terms of the main consuming countries, India, with a CAGR of +4.3%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of stainless steel sink per capita consumption in 2022 were Turkey (34 units per 1000 persons), the United States (26 units per 1000 persons) and Japan (25 units per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by the United States (with a CAGR of +5.0%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Stainless Steel Sinks And Wash Basins

In 2022, approx. 70M units of stainless steel sinks and wash basins were produced worldwide; which is down by -2.1% on the previous year's figure. Over the period under review, production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 12%. Global production peaked at 80M units in 2014; however, from 2015 to 2022, production failed to regain momentum.

In value terms, stainless steel sink production fell modestly to $4.9B in 2022 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 29% against the previous year. Over the period under review, global production hit record highs at $6.6B in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Production By Country

China (31M units) constituted the country with the largest volume of stainless steel sink production, comprising approx. 44% of total volume. Moreover, stainless steel sink production in China exceeded the figures recorded by the second-largest producer, India (6.4M units), fivefold. The third position in this ranking was taken by Turkey (3.7M units), with a 5.3% share.

From 2012 to 2022, the average annual growth rate of volume in China stood at +1.6%. The remaining producing countries recorded the following average annual rates of production growth: India (+0.8% per year) and Turkey (-3.4% per year).

Imports

World Imports of Stainless Steel Sinks And Wash Basins

In 2022, after ten years of growth, there was decline in overseas purchases of stainless steel sinks and wash basins, when their volume decreased by -3% to 26M units. Overall, total imports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +79.8% against 2012 indices. The most prominent rate of growth was recorded in 2021 with an increase of 20% against the previous year. As a result, imports attained the peak of 27M units, and then shrank in the following year.

In value terms, stainless steel sink imports stood at $1.5B in 2022. The total import value increased at an average annual rate of +4.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 32% against the previous year. Global imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports By Country

The United States represented the major importer of stainless steel sinks and wash basins in the world, with the volume of imports amounting to 8.4M units, which was near 32% of total imports in 2022. It was distantly followed by Malaysia (1.3M units), mixing up a 4.9% share of total imports. Indonesia (963K units), India (901K units), Canada (697K units), Thailand (697K units), Germany (683K units), Belgium (649K units), Australia (627K units), the UK (585K units), France (551K units), the Netherlands (446K units) and Qatar (432K units) took a relatively small share of total imports.

Imports into the United States increased at an average annual rate of +14.6% from 2012 to 2022. At the same time, India (+33.4%), Qatar (+27.8%), the Netherlands (+18.5%), Belgium (+15.8%), Malaysia (+15.8%), Thailand (+12.7%), Indonesia (+6.6%) and Canada (+5.0%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing importer imported in the world, with a CAGR of +33.4% from 2012-2022. Germany experienced a relatively flat trend pattern. By contrast, the UK (-1.6%), France (-1.7%) and Australia (-2.9%) illustrated a downward trend over the same period. While the share of the United States (+17 p.p.), India (+3.1 p.p.) and Malaysia (+2.9 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Germany (-1.7 p.p.), France (-2.4 p.p.), the UK (-2.5 p.p.) and Australia (-3.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($460M) constitutes the largest market for imported stainless steel sinks and wash basins worldwide, comprising 30% of global imports. The second position in the ranking was taken by Germany ($71M), with a 4.6% share of global imports. It was followed by Canada, with a 4.2% share.

From 2012 to 2022, the average annual growth rate of value in the United States stood at +9.9%. The remaining importing countries recorded the following average annual rates of imports growth: Germany (+0.4% per year) and Canada (+6.3% per year).

Import Prices By Country

The average stainless steel sink import price stood at $58 per unit in 2022, surging by 3.5% against the previous year. Over the period under review, the import price, however, continues to indicate a slight slump. The most prominent rate of growth was recorded in 2021 when the average import price increased by 9.8%. Global import price peaked at $70 per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Germany ($104 per unit), while Qatar ($7.9 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+7.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Stainless Steel Sinks And Wash Basins

In 2022, after five years of growth, there was significant decline in shipments abroad of stainless steel sinks and wash basins, when their volume decreased by -7% to 28M units. Over the period under review, total exports indicated a notable expansion from 2012 to 2022: its volume increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +75.0% against 2016 indices. The most prominent rate of growth was recorded in 2017 when exports increased by 30% against the previous year. Over the period under review, the global exports attained the maximum at 30M units in 2021, and then fell in the following year.

In value terms, stainless steel sink exports amounted to $2.2B in 2022. Overall, total exports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +71.8% against 2016 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 27%. The global exports peaked in 2022 and are likely to see steady growth in the near future.

Exports By Country

China prevails in exports structure, amounting to 18M units, which was near 64% of total exports in 2022. Malaysia (1.5M units) held the second position in the ranking, followed by Vietnam (1.3M units). All these countries together held approx. 10% share of total exports. The following exporters - Mexico (902K units), Turkey (875K units), Germany (584K units), Thailand (535K units), the United States (517K units), Italy (469K units) and Greece (430K units) - together made up 16% of total exports.

Exports from China increased at an average annual rate of +4.3% from 2012 to 2022. At the same time, Vietnam (+82.8%), Malaysia (+34.1%), Thailand (+14.5%), the United States (+9.7%) and Mexico (+7.8%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in the world, with a CAGR of +82.8% from 2012-2022. Greece experienced a relatively flat trend pattern. By contrast, Italy (-3.0%), Turkey (-3.8%) and Germany (-4.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Malaysia and Vietnam increased by +4.9 and +4.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($1.3B) remains the largest stainless steel sink supplier worldwide, comprising 59% of global exports. The second position in the ranking was held by Vietnam ($115M), with a 5.3% share of global exports. It was followed by the United States, with a 5% share.

In China, stainless steel sink exports increased at an average annual rate of +9.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Vietnam (+81.3% per year) and the United States (+18.1% per year).

Export Prices By Country

The average stainless steel sink export price stood at $78 per unit in 2022, with an increase of 11% against the previous year. Over the last decade, it increased at an average annual rate of +2.3%. The pace of growth appeared the most rapid in 2015 when the average export price increased by 28%. Over the period under review, the average export prices attained the maximum at $80 per unit in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($211 per unit), while Malaysia ($36 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+7.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform