AMA Research expects the bathroom and kitchen brassware is expected to decline 17% in 2020, however will experience a steady growth of 2-4% per annum from 2021.
It stated stockpiles have started to deplete and cashflow will be running low, both of which have the potential to cause stock shortages.
However, looking forwards it believes the focus on hygiene and handwashing, resulting from the pandemic, could aid the moderate upturn in sales.
Michelle Turner, editor of the Bathroom and Kitchen Brassware and Taps Market Report, commented: “Resilience has been shown by many major key suppliers in the brassware and taps market as the means of supply has felt less distribution that other areas of the supply chain within this market, mainly thanks to pure adaptability, surplus Brexit stocks and the ever important ‘essential’ products and services provided.
“Although forecasts for the short term are bleak, the return of housebuilding activity and all-important consumer confidence cannot come quickly enough to support the modest growth expected to return at the end of the forecast period.”
According to AMA Research, bathroom and kitchen brassware and taps is considered a mature market with the top five suppliers representing around half of sales.
The remaining half of the market, it reports, is fragmented between direct sales, sales via furniture multiples, as well as retail department stores.
AMA Research cites the value of UK imports of mixer taps has increased by 27% from 2016-2019, while imports of other taps have decreased by 10%.
The largest share of the brassware and taps market, at just over half in 2019, was the refurbishment sector.
AMA Research recently unveiled its findings of the impact of COVID-19 on the bathroom industry.