The Global Market for Plumbing Fittings and Fixtures is Projected to Reach US$85.7 Billion by 2022
Strong Demand for Resource-Efficient
Plumbing Products Spurs Growth in the Plumbing Fittings and Fixtures Market,
According to a New Report by Global Industry Analysts, Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size and demand forecasts on the global Plumbing Fittings and
Fixtures market. The global market for Plumbing
Fittings and Fixtures is projected to reach US$85.7 billion by 2022, driven by the growing
demand for resource-efficient plumbing products among new constructions and
renovations.
Plumbing
fittings and fixtures are crucial components of a plumbing system installed in
buildings, either commercial or residential, for efficient distribution of
water into the building for drinking, washing, and heating and for removing
waterborne wastes from the building. These components are typically used in
laying pipelines that provide means of transport for fluids into and out of the
building. Plumbing fittings & fixtures have for long remained functionality
driven products. The market, over the years, has witnessed the rise of plastics
and ceramics as cheaper and better alternatives to metals. Today, water
efficiency remains a key focus area for manufacturers, with governments
legislating stringent water conservation programs.
The
Environmental Protection Agency (EPA) in the U.S., for instance has implemented
the “WaterSense
Labelling Program” aimed at conserving water and promoting engineering
innovation in manufacturing. Against the backdrop of growing water scarcity,
rise in the number of drought hit cities worldwide, and government incentives offered
for efforts to conserve water through new technologies, poised to gain are high-efficiency
plumbing fixtures. Driving widespread adoption of high-efficiency plumbing
fixtures are benefits such as water conservation, reduced water bills, reduced
infrastructure costs, and reduced pressure on environmental ecosystems, among
others.
The
growth in the market is closely linked to the health of the construction
industry. With the construction sector currently walking the tight rope in line
with the tentative global economic recovery, it is a mixed bag of opportunities
and challenges for plumbing fittings and fixtures. Slowdown in China, the world’s
largest construction market, will continue to dampen growth patterns in the
short to medium term period. Notwithstanding the challenges in store, residential construction in developing markets will
encourage growth, given the continued rise in need for housing in line with
mega trends such as population growth, rapid urbanization, development of smart
cities and growing middle class population. Also driving growth will be product
innovations and technology developments aimed at improving performance, personal
comfort, and aesthetics. Touch-free bathroom and toilet fixtures, for instance,
are gaining prominence among hygiene conscious home owners as they allow users
to enjoy a safe, convenient and germ-free bathing and showering experience.
As
stated by the new market research report on Plumbing Fittings and
Fixtures,
Asia-Pacific represents the largest as well as the fastest growing market worldwide
with a projected CAGR of 5.3% over the analysis period. Growing construction
activity in India and other emerging markets such as Korea, Taiwan, Singapore,
Thailand and Indonesia etc.; growing investments in smart buildings and homes,
rise in bathroom and kitchen remodeling projects among the upwardly mobile
middle class population, and the growing preference for functional and feature
rich bathrooms, are major factors fuelling growth in the region.
Major
players in the market include American Bath Group, American Standard Brands,
Armitage Shanks, Asahi Eito Co. Ltd., Cera Sanitaryware Ltd., Elkay
Manufacturing Company, Geberit AG, Grohe AG, Hindustan Sanitaryware &
Industries Ltd., Ideal Standard International, Jacuzzi Inc., Jaquar and Company
Pvt. Ltd., Kohler Co., LIXIL Corporation, MAAX Bath Inc., Masco Corporation,
Moen Incorporated, Roca Bathroom Products Pvt. Ltd., Roca Sanitario S.A, Roca
UK, Spectrum Brands Incorporated, Toto Ltd., and Villeroy & Boch among
others.
The research report titled “Plumbing Fittings and
Fixtures: A Global Strategic Business Report” announced by Global Industry Analysts Inc.,
provides a comprehensive review
of market trends, issues, drivers, mergers, acquisitions and other strategic
industry activities of global companies. The report provides market estimates
and projections for all major geographic markets such as the US, Canada, Japan,
Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe),
Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East & Africa,
and Latin America (Brazil and Rest of Latin America). Product segments analyzed
include Plumbing Fittings (Bath & Shower Fittings, Lavatory Fittings,
Kitchen and Other Sink Fittings, and Other Fittings) and Plumbing Fixtures
(Bath & Shower Fixtures, Lavatory Fixtures, Kitchen and Other Sink Fixtures,
and Other Fixtures).
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enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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