Plumbing Fixtures and Fittings Market Poised to Thrive Moderately over 2022
Posted: Feb 01, 2020
According to Market Research Future (MRFR)’s report, the global plumbing fixtures market has been projected to expand at a moderate CAGR through the forecast period. Urban population is likely to expedite the growth of the market over the next couple of years.
The rising urban population coupled with increasing purchasing power has led to the growth of the construction industry. This, in turn, is projected to propel the expansion of the plumbing fixtures and fittings market in the forthcoming years.
Regional disparity in the distribution of water resources coupled with exponentially increasing population has motivated the governments across the world for the installation of plumbing fixtures and fittings. The use of these products for balancing water distribution is likely to have a positive influence on the proliferation of the plumbing fixtures and fittings market.
The rising adoption of smart home technologies such as walk-in bathtubs, touchless faucets, etc. has intensified the demand for advanced plumbing fixtures & fittings. It is presumed to boost the growth trajectory of the market over the next few years. The development of products with smart sensor technology is expected to open new avenues of growth opportunities for the plumbing fixtures and fittings market participants.
Developing nations signify tremendous opportunities owing to the increase in construction activities. The initiatives undertaken by the governments for making houses affordable are likely to augment the plumbing fixtures and fittings market over the assessment period. However, the high cost of advanced plumbing fittings and fixtures remain impediments to market growth.
By material, the global plumbing fixtures and fittings market has been segmented into vitreous china, metal, and plastic.
By product, the plumbing fixtures and fittings market has been segmented into bathroom fixtures & fittings, kitchen and sink fixtures & fittings, and toilet fixtures & fittings.
The global plumbing fixtures and fittings market, by region, has been segmented into North America, Europe, Asia Pacific (APAC) and the Rest of the World (ROW). Asia Pacific is expected to dominate the global market in the upcoming years. The region signifies strong growth opportunities due to the rising consumer preference for smart homes & buildings. Furthermore, the boom witnessed in the country-level plumbing fixtures and fittings markets such as India, China, etc. is poised to have a favorable influence on the expansion of the regional market. The installation of pies for water supply in drought-prone areas are expected to catapult the market growth over the next few years. The region is also estimated to attract massive investments from global players for increased production of plumbing fixtures and fittings. This, in turn, is expected to propel the expansion of the regional plumbing fixtures and fittings market in the years to come. The region is also likely to witness the establishment of more manufacturers over the review period.
Some of the key players operating in the plumbing fixtures and fittings market are Jacuzzi Inc. (U.S.), MAAX Bath Inc. (Canada), Masco Corporation (U.S.), Geberit AG (Switzerland), Kohler Co. (U.S.), TOTO Ltd. (Japan), Roca Sanitario, S.A. (Spain), LIXIL Group Corporation (Japan), Elkay Manufacturing Company, Inc. (U.S.), and Fortune Brands Home & Security, Inc. (U.S.).
In May 2018, an American manufacturer of plumbing products, Mansfield Plumbing, has announced the launch of high-efficiency Vanquish designed for minimizing the use of water and cleaning time.
In July 2018, a manufacturer and distributor of advanced plastic piping systems, has announced its plan of acquiring Ashirvad Pipes, India, by the end of the next three years. The deal is a milestone in the establishment of Aliaxis in India.
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