Global Plumbing Fixtures And Fittings Market to witness a surge in its valuation with a 5.74 % CAGR by 2026
Published | September 2020
According to BlueWeave Consulting, Global Plumbing Fixtures & Fittings Market is estimated to be USD 39.17 billion by 2026 from USD 26.5 billion in 2019, at a CAGR of 5.74 % during the projection period 2020 to 2026. Rapid urbanization and shifting routine outlines of consumers, increased disposable income, hefty investments in smart homes infrastructure, checking necessities, and advancement in plumbing technology & competent water plumbing propel the Plumbing Fixtures & Fittings Market.
The availability and price of raw materials fluctuate, leading to cost and production variations. The fixtures must trail to certification and standardization to ensure safety and security. Additionally, the strict guidelines enforced on factual excellence include tin, lead, and nickel, which can be used in the kitchen, and bathroom fixtures may obstruct the plumbing fixtures market growth.
"Non- Residential Segment dominates the Application Segment."
Among the application segments, the non-residential segment is expected to list substantial growth. This is credited to high requests for plumbing fixtures and fittings amid many end-user applications such as restaurants, hotels, and other commercial buildings for the excellent functioning of sewage and drainage systems.
"Increasing construction activities, Heavy Investments in smart homes and Infrastructure Facilities are the key drivers in the growth of Global Plumbing Fixtures & Fittings Market".
Construction of buildings is rising at a noteworthy pace due to the growing focus on infrastructure, which is permitting economic development and improving people's living values. Advanced economies, such as Canada and the US, are concentrating on enhancing their prevailing infrastructure. On the contrary, developing nations such as China and India are also witnessing immense growth in the building construction industry's chances. The increase in the construction of buildings will lead to a surge in requests for plumbing solutions.
Due to the inclination of consumers to spend on numerous construction activities and home renovations, the market for plumbing fixtures is probable to raise at a faster pace. Bathroom makeovers and willingness to spend on high excellence fixtures such as showerheads and faucets supports the overall plumbing fixtures market development.
Rising demand for plumbing fixtures and fittings to shape an actual water distribution system and wastewater management is other factors expected to fuel the growth of the target market. Furthermore, the growing number of renovation actions amid commercial and residential sectors is an added factor anticipated to upkeep the global market's revenue growth.
"The Asia Pacific dominates the Global Plumbing Fixtures & Fittings Market".
The Asia Pacific market is anticipated to control the plumbing fixtures and fittings market and continue its supremacy over the projected period. This can be credited to rising construction activities globally besides, increasing demand for better homes with basic necessities such as clean water, proper sewage system, etc., and increasing population in emerging countries such as India and China. These factors fuel the demand for plumbing fixtures and fittings, which in turn, are consequential in developing the target market in the region. The plumbing fixtures and fittings market in North America is expected to register substantial growth due to growing remodeling activities among households coupled with high disposable income.
“The leading players” operating in the Global Plumbing Fixtures & Fittings Market are Geberit AG (Switzerland), Fortune Brands Home & Security, Inc. (US), LIXIL Group Corporation (Japan), Masco Corporation (US), TOTO LTD (Japan), Roca Sanitario, S.A. (Spain), GWA Group Limited (Australia), Elkay Manufacturing Company (US), Kohler Co. (US), Hindware Homes (India)and other prominent players.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Plumbing Fixtures & Fittings Market size & forecast. The report promises to provide state-of-the-art technology of Plumbing Fixtures & Fittings and industry insights which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges and competitive dynamics of the market.