Plumbing Fixtures Market worth $139.4 billion by 2027
The report "Plumbing Fixtures Market by Material (Vitreous China, Metal, Plastics), Product (Bathtub & Shower Fixtures and Fittings, Sink Fixtures & Fittings, Toilet Fixtures & Fittings), Application (Renovated, New Buildings), End-Use - Forecast to 2027", The plumbing fixtures & fittings market is projected to reach USD 139.4 Billion by 2027.
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Introduction The plumbing fixtures & fittings market size is estimated to grow from USD 86.5 billion in 2018 to USD 139.4 billion by 2027. Factors such as increasing demand in Asia-Pacific due to rapid urbanization, building renovations due to disasters and upgradations, rising construction activities in emerging economies, and large-scale investment in industrial and infrastructure sectors are some of the drivers for the growth of the plumbing fixtures & fittings market.
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Market Drivers ď‚— Residential buildings to gain maximum traction during the forecast period The residential buildings segment dominated the market in 2018 and is projected to be the fastest-growing end-user industry in the next five years, as a result of the rising urbanization and changing lifestyle inclined toward new designs and better technology in homes. The residential market is projected to grow at the highest rate due to the rise in new and existing housing completions. Furthermore, the non-residential segment is projected to be the second fastest-growing end-use industry due to the rising demand from commercial buildings such as hotels, gyms, and spa resorts.
ď‚— Plastics as a raw material to play a key role in the plumbing fixtures & fittings
market The report defines and segments the plumbing fixtures & fittings market on the basis of raw material into vitreous china, metal, and plastics. The vitreous china segment is projected to contribute the largest market share as it is the most economical material for domestic fixtures such as toilet bowls, urinals, and washbasins. Plastic plumbing fixtures & fittings, made from a wide range of polymers such as fiberglass, cast polymer, and acrylic, is projected to grow at the highest rate from 2018 to 2027.
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Key Participants The global market for plumbing fixtures & fittings is dominated by players such as Geberit AG (Switzerland), Kohler Co. (U.S.), Jacuzzi Inc. (U.S.), Masco Corporation (U.S.), LIXIL Group Corporation (Japan), Fortune Brands Home & Security, Inc. (U.S.), TOTO Ltd (Japan), Roca Sanitario, S.A. (Spain), Elkay Manufacturing Company (U.S.), and MAAX Bath Inc. (Canada).
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On The Basis Of Region: The Asia-Pacific region led the market in 2018 due to its large population and its proven identity of a major manufacturing hub that offers production opportunities at affordable costs to companies. As plumbing fixtures & fittings are used widely in residential and non-residential buildings, the Asia-Pacific region, which is witnessing major growth in these sectors as well, has become a large market for these packaging solutions. This was followed by North America, which was the second-largest market for plumbing fixtures & fittings followed by RoW and Europe.
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