(MENAFN- EIN Presswire) China's plumbing fittings and fixtures market is projected to exhibit a CAGR of 5.5% from 2023 to 2033, reaching a market value of US$ 35.2 Billion by the end of the forecast period. With the largest market share in the plumbing fittings and fixtures sector, China remains a dominant player in the industry. /ein news / -- NEWARK, Del, May 28, 2023 (GLOBE NEWSWIRE) -- The global plumbing fittings & fixtures market size is likely to be valued at US$ 94.3 billion in 2023. The increasing application of bathroom fixtures & fittings is driving market growth. The market is estimated to garner US$ 164.8 billion in 2033, recording a CAGR of 5.7% from 2023 to 2033.
The increasing urbanization and rapid commercialization are expected to bring considerable growth in the plumbing fittings & fixtures market. The increasing emergence of eco-friendly and smart homes is also driving market growth. Increasing consumer inclination toward increasing the aesthetic appeal of the home has prompted healthy growth for the plumbing fittings & fixtures market.
The increasing demand for plumbing fittings & fixtures in the residential sector, and public infrastructural projects such as a mall, airports, and hospitals are creating growth prospects for the market.
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The rapid technological advances in manufacturing and the introduction of new and innovative products and rapidly growing construction industry and ongoing research and development activities, spur the market growth.
Increasing application of smart plumbing systems, water-efficient fixtures, and digital monitoring tools, can significantly influence the market. Innovative products that offer improved functionality, convenience, energy efficiency, and water conservation tend to gain traction and drive market growth.
Asia Pacific is expected to hold the largest share of the plumbing fittings & fixtures market due to the increasing construction in the residential & commercial sectors. The plumbing fittings and fixtures market in Europe is expected to witness significant growth in the coming years due to the increased revocation activities in the region.
Key Takeaways :
From 2018 to 2022, the market demand expanded at a CAGR of 7.0%. Based on product type, the bathroom fixtures & fittings segment accounts for a CAGR of 5.6%. By application, the residential segment is expected to expand at a CAGR of 5.4% during the forecast period. North America to emerge as a promising market, capturing a CAGR of 5.7%. Asia Pacific is an opportunistic market, expected to capture a CAGR of 5.5% during the forecast period.
“Growing technological innovation and increased popularity of smart homes and increased disposable income are expected to drive the market in the forecast period. The increasing demand from the commercial sector globally is projected to play a vital role in strengthening the market,” – analyses an expert at FMI.
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Competitive landscape :
Prominent players in the plumbing fitting & fixtures market are American Bath Group; American Standard Brands; Asahi Eito Co., Ltd.; Cera Sanitaryware Ltd.; Elkay Manufacturing Company among others.
Some of the developments from the market are listed below:
In July 2022 -- Zurn Water Solutions and Elkay Manufacturing combined to create Zurn Elkay Water Solutions-one of the largest providers of water management solutions to improve health and the environment. The combined company offers the most comprehensive product portfolio for vertical segments providing water quality and water conservation solutions to critical areas including education and healthcare. Masco Corporation is a global leader in the plumbing fittings and fixtures market. They offer a wide range of products under various brands, including Delta Faucet, Hansgrohe, BrassCraft, and Liberty Pumps. Their product portfolio includes faucets, showers, toilets, sinks, and other plumbing accessories.
Know More - What This Report Covers :
Future Market Insights offers an unbiased analysis of the global plumbing fitting & fixtures market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the plumbing fitting & fixtures market, the market is segmented based on product type and application across five major regions.
K ey Segments Covered:
B y Product Type:
Bathroom Fixtures & Fittings Kitchen & Sink Fixtures & Fittings Toilet & Sink Fixtures & Fittings Others
B y Application:
B y Region:
North America Latin America Europe Asia Pacific Middle East and Africa
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Table of Content (ToC):
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.8. PESTLE and Porter's Analysis
3.9. Regulatory Landscape
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Product Type, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Product Type, 2023 to 2033
5.4. Y-o-Y Growth Trend Analysis By Product Type, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Product Type, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Application, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Application, 2023 to 2033
6.4. Y-o-Y Growth Trend Analysis By Application, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Application, 2023 to 2033
Complete TOC:
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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