Market Overview
As per the global market report, the Plumbing Fixtures and Fittings Market is projected to be worth USD 969.2 Billion by the end of 2030. The global market is likely to be registering a CAGR of 5.88% during the forecast period. The global market was valued at USD 108.07 billion during the historic forecast period.
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There has been a tremendous degree of growth of the infrastructure and construction industries followed by the improvement in the financial conditions in the APAC region that have led to the growth of the construction industry and, consequently, the plumbing fixtures and fittings market. Moreover, there has been a rapid degree of industrialization and urbanization in emerging countries, including those like China, India, and Japan. Furthermore, there has been a huge rise in various kinds of activities such as refurbishing and renovation of old buildings that have increased investments in the infrastructure and construction industries, and thus, fuelling the growth being experienced by the plumbing fixtures and fittings market.
Market Segmentation
The global plumbing fixtures and fittings industry is segmented based on material, product, and application as per the industry report.
Based on the material
The plumbing fixtures and fittings market are segmented as vitreous china, metal, and plastics. The vitreous china segment of the global market is dominating the market, since this material is highly durable, and has other features like being sanitary and having a stain-resistant surface.
Based on the product
The market is segmented based on the products and includes bathroom fixtures & fittings, kitchen and sink fixtures & fittings, toilet fixtures & fittings, amongst others. The bathroom fixtures & fittings segment is the dominating segment, including faucets, bathtubs, shower stalls, and receptors, amongst others like towel bars, washbasins, wall mount mirrors, lighting fixtures, robe hook, and others.
Based on the application
The global market is segmented based on the application into residential and commercial segments. The residential segment of the market holds the maximum market share.
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Regional Analysis
The global plumbing fixtures and fittings market is likely to be witnessing a substantial degree. The Asia-Pacific region is estimated to be a prominent region for the market due to the rapid industrialization and urbanization in emerging economies like China, India, and Japan. Activities like refurbishing and renovation of old buildings have increased their investments in the infrastructure and construction industries. In 2018, the North American market had held the second largest market share in the global market premises. The North American region has witnessed significant growth in the construction industry, and the main reason behind this is the increase in real estate investments. These prominent market factors are collectively driving the plumbing fixtures and fittings market in the North American region.
Some of the prominent market players of the plumbing fixtures fittings market include TOTO LTD (Japan), Roca Sanitario, S.A. (Spain), amongst some others like GWA Group Limited (Australia), Elkay Manufacturing Company (US), and Kohler Co. (US), along with Hindware Homes (India).
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Industry News
In May 2019, a prominent company - LIXIL Group Corporation had introduced new cutting-edge technology and had further, differentiated the designs through its portfolio of leading international brands including the ones like American Standard, GROHE, INAX, along with LIXIL (Prefabricated Bathrooms) - at Kitchen and Bath China, which is a leading trade fair for the kitchen and bath industry in the Asian Pacific region.
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