In 2023, the market for plumbing fittings and fixtures will likely be worth US$94.3 billion. The market is expanding due to the growing use of bathroom fixtures and fittings. According to estimates, the market will generate US$ 164.8 billion in 2033, with a CAGR of 5.7% between 2023 and 2033.
The market for plumbing fittings and fixtures is anticipated to experience significant growth as a result of the rapid commercialization and growing urbanisation. The market is expanding as eco-friendly and smart homes become more prevalent. The market for plumbing fittings and fixtures has experienced strong growth as a result of rising consumer inclination towards enhancing the aesthetic appeal of the home.
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.
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Key Segments Covered:
By Product Type:
- Bathroom Fixtures & Fittings
- Kitchen & Sink Fixtures & Fittings
- Toilet & Sink Fixtures & Fittings
- Others
By Application:
- Residential
- Commercial
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified 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 favor 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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