New York, NY, July 04, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Plumbing Fixtures Market by Product (Toilet, Sink, Showers, Bathtub, and Others), by Material (Plastics, Metal, and Vitreous China), by Application (Residential [Renovated and New building] and Commercial) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024’’ . According to the report, global plumbing fixtures market was valued at around USD 83 billion in 2017 and is expected to reach approximately USD 120 billion in 2024, growing at a CAGR of slightly above 5.0% between 2018 and 2024.
Plumbing fittings & fixtures are vital components of the plumbing system that are installed in buildings for effective water distribution in activities such as removal of waterborne wastes, washing, and drinking. Previously, conventional plumbing fixtures were installed owing to its easy availability and affordability. Currently, producers are focusing on utilization and development of electronically-based fixtures. Nowadays, most of the public commercial areas such as hotels, malls, and showrooms have sensor-based urinals with minimal moving parts. This extends the life of the urinals along with reducing its wear and tear. Sensor-operated valves help in reducing water consumption through intelligent flushing based on fuzzy logic.
Browse through 42 Tables & 26 Figures spread over 110 Pages and in-depth TOC on "Global Plumbing Fixtures Market Size & Share 2017: Industry Trends, Analysis and Forecast, 2024”.
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Growing investment in smart buildings and homes, rise in disposable income, and investment in infrastructure facilities are anticipated to propel plumbing fixtures market during the forecast period. Furthermore, escalating construction activities, especially in Asian countries will strengthen the demand for the product. Introduction to the innovative water efficient systems has given lucrative opportunities to plumbing fixtures market. Rising urbanization along with the builders and homeowners extensively adopting the plumbing fixtures increases the demand for the plumbing fixtures market. As per United Nations, in 2014, nearly 54% of the global population resided in urban areas and 2.5 billion are anticipated to be added till 2050. With more people migrating to the urban area, they are anticipated to opt for newer facilities including luxury plumbing fixtures for the bathrooms and kitchens.
Global plumbing fixtures market is expected to grow at a significant rate owing to customer’s willingness to spend upon home renovations and construction activities. Increasing spending on premium quality fixtures such as faucets and showerheads along with bathroom renovations will support global plumbing fixtures market during the forecast period. With rising disposable income of customers, they are more likely to spend on luxury and aesthetic products. In 2015, India’s annual GDP growth was 7.3% and Bangladesh was 6.3% as compared to 6.1% in 2014. High GDP growth of these regions is expected to offer exponential growth to global plumbing fixtures market till 2024.
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However, there are certain factors that can hinder the growth of global plumbing fixtures market over the time. Such as raw materials prices and availability are anticipated to fluctuate over the time. The product must comply with standardization and certification to ensure security and safety. Furthermore, stringent regulations pertaining to quality of the material such as nickel, tin, and lead used in kitchen and bathroom is projected to restrain global plumbing fixtures growth.
Europe is anticipated to register maximum gains in the global plumbing fixtures market over the forecast period owing to its ever-increasing construction of houses. In 2016, Scotland completed 16,498 numbers of houses, registering an increase of 1% as that of the previous year. The number again increased by 4% to reach 18,391 till the end of March 2017 as compared to March 2016. Furthermore, increase in private housing construction in major countries of Europe such as the UK will drive the global plumbing fixtures market in the region. The “Construction Products Association (CPA)” projects that construction output in the UK for the year 2018 will increase by 1.2% owing to the growth in private house building and new infrastructure activities. The industry is estimated to increase by 2.3% in 2019 in the UK.
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In the UK, commercial construction sector registered an increase of 8.5% in 2016. Certain giant projects in the pipeline such as USD 4.68 billion; London Paramount project, USD 1.87 billion; Croydon Partnership, and USD 1.87 billion; Brent Cross extension will deliver positive prospects to regional plumbing fixtures market over the forecast timeframe. Offices construction in Europe is at its peak level currently witnessing escalating demand for high profile office space from communication and technology sector in Manchester, Birmingham, London, and many other cities in the UK.
North America is anticipated to account for a significant share in global plumbing fixture market till 2024 due to its positive economic prospects. The region has witnessed an economic growth of 2.3% in 2017 as compared to 1.6% in 2016. Government spending, exports, private investment, and private consumption all increased at a stronger rate. Consumer spending in the region increased by 2.7% in 2017 corresponding to the same pace as that in 2016. Spending increased for products such as food and beverages, accommodation, food services, and utilities. Private residential investment spending increased in the fourth quarter of FY 2017 and 2018 by 11.6% as compared to previous quarter. A number of buildings started for construction in the same period rose to 1.26 million units more than 1.17 million in the third quarter of the year.
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The Asia Pacific will have a significant share in the global plumbing fixtures market followed by its favorable investment policies in countries such as China and India. In recent years, the Chinese government regulated outflows of domestic capital to restrict irresponsible investment in foreign countries. This resulted in redirecting domestic funding in domestic assets rather than in international real estate. Investors are identifying Singapore, India, China, and Hong Kong as potential destinations with an estimated internal rate of return as 13% to 15%. Another investment class that is gaining traction is affordable housing schemes in these countries. Furthermore, government initiatives have opened up the market for large-scale construction activities. Recently, Hong Kong authorities have started measures aimed to introduce low-cost housing. These factors will fuel regional plumbing fixtures market over the forecast timeframe.
Global key producers in the global plumbing fixtures market are MAAX Bath Inc., Elkay Manufacturing Company, Roca Sanitario, S.A., TOTO Ltd., Fortune Brands Home & Security, Inc., LIXIL Group Corporation, Masco Corporation, Jacuzzi Inc., Kohler Co., and Geberit AG.
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The report segments global plumbing fixtures market as follows:
Plumbing Fixtures Market: Product Segment Analysis
- Toilet
- Sink
- Showers
- Bathtub
- Others
Plumbing Fixtures Market: Material Segment Analysis
- Plastics
- Metal
- Vitreous China
Plumbing Fixtures Market: Application Segment Analysis
- Residential
- Renovated
- New building
- Commercial
Plumbing Fixtures Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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