Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Plumbing Fixtures Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”
The Global Plumbing Fixtures Market is expected to grow at a CAGR of around 6.2% from 2021 to 2028 and to reach around US$ 150.4 Bn by 2028.
North America dominates; Asia Pacific registers fastest growing CAGR for plumbing fixtures market worldwide
North America accounted for the dominating share of the plumbing fixtures market in 2020 and is expected to maintain this trend throughout the forecast period. This is because of rising construction spending, home decor for larger kitchens, and more bathrooms. Also, in the commercial market, the demand for plumbing fixtures is increasing, which is fueled by spending on plumbing fixture-intensive buildings such as schools and healthcare facilities. Furthermore, the high demand for water-efficient plumbing fixtures boosts the popularity of water-saving products in both residential and commercial applications. Manufacturers are advancing technology to improve the performance of water-efficient fixtures. Such factors have a positive impact on regional growth, which in turn contributes to overall market growth for plumbing fixtures.
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In contrast, Asia Pacific is expected to have the fastest growing CAGR in the plumbing fixtures market in the coming years. Rising disposable incomes will encourage consumers to buy high-end, luxurious plumbing fixtures and fittings, increasing overall value demand. Furthermore, residential demand for plumbing fixtures products will benefit from rebounding residential construction activity, which will allow customers to replace plumbing products more frequently, contributing to the overall market’s growth.
COVID-19 impact on the global plumbing fixtures market
According to a report released by Plumbing Manufacturers International, wearing masks and social distancing, along with frequent hand washing, are the best ways to protect workers in the industrial sector. Aside from that, the COVID-19 outbreak undoubtedly had a significant impact on Americans’ hand washing behavior, which appears to be shifting. Factory closures during lockdowns had an impact on the production of plumbing fixture equipment, limiting the market’s ability to grow exponentially during the analysis period. Apart from that, the COVID-19 pandemic had a significant impact on Americans’ hand washing habits; in fact, 88% believe they are extremely or somewhat likely to maintain an increased hand washing regimen once the virus has passed. Such factors are likely to give the global plumbing fixtures market a head start during the forecast period.
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Some of the leading competitors are American Bath Group, Colston Bath, Delta Faucet Company, Gerber Plumbing Fixtures LLC, GROHE, Kohler Co., Moen, and among others.
Some of the key observations regarding the plumbing fixtures market include:
- In October 2020, American Bath Group has announced a partnership with Centerbridge Partners, L.P. (“Centerbridge”). The collaboration will aid in the continuation of innovation, the enhancement of offerings, and the expansion of the channel of customer partnerships.
- In December 2020, Delta Faucet Company announced the signing of a definitive agreement for Masco Corporation to acquire the assets of Kraus, an online plumbing fixture company specializing in modern, high-quality sinks, faucets, and related products.
The global plumbing fixtures market is segmented as product, deployment, location, application, and distribution channel. Based on product, the market is segregated as bathtub, sinks, toilets, showers, faucets & taps, drains, and others. By deployment, the market is bifurcated into residential and commercial. By location, the market is segmented as bathroom, kitchen, and others. Additionally, application segment is classified into new construction and repair & remodel. Furthermore, distribution channel is segmented as online and offline.
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The bathroom segment accounts for a large share of the plumbing fixtures market based on location. Bathroom fixtures are in high demand because they are the main events in the bathroom. Plumbing fixtures in bathrooms provide an appealing effect if consumers are redesigning the bathroom and have gained significant market prominence, accounting for segmental growth and ultimately contributing to overall market growth during the exponential period.
During the forecast period, the repair and remodel segment will account for the lion’s share of the overall plumbing fixture market. According to a Consumer Reports report, plumbing fixtures in bathrooms have gained significant attention due to associated benefits such as a high source of water efficiency. Because plumbing fixtures are permanent fixture in the bathroom, they cannot be easily removed. As a result, it is widely used for redesigning and repairing, ultimately contributing to market growth.
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Content Source: https://www.globenewswire.com/news-release/2021/08/20/2283937/0/en/Plumbing-Fixtures-Market-Value-Predicted-To-Reach-US-150-4-Billion-By-2028-Covering-Covid-19-Impact-Acumen-Research-and-Consulting.html