The Plumbing Fixtures Market is a rapidly growing sector that encompasses a wide range of products such as faucets, toilets, showers, and bath tubs. This market is driven by a growing demand for eco-friendly and water-saving products, along with an increasing focus on design and aesthetics. In addition, the rising construction and renovation activities, particularly in emerging economies, have further boosted the demand for plumbing fixtures. The market is also witnessing a shift towards smart plumbing fixtures that can be controlled and monitored using smartphones or other devices.
The Plumbing Fixtures Market was valued at $ 75,042 million in 2016, and is projected to reach at $ 1,12,427 million by 2023, growing at a CAGR of 6.0% from 2017 to 2023.
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Top Companies
Kohler Co, Globe Union Industrial Corporation, Lixil Group Corporation, Toto Ltd., Masco Corporation, MAAX Holdings, Inc., Hansgrohe, Roca Sanitario, Bradley Corporation, and Elkay manufacturing Company. Market players have adopted various strategies such as product launch, collaboration & partnership, and acquisition to expand their foothold in the market.
This has opened up new opportunities for manufacturers to innovate and develop products that are more efficient, convenient, and user-friendly. However, the market also faces challenges such as fluctuating raw material prices and a high degree of competition among players. Overall, the plumbing fixtures market is expected to continue its growth trajectory in the coming years, driven by increasing urbanization, rising disposable incomes, and growing consumer awareness about water conservation and sustainability.
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However, the fluctuating cost of raw materials and regulatory requirements regarding the showerheads and faucets are expected to hinder the plumbing fixtures market growth. Various advancements in plumbing technology and introduction of water efficient plumbing such as flow faucets & sensors and dual flush toilets which helps in conserving fresh water to a large extent is expected to provide numerous opportunities in the plumbing fixtures market.
In 2016, the bathroom fixtures segment, which includes showerheads, bathtubs, toilets, and others accounted for the maximum revenue share in the overall plumbing fixtures market as they are widely used in the residential sector owing to investment in smart homes and rising bathroom renovation facilities. Residential segment is expected to grow at a fastest CAGR of 6.3% in the plumbing fixtures market owing to the various investments in infrastructure facilities as well as growth in urbanization.
Asia-Pacific accounted for the major share of the global plumbing fixtures market in 2016 owing to the high growth of construction facilities in India and China. Asia-Pacific is estimated to grow at the highest rate followed by Europe in the global plumbing fixtures market due to high disposable income of consumers and demand for luxurious bathroom fixtures.
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