Study: Global plumbing fixtures and fittings market to reach $104 billion by 2022
The plumbing fixtures and fittings market will be worth more than $104 billion by 2022, according to Technavio’s market research analysts.
The findings are in a new plumbing industry report on front of the wall (FoTW) and behind the wall (BTW) applications.
Focusing on economic growth and to improve the living standards of people several countries across the globe are concentrating on improving existing infrastructure. During the period 2016-2017, there was a more than 8% increase in rental housing completions in the U.S. With the recovery of the U.S. economy, the demand for single and multi-family homes will also increase in the coming years, driving the growth of the housing market. This will subsequently fuel the growth of the construction industry, which will be one of the primary factors fueling the growth of the plumbing fixtures market size.
The plumbing fixtures and fittings market is fragmented due to the presence of large number of vendors across the globe. The market is currently in the growth phase and with the rising demand for both the residential and commercial end-use, the level of competition in this plumbing industry is intense. By offering an in-depth analysis of the market’s competitive landscape and products offered by companies, this plumbing fittings and fixtures industry research report will aid clients identify new growth opportunities and design effective growth strategies.
Predicting the upcoming growth opportunities for plumbing fixtures and plumbing fittings manufacturers across regions such as the Americas, APAC, and EMEA, the industry research analysts have estimated that countries in the APAC will contribute to the maximum growth of this plumbing fixtures and fittings market throughout the predicted period. The growth in construction activities across the developed nations in APAC will be a primary factor driving plumbing industry growth in this region.
According to this plumbing industry analysis report, the FoTW segment accounted for the maximum share of the plumbing industry size during 2017. Though the segment’s contribution for the market’s growth will witness a slight decrease in the coming years, it will continue to account for the major share of this plumbing fixtures industry throughout the forecast period.