Plumbing Fixtures Market to Reach $112.4 Billion by 2023 at 6.0% CAGR, Says Analyst at AMR

Rise in disposable income, growth in urbanization, changing lifestyle patterns of consumers and heavy investments in smart homes have spurred the growth. On the other hand, high cost of raw materials and several regulatory requirements have curbed the growth to some extent. Nevertheless, high-end advancement in plumbing technology has created multiple opportunities in the segment.


Portland, April 01, 2019 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, titled, “Plumbing Fixtures Market by Fixture Type (Bathroom Fixtures and Kitchen Fixtures) and End user (Residential and Non-residential) - Global Opportunity Analysis and Industry Forecast, 2017-2023.” As per the report, the global plumbing fixtures market accounted for $75.0 billion in 2016 and is expected to garner $112.4 billion by 2023, registering a CAGR of 6.0% during the forecast period.


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Rise in disposable income, growth in urbanization, changing lifestyle patterns of consumers and heavy investments in smart homes have spurred the growth. On the other hand, high cost of raw materials and several regulatory requirements have curbed the growth to some extent. Nevertheless, high-end advancement in plumbing technology has created multiple opportunities in the segment.


The market is divided into fixture type, kitchen fixtures, end-user and geography. Based on fixture, the market is segmented into Bathtubs, Showerheads, Faucets, Toilets/Urinals, and Others. Based on kitchen fixtures, the market is bifurcated into sink and faucets. By end-user, the report splits the market into residential and non-residential. The market is then assessed across various regions including North America, Asia-Pacific, Europe, and Latin America, Middle East and Africa (LAMEA). 


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Based on fixture type, the bathroom fixture segment accounted for the largest market share in 2017 and would maintain its dominance by 2023. This is due to the demand for quality and value for money as well as increasing focus on high standard of living.  Based on end-users, the residential segment seized the largest market share of more than two-thirds in 2017 and would dominate through the period 2017- 2023. By geography, Asia-Pacific captured more than two-thirds of the overall market share in 2017 is also anticipated to register the fastest CAGR of 6.6% from 2017 to 2023.


Leading market players analyzed in the research include Globe Union Industrial Corporation, MAAX Holdings, Inc., Elkay Manufacturing Company, Lixil Group Corporation, Toto Ltd., Hansgrohe, Kohler Co, Masco Corporation, Roca Sanitario, and Bradley Corporation. These leading players have adopted various strategies including collaborations, joint ventures, partnerships, expansions, and others to gain a strong position in the industry.


            

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