All over the world, people are spending more and more on various household products. This can be attributed to the rising standard of living which drives people to own basic plumbing products which is driving the growth of the plumbing fittings market significantly.
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The plumbing fittings market is also expected to grow due to increasing urbanization, modernization of disaster-prone buildings, large-scale investments in infrastructure and industrial sectors, and increasing construction in emerging countries. The renovated building segment is expected to dominate and account for the largest share of the plumbing fittings market.
The plumbing fittings market in Asia Pacific is expected to grow at the fastest rate owing to increasing construction of residential and non-residential buildings in economies such as China and India. This increase in construction activities is fueling the demand for plumbing fittings. Other market drivers include increasing population and economic development. The World Economic Forum estimates that the construction industry generates nearly $10 billion in total annual revenue and $3.6 billion in value added. Around 6% of the world’s GDP is represented by the construction sector.
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Specifically, in industrialized countries, it accounts for about 5% of overall GDP, while in underdeveloped countries, it typically contributes more than 8% of GDP. The industry is expected to experience strong growth in the coming years to reach estimated revenues of US$15 billion by 2025. More than 100 million people are already employed in construction today worldwide.
Technological advancements and rapid rate of industrialization and urban settlement are driving the demand for plumbing fittings
The adoption of new technologies in the raw materials of pipes and fittings such as PVC and the cost effectiveness of PVC pipes and fittings are driving the global plumbing fittings market. PVC is considered one of the best-selling materials in the world. It is economical and durable in nature. Similarly, PVC pipes have low cost and are corrosion resistant and used for various purposes such as water supply, irrigation and drainage systems. Molecular orientation technology is used in the manufacture of PVC pipes in the global market. These pipes are environmentally friendly in nature.
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The rapid pace of industrialization and increasing urban agglomerations have significantly shaped the contours of the PVC pipe and fittings market. Rising demand for maintenance work in aging public infrastructure in recent years in developing countries has also boosted sales in the market. Homeowners prefer durability and new designs for plumbing work. Architects therefore eagerly searched for better products on the market. Furthermore, the growth of the pipe fabrication industry has also been influenced by changing regulations, which has also set the tone for product innovation in the plumbing fittings market.
Durable metal pipes and fittings continue to dominate the global plumbing fittings market
In terms of materials, the metal segment has dominated the global plumbing fittings market. Metal pipes and fittings are traditionally used because they last longer and are usually the more durable option. In the metals segment, steel and brass are in high demand. The preference is slowly shifting towards polymer pipes and fittings, as they are anti-corrosive and economical compared to metal fittings and pipes. In addition, plastic pipes (PVC and PEX) are in great demand. The plastic segment is expected to grow at a higher rate over the forecast period owing to the preference for plastic fittings.
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Regional outlook of the global plumbing fittings market
In terms of region, Asia-Pacific holds the largest global plumbing fittings market share. The growth is driven by factors such as the increase in the construction of residential and non-residential buildings. China accounts for the largest plumbing fittings market share in Asia-Pacific. India, Thailand, Philippines, etc. are emerging markets in the region. Authorities in these countries are investing in residential projects due to population growth. On the other hand, plumbing fittings manufacturers based in different regions are building their manufacturing plants in Asia-Pacific. This is expected to lead to higher market growth in the region over the forecast period.
Key Players Analysis of Global Plumbing Fittings Market
The plumbing fittings market is consolidated with a few large-scale vendors controlling the majority of the market share. Most companies spend large sums on comprehensive research and development. Diversification of product portfolios and mergers & acquisitions are the main strategies adopted by major players. Charlotte Pipe and Foundry, Finolex Industries Ltd., Masco Corporation, McWane, Inc., Morris Group International, Mueller Industries, Nupi Industrie Italiane SPA, Prince Pipes and Fittings Ltd., RWC and Uponor Corporation are the main entities operating in this market. .
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