- Rising construction activities in emerging economies spurring demand in plumbing fittings market; massive demand for pipes for high-performance plumbing systems steering revenue growth
- Enormous uptake of metal and plastic pipes for residential projects in industrialized nations propelling sales; opportunities in Asia Pacific market to be lucrative in near future owing to massive demand
WILMINGTON, Del., July 25, 2022 /PRNewswire/ — Demand for plumbing systems in residential and industrial constructions especially in emerging economies has been augmenting the plumbing industry market size. Rise in use of pipes and fittings in renovated buildings is a key trend that will augment the plumbing fittings market share in the plumbing industry. The global plumbing fittings market is forecast to advance at CAGR of 4.7% from 2022 to 2031.
An aging public infrastructure has spurred the need for plumbing fixtures and accessories in renovation projects, thus boosting the size of plumbing fittings market. Of note, consumers and architects are increasingly adopting durable and versatile piping systems. The trend has reinforced the revenue potential in PVC pipes and fittings market. Stridently, the sales of PVC pipes and fittings have proliferated worldwide over the years.
Need for new designs in plumbing work is catalyzing growth opportunities for plumbing fitting manufacturers. Companies are adopting cutting-edge technologies to manufacture high-performance PVC pipes. A case in point is the application of molecular orientation for the manufacture of next-gen pipes used in plumbing systems, thus extending the canvas for firms in the plumbing fittings market. The study found that brass, steel, and gunmetal are extensively used materials in range of plumbing fittings for drain, waste and vent (DWV) applications.
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Key Findings of Plumbing Fittings Market Study
- Growing Demand for Durable Piping Systems to Expand Avenues: Consumers in the plumbing fittings market are increasingly adopting pipe fittings that are durable and cost-effective. A slew of functional attributes related to corrosion resistance have bolstered demand for these products in industrialized nations for both new constructions and renovations. Of note, the demand among homeowners is likely to generate massive lucrative opportunities for firms in the plumbing fittings market during the forecast period.
- Massive Adoption of Metal Pipes to Generate Substantial Revenues: The TMR study found that of the various materials, metals held the major plumbing fittings market share in 2021. Nevertheless, the focus on durability has been driving preference from metals toward pipes and fitting made of polymers, such as the adoption of PVC and PEX piping fittings.
- Rise in Residential & Non-Residential Projects in Industrialized Nations to Propel Revenue Growth: Over the past few decades, industrial nations have witnessed rise in urban population. This trend is likely to continue at least until 2040, per various findings by the United Nations. This inevitably will invigorate residential constructions, which will stridently spur the demand for plumbing pipes and fittings. Furthermore, straining public health systems will impel investments on new construction projects by various governments. The demand for plumbing piping systems will thus gain a robust fillip, which will expand the revenue potential of the plumbing fittings market.
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Plumbing Fittings Market: Key Drivers
- Rise in urban population over the past few years in both developed and developing nations is a major driving force for need for housing. This is a key driver of the plumbing fittings market.
- Massive investments made in construction of industrial infrastructure in recent years have expanded lucrative avenues for stakeholders in the plumbing fittings market
Plumbing Fittings Market: Regional Growth Dynamics
Asia Pacific is a remarkable lucrative plumbing fittings market. The year-over-year revenue growth of the construction sector in various developing countries has spurred the demand for plumbing fittings. In emerging economies such as India and China, numbers of residential and non-residential constructions are rising, which has generated profitable opportunities for companies in the Asia Pacific plumbing fittings market. Moreover, prominent companies are expanding their manufacturing units in the region, to tap into the enormous revenue streams in various industrialized nations.
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Plumbing Fittings Market: Key Players
Product diversification and mergers and acquisitions are some of the key competitive strategies of players in the plumbing fittings market. Key players include:
- Uponor Corporation
- Prince Pipes And Fittings Ltd.
- Nupi Industrie Italiane SPA
- Mueller Industries
- Morris Group International
- McWane, Inc.
- Masco Corporation
- Finolex Industries Ltd.
- Charlotte Pipe and Foundry
Plumbing Fittings Market Segmentation
- Component
- Pipes
- Joint Fittings
- Others (Faucets, Sanitary)
- Material
- Metal
- Brass
- Gunmetal
- Steel
- Polymeric
- PPSU
- PVDS
- PA Modifier
- Others
- Application
- Residential
- Commercial
- Industrial
- Distribution Channel
- Online
- Offline
- Direct
- Indirect
Regions Covered
- North America
- Europe
- Asia Pacific
- MEA
- South America
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