Residential buildings to gain maximum traction in Plumbing Fixtures Market
The plumbing fixtures market is projected to reach USD 139.4 Billion by 2027. Factors such as increasing demand in Asia-Pacific due to rapid urbanization, building renovations due to disasters and upgradations, rising construction activities in emerging economies, and large-scale investment in industrial and infrastructure sectors are some of the drivers for the growth of the plumbing fixtures & fittings market.
New buildings play a key role in changing the plumbing fixtures & fittings landscape and are projected to grow at the highest rate during the forecast period.
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The residential buildings segment dominated the market in 2018 and is projected to be the fastest-growing end-user industry in the next five years, as a result of the rising urbanization and changing lifestyle inclined toward new designs and better technology in homes. The residential market is projected to grow at the highest rate due to the rise in new and existing housing completions. Furthermore, the non-residential segment is projected to be the second-fastest-growing end-use industry due to the rising demand from commercial buildings such as hotels, gyms, and spa resorts.
Residential buildings use bathtubs to gain a luxuriant experience. Many non-residential buildings such as hotels, gyms, and spa resorts use bathtub & shower fixtures as a way to promote their status and improve customer satisfaction. Growth in construction expenditures in the nonresidential market, including health care rehabilitation centers where whirlpool baths serve a more therapeutic purpose, will continue to support the demand for bathtubs.
Asia-Pacific offers potential growth opportunities; developing countries such as China and India are projected to be emerging markets, making the Asia-Pacific region the fastest-growing market for plumbing fixtures & fittings. The growth of the plumbing fixtures & fittings market in this region is driven by factors such as the growth in the construction of the residential and non-residential buildings. Also, the growing population and economic development are other factors driving the growth of this market.