PUNE, India, July 22, 2016 /PRNewswire/ --
The report "Plumbing Fixtures Market by Material (Vitreous China, Metal, Plastics), Product (Bathtub & Shower Fixtures and Fittings, Sink Fixtures & Fittings, Toilet Fixtures & Fittings), Application (Renovated, New Buildings), End-Use - Forecast to 2021" , published by MarketsandMarkets, the market size is estimated to grow from USD 74.72 Billion in 2015 to USD 102.07 Billion by 2021, at a CAGR of 5.45%.
Browse 193 market data Tables and 52 Figures spread through 245 Pages and in-depth TOC on "Plumbing Fixtures Market"
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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.
Residential buildings to gain maximum traction during the forecast period
The residential buildings segment dominated the market in 2015 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.
Plastics as a raw material to play a key role in the Plumbing Fixtures & Fittings Market
The report defines and segments the Plumbing Fixtures & Fittings Market on the basis of raw material into vitreous china, metal, and plastics. The vitreous china segment is projected to contribute the largest market share as it is the most economical material for domestic fixtures such as toilet bowls, urinals, and washbasins. Plastic plumbing fixtures & fittings, made from a wide range of polymers such as fiberglass, cast polymer, and acrylic, is projected to grow at the highest rate from 2016 to 2021.
"Asia-Pacific region to be the largest market for plumbing fixtures & fittings during the forecast period"
The Asia-Pacific region led the market in 2015 due to its large population and its proven identity of a major manufacturing hub that offers production opportunities at affordable costs to companies. As plumbing fixtures & fittings are used widely in residential and non-residential buildings, the Asia-Pacific region, which is witnessing major growth in these sectors as well, has become a large market for these packaging solutions. This was followed by North America, which was the second-largest market for plumbing fixtures & fittings followed by RoW and Europe.
The global market for Plumbing Fixtures & Fittings is dominated by players such as Geberit AG (Switzerland), Kohler Co. (U.S.), Jacuzzi Inc. (U.S.), Masco Corporation (U.S.), LIXIL Group Corporation (Japan), Fortune Brands Home & Security, Inc. (U.S.), TOTO Ltd (Japan), Roca Sanitario, S.A. (Spain), Elkay Manufacturing Company (U.S.), and MAAX Bath Inc. (Canada).
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