LONDON, July 15, 2015 /PRNewswire/ -- World demand to rise nearly 6% annually through 2018
Through 2018, worldwide demand for plumbing fixtures and fittings is projected to advance over six percent per annum to nearly $86 billion, an acceleration from the 2008-2013 pace. In lower income countries, including many in the Asia/ Pacific and Africa/Mideast regions, continued strong increases in building construction spending and rising personal income levels will support demand growth. In a number of West European countries and the US, expected rebounds in building construction spending will drive demand for plumbing products.
Dominant Asia/Pacific region to be fastest growing market
The fastest overall growth in plumbing product demand is forecast in the Asia/ Pacific region. Even with an expected deceleration in demand in China, the country alone will account for nearly one-half of the increase in global plumbing product demand generated between 2013 and 2018. China's vast population makes infrastructure and sewage system development a necessity; therefore new homes are constantly being connected to water delivery systems and these systems are reaching previously unserved areas, thereby creating new customers and generating demand for plumbing products. Other industrializing countries in Asia, such as India and Indonesia, and in
the Africa/Mideast region will also contribute to overall plumbing product demand gains.
North America is also expected to post significant gains in demand for plumbing fixtures and fittings. A rebound in the US housing market will be the primary driver of demand. However, accelerating building construction activity in Canada and recovering building construction spending in Mexico will also contribute to plumbing product demand growth in North America.
Western Europe is expected to show the slowest plumbing product demand gains through 2018. The region's mature building infrastructure and slow population growth have combined to limit building construction activity, restricting plumbing product demand gains. While construction spending in this region is forecast to advance at the slowest rate globally, it will reflect a recovery from a low 2013 base, and plumbing product demand growth is forecast to increase from the rate of the 2008-2013 period.
Expanding water infrastructure to boost demand
Demand gains in the residential and nonresidential markets are expected to be similar through 2018. The residential market will benefit from rebounding residential construction activity in many higher income countries, especially the US. Additionally, government efforts to expand water delivery and sewage systems in lower income countries will create new plumbing customers. Rising personal incomes will allow consumers to replace plumbing products more frequently. The nonresidential market will be driven by recovering construction spending in many developed countries. Expanding water treatment infrastructures in developing countries will spur demand for fixtures. In addition, rising personal income levels will allow consumers to purchase more luxurious products. Plumbing fitting demand will also benefit from heightened per capita incomes, as consumers will be able to replace fittings for aesthetic reasons prior to the end of their useful service lives.
Study coverage
This upcoming industry study presents historical demand data (2003, 2008 and 2013) plus forecasts (2018 and 2023) by product, material, market, world region, and for 23 countries. This study also details market environment factors, assesses company market share, and profiles 38 industry competitors worldwide, including Kohler, LIXIL, Masco, Moen (Fortune Brands Home & Security), Roca Sanitario and TOTO.
Download the full report: https://www.reportbuyer.com/product/966879/
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