Enhancing the bathroom and kitchen look, high-quality plumbing components also reduce the need for future repairs and their associated costs. Additionally, the availability of various plumbing component types contributes to expanding the plumbing component market globally.
New York, United States, Feb. 01, 2024 (GLOBE NEWSWIRE) — Plumbing parts installed in plumbing connections and sanitary equipment include fittings, manifolds, pipes, and valves. Plumbing fixtures installed in bathrooms, lavatories, and kitchens of bungalows, single-family homes, apartments, townhouses, and privately owned structures are included in the residential segment. The non-residential category includes plumbing fixtures used in bathrooms, kitchens, or public restrooms in hotels, malls, offices, and other public locations. New construction projects and renovations of dated bathrooms and kitchens in residential and non-residential buildings drive the plumbing component market. Replacement of damaged or broken parts will increase sales of plumbing components.
Additionally, when homes—whether houses, bungalows, or apartments—are sold and the new owner decides to redecorate, some renovation work is finished. Installing modern sanitary equipment instead of out-of-date equipment is another aspect of selling plumbing components. Manufacturers have taken advantage of the market expansion opportunity to broaden their product offerings to consumers and expand into new geographies. They have used various tactics, such as introducing new products, business acquisitions, and growth.
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Bathroom And Toilet Remodeling in Homes and Other Buildings
According to Straits Research, “The global plumbing component market size was valued at USD 108.4 billion in 2022. It is projected to reach USD 117.01 billion by 2031, growing at a CAGR of 5.6% during the forecast period (2023–2031).” There has been an increase in bathroom and toilet renovation work in both residential and non-residential buildings in developed nations in Europe and North America. Customers frequently upgrade the aesthetics of bathrooms with already-built infrastructure after a few years. In light of this renovation trend, businesses like C.Woods Company and Made Renovation offer comprehensive solutions for bathroom and toilet renovation services. They offer various services under one roof, including bathtub faucet, toilet replacement, bathroom sink replacement, and shower repair. As a result, remodeling and renovating old bathrooms and toilets is one of the key factors driving the global plumbing components market. High-quality plumbing parts not only improve the appearance of the kitchen and bathroom but also lessen the need for future repairs and the associated costs. Furthermore, the global plumbing component market is growing due to the availability of different plumbing components.
Infrastructural Development In African Nations
Construction activities ceased due to forced lockdowns and travel restrictions, which decreased the demand for plumbing parts. In addition, the breakdown of supply chains and the closure of factories and manufacturing facilities affected the production of plumbing components. As a result, the global market for plumbing parts was hampered. Due to preexisting infrastructure, the recent industrial downturn, and high construction costs, new construction activities have peaked in developed nations in North America and Europe. The COVID-19 outbreak has hampered the world economy by halting operations in the construction industry, which is anticipated to hurt the market for plumbing components. The global market has also slowed down due to the decrease in significant investments in brand-new construction projects.
Asia Pacific plumbing component market Share is anticipated to grow at a CAGR of 4.9% during the forecast period. India is expected to grow significantly during the forecast period, and China currently controls a sizeable portion of this market. Infrastructure projects for both homes and businesses are multiplying. As a result, markets for plumbing equipment have been identified in countries like China, India, Singapore, and South Korea. Reliance Worldwide Corporation Limited, Finolex Industries, and As-sur Hardware are significant Asia-Pacific players impacting the market’s growth. To better serve Asia-Pacific economies and boost production levels, many large companies have manufacturing facilities and are actively expanding them. Reliance has a global sales and distribution network with about ten subsidiary locations and three manufacturing facilities in the UK.
North America is expected to grow at the fastest CAGR of 6.1% during the forecast period. North America held the second-largest market share for plumbing equipment. Due to the high per capita income in the U.S. and Canada, North American consumers frequently buy and install opulent and high-end products in bathrooms and toilets. When a specific sanitary fitting malfunction, such as when old, damaged pipes cause water to leak, old bathrooms and toilets are renovated to restore their aesthetic appeal. In addition, homes with recently renovated bathrooms frequently fetch a higher price when they are put on the market. As a result, the value of homes with renovated bathrooms is expected to drive the demand for plumbing equipment in North America. An increase in construction and renovation projects is primarily driving the growth of the plumbing components market in the United States.
- Based on product, the global plumbing component market is bifurcated into fittings, manifolds, pipes, and valves. The pipes segment is the highest contributor to the market and is anticipated to grow at a CAGR of 5.5% during the forecast period.
- Based on application, the global plumbing component market is bifurcated into bathtubs, showerheads, faucets, and others. The other segment owns the highest market share and is forecasted to grow at a CAGR of 5.2% during the forecast period.
- Based on end users, the global plumbing component market is bifurcated into residential and non-residential. The residential segment is the highest contributor to the market and is expected to grow at a CAGR of 5.4% during the forecast period.
- Asia Pacific is the highest contributor to the global plumbing component market and is expected to grow at a CAGR of 4.9% during the forecast period.
The global plumbing component market’s major key players are Aalberts N.V., Central States Industrial, Finolex Industries Ltd., McWane, Inc., Morris Group (Acorn), Mueller Industries, Nupi Industrie Italiane S.p.A., Reliance Worldwide Corporation Ltd., Turnkey Industrial Pipe & Supply Inc., Uponor Oyj.
- In November 2022, The system has a 30-year warranty and is EN14125 certified. The SMART FLEX welder, which manages and logs each weld and offers a comprehensive weld report of the installation, is used to install pipe. The entire HDPE pipe and fitting system, known as SMART FLEX, is used to transport fuel at airports, marinas, and service stations along highways and roads.
- In October 2022, Uponor North America (Uponor) is introducing hot potable pipe and fittings to help meet the demand for commercial, domestic water systems as the company’s PP-RCT piping solutions business continues to grow.
Global Plumbing Component Market: Segmentation
By End User
- North America
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