Plumbing Fixtures Market to grow at a CAGR of 6.0% till 2023

The Plumbing Fixtures Market in Asia-Pacific is expected to grow at the highest rate during the forecast period, owing to growth in urbanization, high infrastructure facilities, and improvement in living standards of the consumers. Furthermore, continuous economic development in countries, such as India, China, and Australia, are expected to provide numerous growth opportunities to the market.

The Plumbing Fixtures Market was valued at $ 75,042 million in 2016, and is projected to reach at $ 1,12,427 million by 2023, growing at a CAGR of 6.0% from 2017 to 2023. Asia-Pacific is expected to be the leading contributor to the global Plumbing Fixtures Market, followed by Europe and North America.

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Increase in disposable income of consumers, growth in urbanization, and changing lifestyle patterns of consumers, and rise in standard of living encourages the adoption of bathroom and kitchen fixtures in the industry and thus drive the Plumbing Fixtures Market growth. In addition, high growth in construction activities in the regions of Asia-Pacific such as India and china are expected to fuel the growth of plumbing fixtures market. However, the fluctuating cost of raw materials and regulatory requirements regarding the showerheads and faucets are expected to hinder the plumbing fixtures market growth. Various advancements in plumbing technology and introduction of water efficient plumbing such as flow faucets & sensors and dual flush toilets which helps in conserving fresh water to a large extent is expected to provide numerous opportunities in the Plumbing Fixtures Market.

Key Findings of the Plumbing Fixtures Market:

In 2016, the showerheads segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 5.3% during the forecast period. The residential segment accounted for 67.7 % in the global plumbing fixtures market. The U.S. is the major shareholder in the North America plumbing fixtures market, accounting for more than71 % share in 2016.

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Key Players of the Plumbing Fixtures Market:

The key players of the Plumbing Fixtures Market are Kohler Co, Globe Union Industrial Corporation, Lixil Group Corporation, Toto Ltd., Masco Corporation, MAAX Holdings, Inc., Hansgrohe, Roca Sanitario, Bradley Corporation and Elkay Manufacturing Company.

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