Plumbing Components Market Size, Share, Forecast, 2020-2027 | Drivers, Restraints and Opportunities

According to a recent report published by Allied Market Research, titled, "Plumbing Components Market by Application, End User and Product: Global Opportunity Analysis and Industry Forecast, 2020–2027," the global plumbing components market size accounted for $58.5 billion in 2019, and is expected to reach $78.2 billion by 2027, registering a CAGR of 5.6% from 2020 to 2027. In 2019, Asia-Pacific region dominated the global plumbing components market, in terms of revenue, accounting for about 58.7% share of the global plumbing components industry, followed by North America and Europe.

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Plumbing components include fittings, manifold, pipes and valves that are installed in plumbing connection in combination with sanitary equipment to complete the operation. Residential segment includes plumbing components installed in bathrooms or toilets and kitchens of single houses or bungalows, flats, townships and private owned buildings. Plumbing components used in kitchens, toilets or bathrooms in hotels, malls, offices and public places are considered under non-residential category. Renovation of old bathrooms and kitchens in residential and non-residential buildings and new construction projects are driving the plumbing components market. Also, damaged or broken components are also needed to be replaced and thus, increase the sales of plumbing components.

Further, some of the renovation work is also done when the houses, bungalows or flats are sold and the new owner wishes to redecorate the house. In addition, installation of technically advanced sanitary equipments by replacing the old equipment is another factor for sales of plumbing components. Manufacturers have recognized the market growth opportunity and have adopted several strategies like new product launch, acquisition of companies and business expansion to offer wide range of products to the customer and to widen their product offering in the new regions.

Covid-19 Impact Analysis

Moreover, the COVID-19 pandemic has affected the wide range of construction services, import and export of construction material as well as its production. The pandemic has also forced many of the construction projects to be put on hold temporarily. This had brought the industry to standstill situation in many nations. This has eventually affected the global plumbing components market negatively as most of the renovation and new construction projects were put on hold. In addition, there is shortage of raw material as the logistics industry was also halted temporarily. Hence, the manufacturing of plumbing components has also been impacted negatively.

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Key Segments

The global plumbing components market is segmented into product, end user, application and region. By product, the market is classified into fittings, manifolds, pipes and valves. Depending on end user, it is segregated into residential and non-residential. On the basis of application, it is fragmented into bathtubs, showerheads, faucets and other (commode, urinal, sinks & basins). Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Geographic Review

Region wise, the plumbing components market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

Key Players

The key players analyzed in the global plumbing components market are Aalberts N.V. (Lasco Fittings), 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., and Uponor Corporation.

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