Plumbing Fittings Market industry growth in the New Zealand from 2022-2031

People around the world are increasingly spending on various household products. This can be attributed to the rising standard of living, which is driving people to own basic plumbing products, which is significantly boosting the plumbing fittings market growth.

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The plumbing fittings market is predicted to also grow due to increasing urbanization, upgrade of disaster-prone buildings, large-scale investments in infrastructure and industrial sectors, and rising construction in emerging nations. It is anticipated that the renovated buildings segment would dominate and account for the largest share of the plumbing fittings market.

The Asia Pacific plumbing fittings market is likely to grow at the fastest rate due to growing construction of both residential and non-residential buildings in economies such as China and India. This rise in construction activities is fueling the demand for plumbing fittings. Other market-driving elements include increasing population and economic development. The World Economic Forum estimates that the construction sector generates almost US$ 10 Trn in total yearly revenue and US$ 3.6 Trn in added value. Approximately 6% of the worldwide GDP is accounted for by the construction sector.

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More specifically, in industrialized nations, it makes up roughly 5% of the overall GDP, whereas in underdeveloped nations, it typically contributes more than 8% to the GDP. The industry is expected to grow extensively in the upcoming years to estimated revenues of US$ 15 Trn by 2025. More than 100 million people are already employed today in construction worldwide.

Technological Advancements and Rapid Rate of Industrialization & Urban Settlements Boost Demand for Plumbing Fittings

The adoption of new technologies in raw materials of pipes and fittings such as PVC and the cost-effectiveness of PVC pipes and fittings are driving the plumbing fittings market globally. PVC is considered a top-selling material all around the world. It is cost-effective and durable in nature. Similarly, PVC pipes have low cost and are corrosion resistant, and used for various purposes such as water supply, irrigation, and drainage systems. The molecular orientation technology is used in the manufacturing of PVC pipes in the global market. These pipes are eco-friendly in nature.

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Rapid pace of industrialization and rise in urban settlements have greatly shaped the contours of the PVC pipes and fittings market. The rise in demand for maintenance work in aging public infrastructure in the recent years in developing countries has also spurred market sales. Homeowners prefer durability and new designs for plumbing work. Architects, thus, have been keenly looking for better products in the market. Furthermore, growth of the piping manufacturing industry has also been influenced by changing regulations, which has also set the tone for product innovation in the plumbing fittings market.

Long-lasting Metal Pipes and Fittings Continue to Dominate Global Plumbing Fittings Market

In terms of material, the metal segment dominated the global plumbing fittings market. Metal pipes and fittings are traditionally used, as they last longer and are generally the most durable option. Under the metal segment, steel and brass hold high demand. The preference is slowly shifting toward polymeric pipes and fittings, as they are anti-corrosive and economical as compared to metal fittings and pipes. In addition, plastic pipes (PVC and PEX) are highly demanded. The plastic segment is expected to grow at a higher rate during the forecast period due to the preference for plastic fittings.

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Regional Outlook of Global Plumbing Fittings Market

In terms of region, Asia Pacific holds the largest share of the global plumbing fittings market. The growth is driven by factors such as rise in construction of residential and non-residential buildings. China accounts for the largest share of the Asia Pacific plumbing fittings market. India, Thailand, the Philippines, etc. are emerging markets in the region. Authorities in these countries are investing in residential projects due to the growing population. On the other hand, plumbing fitting manufacturers based out of different regions are building their manufacturing plants in Asia Pacific. This is expected to result in higher market growth in the region during the forecast period.

Analysis of Key Players in Global Plumbing Fittings Market

The plumbing fittings market is consolidated with a few large-scale vendors controlling majority of the market share. Most firms are spending significant sums on comprehensive research and development. Diversification of product portfolios and mergers & acquisitions are the main strategies adopted by key players. Charlotte Pipe and Foundry, Finolex Industries Ltd., Masco Corporation, McWane, Inc., Morris Group International, Mueller Industries, Nupi Industrie Italiane SPA, Prince Pipes and Fittings Ltd., RWC, and Uponor Corporation are the prominent entities operating in this market.

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