Global Plumbing Component Market Size is Estimated to Reach USD 117.01 billion by 2031, Growing at a CAGR of 5.6%: Straits Research

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High-quality plumbing components improve the appearance of the bathroom and kitchen while also reducing the need for future repairs and associated costs. Furthermore, the availability of different types of plumbing components helps expand the plumbing components market globally.

New York, United States, February 1, 2024 (GLOBE NEWSWIRE) — Plumbing parts installed in plumbing connections and plumbing systems include fittings, manifolds, pipes and valves. The residential segment includes sanitary fittings installed in bathrooms, toilets and kitchens of bungalows, single-family homes, apartments, terraced houses and private houses. The non-residential category includes plumbing fixtures used in bathrooms, kitchens or public toilets in hotels, shopping malls, offices and other public places. New construction projects and renovations of outdated bathrooms and kitchens in residential and non-residential buildings are driving the sanitary components market. Replacing damaged or defective parts increases sales of plumbing components.

In addition, some renovation work is completed when houses – whether houses, bungalows or apartments – are sold and the new owner decides to renovate. Another aspect of selling plumbing components is the installation of modern plumbing systems instead of outdated systems. Manufacturers have seized the market expansion opportunity to expand their product offerings to consumers and expand into new regions. They have used various tactics such as new product launches, business acquisitions, and growth.

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Renovation of bathrooms and toilets in houses and other buildings

According to Straits Research, “The global plumbing components market was valued at $108.4 billion in 2022. It is expected to reach $117.01 billion by 2031 and grow at a CAGR of 5.6% during the forecast period (2023-2031).” In the developed countries of Europe and North America, there is an increase in renovation work on bathrooms and toilets in both residential and non-residential buildings. Customers often upgrade the aesthetics of bathrooms with already built infrastructure after a few years. Given this renovation trend, companies like C.Woods Company and Made Renovation offer comprehensive bathroom and toilet renovation solutions. They offer various services under one roof including bathtub faucets, toilet replacement, sink replacement, and shower replacement. Therefore, remodeling and renovation of 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 reduce the need for future repairs and the associated costs. Furthermore, the global plumbing components market is growing due to the availability of various plumbing components.

The story goes on

Infrastructure development in African nations

Construction activities were halted due to enforced lockdowns and travel restrictions, reducing demand for plumbing parts. In addition, the collapse of supply chains and the closure of factories and production facilities affected the production of sanitary components. This has hampered the global plumbing parts market. Due to existing infrastructure, the recent industrial downturn and high construction costs, new construction activity has peaked in developed countries in North America and Europe. The COVID-19 outbreak has affected the global economy by halting operations in the construction industry, which is expected to negatively impact the plumbing components market. The global market has also slowed down due to the decline in significant investments in brand new construction projects.

Regional analysis

The market share for sanitary components in Asia Pacific is expected to grow at a CAGR of 4.9% during the forecast period. India is expected to grow significantly over the forecast period and China currently controls a significant portion of this market. Infrastructure projects for private households and companies are increasing. As a result, markets for sanitary equipment have been identified in countries such as China, India, Singapore and South Korea. Reliance Worldwide Corporation Limited, Finolex Industries and As-sur Hardware are significant players in Asia Pacific influencing the growth of the market. In order to better serve the economies of the Asia-Pacific region and increase production levels, many large companies have production facilities and are actively expanding them. Reliance has a global sales and distribution network with approximately ten subsidiaries and three manufacturing facilities in the UK.

North America is expected to witness the fastest CAGR growth at 6.1% during the forecast period. North America had the second largest market share for plumbing appliances. Due to the high per capita income in the United States and Canada, North American consumers often purchase and install opulent and high-quality products in bathrooms and toilets. When a particular plumbing fixture malfunction, such as when old, damaged pipes cause water to leak, old bathrooms and toilets are renovated to restore their aesthetic appearance. Additionally, homes with recently renovated bathrooms often fetch a higher price when put on the market. Therefore, the value of homes with renovated bathrooms is expected to drive demand for plumbing equipment in North America. The increase in construction and renovation projects is primarily driving the growth of the plumbing components market in the United States.

Key Highlights

  • Based on product, the global plumbing components market is segmented into fittings, manifolds, pipes and valves. The pipe segment is the largest contributor to the market and is expected to grow at a CAGR of 5.5% during the forecast period.

  • Based on application, the global plumbing components market is segmented into bathtubs, showerheads, faucets, and others. The other segment holds the highest market share and is expected to grow at a CAGR of 5.2% during the forecast period.

  • Based on end-users, the global plumbing components market is segmented into residential and non-residential components. The residential segment is the largest contributor to the market and is expected to grow at a CAGR of 5.4% during the forecast period.

  • Asia Pacific is the largest contributor to the global plumbing components market and is expected to grow at a CAGR of 4.9% during the forecast period.

Competitive players

The key players in the global plumbing components market are Aalberts NV, Central States Industrial, Finolex Industries Ltd., McWane, Inc., Morris Group (Acorn), Mueller Industries, Nupi Industrie Italiane SpA, Reliance Worldwide Corporation Ltd., Turnkey Industrial Pipe & Supply Inc., Uponor Oyj.

Market News

  • As of November 2022, the system has a 30-year warranty and is EN14125 certified. The SMART FLEX welding machine is used for pipe assembly, which manages and logs each weld and provides a comprehensive welding report of the system. The entire HDPE pipe and fitting system, known as SMART FLEX, is used for fuel transportation at airports, marinas and gas stations along highways and streets.

  • In October 2022, Uponor North America (Uponor) will introduce hot water pipes and fittings to meet demand for commercial and residential water systems as the company's PP-RCT piping solutions business continues to grow.

Global Sanitary component Market segmentation

By product

  • fittings

  • distributor

  • Tube

  • Valves

On application

  • Bathtubs

  • shower heads

  • Faucets

  • Other

From the end user

  • Reside

  • Non-residential area

By regions

  • North America

  • Europe

  • Asia Pacific

  • LAMEA

Get detailed market segmentation @ https://straitsresearch.com/report/plumbing-component-market/segmentation

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