Global Plumbing Fitting & Fixtures Market Size Predicted to Cross USD 164.8 Billion Milestone by 2033, Driving 5.7% CAGR Growth

The global plumbing fittings and accessories market is expected to grow at a steady rate and reach a projected value of USD 164.8 billion by 2033, with a compound annual growth rate (CAGR) of 5.7% from 2023. The market is already well established with a strong foundation of USD 89 billion in 2022 and is expected to grow to USD 94.3 billion by 2023.

The growth of the plumbing fixtures and fittings market is driven by the increasing demand for these essential components in both residential and commercial settings. Plumbing fixtures and fittings are essential for the efficient flow and handling of water and other fluids in various environments. From residential homes and commercial buildings to industrial plants and hospitality venues, these solutions are vital to maintaining modern living standards and operational efficiency.

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Growth drivers: Market trends for sanitary fittings and equipment

The dynamic forces of increasing urbanization and rapid commercialization are expected to lead to significant expansion of the sanitary fittings and fixtures market. A notable catalyst is the increasing proliferation of eco-friendly and smart homes, which is providing additional impetus to the market growth. The increasing consumer preference for enhancing the aesthetic appeal of residential homes has significantly driven the positive development of the market.

In addition, the increasing demand for sanitary fittings and fixtures in the residential sector as well as the implementation of public infrastructure projects in shopping malls, airports and hospitals open up promising opportunities for market growth.

The rapid pace of technological development in the manufacturing space, coupled with the introduction of novel and innovative products, is synergistically driven by the robust growth of the construction industry and ongoing research and development efforts, and is driving overall market expansion.

Of significant importance is the increasing adoption of smart sanitation systems, water-saving fittings and digital monitoring tools, which have the potential to significantly change the market landscape. Innovations with improved functionality, comfort, energy efficiency and water savings are gaining importance and driving the overall market boom.

Key findings:

• During the period 2018-2022, the market witnessed robust demand growth, representing a remarkable compound annual growth rate (CAGR) of 7.0%.
• When broken down by product type, the bathroom fixtures and fittings segment accounts for a significant share and is characterized by a stable compound annual growth rate (CAGR) of 5.6%.
• In terms of application, the residential sector represents a significant growth driver and is expected to grow at a CAGR of 5.4% during the forecast period.
• North America has promising potential and is expected to achieve a remarkable compound annual growth rate (CAGR) of 5.7%.
• At the same time, the Asia-Pacific region is proving to be a lucrative market that is expected to gain growth momentum; a compound annual growth rate (CAGR) of 5.5% is expected during the forecast period.

Competitive landscape and notable developments:

Notable competitors in the sanitary fittings and fixtures market include American Bath Group, American Standard Brands, Asahi Eito Co., Ltd., Cera Sanitaryware Ltd. and Elkay Manufacturing Company.

Notable market developments include:

• July 2022: A critical collaboration developed between Zurn Water Solutions and Elkay Manufacturing, culminating in the creation of Zurn Elkay Water Solutions. This collaboration has resulted in one of the leading water management solutions providers dedicated to improving health and the environment. This combined company has an extensive product portfolio across multiple vertical segments, providing solutions to key sectors such as education and healthcare, and addressing water quality and conservation challenges.
• Masco Corporation: As a global pioneer in plumbing fixtures and accessories, Masco Corporation has an impressive presence. Their diverse product range, which includes well-known brands such as Delta Faucet, Hansgrohe, BrassCraft and Liberty Pumps, reflects their industry leadership. This range includes a range of items from faucets and showers to toilets, sinks and various plumbing accessories.

Key segments covered:

By product type:

• Bathroom fittings & fittings
• Kitchen and dishwashing equipment
• Toilet and washbasin fittings
• Miscellaneous

After application:

By region:

• North America
• Latin America
• Europe
• Asia-Pacific
• Middle East and Africa

Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and management consulting. He has successfully completed over 1500 client engagements, primarily in the automotive, chemical, industrial equipment, oil and gas, and services industries.

His core competencies lie in developing research methodologies, creating a unique analytical framework, statistical data models for pricing analysis, competitive mapping and market analysis. However, his expertise goes far beyond analysis. He advises clients on identifying growth potential in established and niche markets, investment/divestment decisions and market entry decisions.

Nikhil holds an MBA in Marketing and IT and a degree in Mechanical Engineering. Nikhil is the author of several publications and has been quoted in magazines like EMS Now, EPR Magazine and EE Times.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award recipient and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that are driving demand in the market. FMI is the world's leading provider of market intelligence, advisory services, consulting and events for the packaging, food and beverage, consumer technology, healthcare, industrial and chemical markets. With a huge team of over 400 analysts worldwide, FMI offers global, regional and local expertise on various domains and industry trends in more than 110 countries.

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