The global sanitary fittings market is expected to grow at a CAGR of about 6.4% from 2022 to 2030 and reach about US$171.1 billion by 2030.
North America dominates; Asia Pacific is recording the fastest growing CAGR for the global sanitary fittings market
North America accounted for the dominant share of the sanitary fittings market in 2020 and this trend is expected to continue throughout the forecast period. This is due to rising construction spending, home decor for larger kitchens and more bathrooms. Demand for plumbing fixtures is also increasing in the commercial market, fueled by spending on plumbing fixture-intensive buildings such as schools and healthcare facilities. In addition, the high demand for water-saving sanitary fittings increases the popularity of water-saving products in both residential and commercial applications. Manufacturers are pushing technology to improve the performance of water-efficient faucets. Such factors are having a positive impact on regional growth, which in turn contributes to the growth of the overall Plumbing Fixtures market.
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In contrast, the Asia-Pacific region is projected to have the fastest growing CAGR in the sanitary fittings market in the coming years. Rising disposable incomes will encourage consumers to buy high quality, luxury plumbing fixtures and fittings, increasing aggregate value demand. In addition, private demand for sanitary fittings products will benefit from the recovery in residential construction activity, which will allow customers to replace sanitary products more frequently, contributing to the growth of the overall market.
Impact of COVID-19 on the global sanitary fittings market
According to a report released by Plumbing Manufacturers International, wearing masks and social distancing and washing hands frequently are the best ways to protect workers in the industry. That being said, the COVID-19 outbreak has undoubtedly had a significant impact on Americans’ handwashing behavior, which seems to be changing. Factory closures during the lockdown impacted the production of sanitary fittings and limited the market’s ability to grow exponentially during the analysis period. That being said, the COVID-19 pandemic has had a significant impact on Americans’ handwashing habits; In fact, 88% believe they are very or fairly likely to maintain an increased handwashing regime once the virus is over. Such factors are expected to give the global sanitary fittings market a head start during the forecast period.
Some of the leading competitors include American Bath Group, Colston Bath, Delta Faucet Company, Gerber Plumbing Fixtures LLC, GROHE, Kohler Co., Moen, and others.
Some of the key observations on the Sanitary Fittings market are:
• In October 2020, American Bath Group announced a partnership with Centerbridge Partners, LP (“Centerbridge”). The cooperation will help to continue innovation, improve the offer and expand the channel of customer partnerships.
• In December 2020, Delta Faucet Company announced the signing of a definitive agreement for Masco Corporation to acquire the assets of Kraus, an online sanitary fixtures company specializing in modern, high quality sinks, faucets and related products.
The global sanitary fittings market is segmented into product, deployment, location, application and distribution channel. Based on the product, the market is segmented into bathtubs, sinks, toilets, showers, faucets and faucets, drains and others. The use of the market is divided into residential and commercial areas. By location, the market is segmented into bathroom, kitchen and others. In addition, the application segment is divided into new construction and repair & conversion. In addition, the sales channel is divided into online and offline.
The bathroom segment accounts for a large share of the sanitary fittings market, depending on location. Bathroom fittings are in high demand because they are the central events in the bathroom. Sanitary fittings in bathrooms provide an appealing effect when consumers redesign the bathroom and have gained significant market presence, which accounts for the segment growth and ultimately contributes to the overall market growth during the exponential period.
During the forecast period, the repair and remodeling segment will account for the lion’s share of the total sanitary fittings market. According to a Consumer Reports report, bathroom fixtures have received significant attention due to the benefits they bring, such as high water efficiency. Because plumbing fixtures are permanently installed in the bathroom, they cannot be easily removed. As a result, it is widely used for the redesign and repair and ultimately contributes to the market growth.
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This version was published on openPR.