Owing benefits such as being environmentally sustainable by reducing per capita water consumption, and the accomplishment of reducing the use of indoor water by implementing water efficiency standards for plumbing fixtures have further pushed the growth of this market upwards.
The market for plumbing fixtures was valued at US$84.5 billion worldwide in 2022. Looking ahead, IMARC Group projects that the market will grow at a compound annual growth rate (CAGR) of 5.05% between 2023 and 2028, reaching US$ 114.2 billion.
Covid-19 Impact and Market Status
The pandemic struck every industry differently depending upon the need of the hour. The Covid-19 crisis did unmanageable damage to life. The pandemic left long-term effects on various nations. The plumbing fixtures market is facing a lot of challenges as an impact of the coronavirus pandemic. The sales of the plumbing fixtures have been affected as the production had been shut down keeping in mind the lockdown and Covid-19 protocols. The manufacturers are expected to focus on the protection of their workforce as well as their supply chains to cut off the negative effects of the pandemic. They must get their workers vaccinated and ensure proper sanitation facilities to promote the health and safety of their workers.
Toilet Plumbing Fixtures to Remain the Most Lucrative Segment
On the basis of product, the plumbing fixtures market is segmented into toilets, showers, drains, bathtubs, sinks, faucets, taps, and others. Among these, the maximum share has been accounted for by the toilet plumbing fixtures. The older toilets were inefficient and hence, this led to their replacement by water-efficient ones which save a tremendous amount of water over a period of time in comparison to those which were previously installed. It must also be noted that they gather a considerable amount of consumer satisfaction that eventually contributes to its growth.
Commercial Segment to Remain Atop
Based on deployment, the commercial segment has shown considerable growth and is anticipated to do so in the coming years. As per the data by CBECS, it is estimated that nearly forty-six thousand commercial buildings (that stood in the 'large' criteria) have used, an approximation, three hundred and fifty gallons of water. As per a bill released by the California Legislative Assembly, the non-compliant plumbing fixtures must essentially be replaced by those which are water-saving.
Bathrooms as a Location to Hold a Larger Share
Bathrooms accounted for a larger share of the market as compared to kitchens. This is because people prefer fixtures more in washrooms than in kitchens. There has been a shift in the choices of people from low-budget fixtures to those which are upgraded technologically. There has been an increased demand for bathtubs, hand showers, smart lavatories, etc.
North America to is Expected Render Ample Investment Avenues
North America is expected to maintain its grip of having the highest share in the plumbing fixtures market followed by Asia-pacific. It simplifies the process of selling the fixtures, fittings as well as components associated with plumbing in the North American markets. This is one of the major reasons for the growth of this market in this region.
The need for washrooms and kitchens which do not just serve the purpose that they are supposed to but also have an aesthetic that matches the modern trends has accentuated the need for plumbing fixtures thus, improving the dependence on this market.
Rapid application of plumbing fixtures in the domestic water system, specifically bathrooms and kitchens has propelled the growth of this market lately. They are also being put into use in smart homes as they fix the leaks in household water thereby, allowing users to witness a reduction in their water bills further fueling the growth of this market globally.
It involves the advantage of not only functionality but also keeping in mind the comfort and luxury of the client who has invested in order to evolve the older products. There is a requirement for these products in both commercial and residential setups. These factors collectively influence growth in the global plumbing fixtures market, ensuring an overall market size of USD 152 billion at a CAGR of 6.2% through the forecast span.
A plumbing fixture can be defined as a device (or a vessel) that is either permanently or temporarily installed in a commercial property, school, hospital, and the like. It is usually linked to a portable water system. The device vacates the water that has been put into use and now needs to be discarded along with the unwanted solids in it, into the respective sewer line of that facility. It is not necessary for a plumbing fixture to have a water connection but it must possess the capability of removal of the drainage from the device. Plumbing fixtures are of three categories, namely, residential, industrial and institutional, commercial, or at times a combination of these.
A significant rise in the demand for the implementation of smart culture across homes and buildings influences the growth of this market. It offers smart technology without compromising on the utility that is associated with the product. The eagerness to comply with the latest trends is enhancing the development strategies of the entrepreneurs associated with plumbing fixtures.
However, there are certain issues with plumbing fixtures. There might be a case of a faulty installation which would later lead to leaks even worse. Plumbing fixtures might be prone to mineral buildup which may accumulate to a point that would lead to a complete breakdown of the fixture system. Despite these restraints, if there is proper maintenance of these fixtures post their installation and they are installed with great care, then there is a very minimal chance of them not fulfilling the purpose.
The key players in the border security market are Moen, GROHE, Delta Faucet Company, American Bath Group, Gerber Plumbing Fixtures LLC, Kohler Co., and Colston Bath among others. These players operate in the Plumbing Fixtures market and adopt various strategies including mergers and acquisitions to maintain their positions in the market.
Latest Innovations in the Plumbing Fixtures Market: a Snapshot
•The American plumbing fixtures brand, Moen launched a campaign in 2022 titled, ‘King Midas’. Senior Vice President Mark-Hans Richer stated that "our real-time data showed that our customers were increasingly choosing to manage their Moen Smart Faucets by using the hands-free sensor, in addition to the voice-control functions."
•Delta Faucets revealed their new lines of designs and innovations in 2022. "Delta designs collections and innovations for how real people experience kitchen and bath products in their own homes," said Kelsey Kinniry, the associate brand manager at Delta Faucets. Further adding, "We're excited for customers to experience the lasting impact Delta's newest products will have on their entire kitchen and bath spaces."
Plumbing Fixtures Market Scope
|Revenue forecast in 2028
|USD 114.2 billion
|CAGR of 5.05 % during 2018-2028
|Product, Deployment, Location, Regions
|North America, Europe, Asia Pacific, Middle East and Africa, South America
|Key Players Profiled
|Moen, GROHE, Delta Faucet Company, American Bath Group, Gerber Plumbing Fixtures LLC, Kohler Co., and Colston Bath
Key Segments of the Plumbing Fixtures Market
Product Overview (USD Billion)
- Faucets and Taps
Deployment Overview (USD Billion)
Location Overview (USD Billion)
Regional Overview (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa