Global plumbing components market is expected to reach $78.2 billion by 2027, registering a CAGR of 5.6% from 2020 to 2027.
PORTLAND, OREGON , UNITED STATES, December 31, 2020 /EINPresswire.com/ — Global plumbing components market size accounted for $58.5 billion in 2019, and is expected to reach $78.2 billion by 2027, registering a CAGR of 5.6% from 2020 to 2027. In 2019, Asia-Pacific region dominated the global plumbing components market, in terms of revenue, accounting for about 58.7% share of the global plumbing components industry, followed by North America and Europe.
Plumbing components include fittings, manifold, pipes and valves that are installed in plumbing connection in combination with sanitary equipment to complete the operation. Residential segment includes plumbing components installed in bathrooms or toilets and kitchens of single houses or bungalows, flats, townships and private owned buildings. Plumbing components used in kitchens, toilets or bathrooms in hotels, malls, offices and public places are considered under non-residential category. Renovation of old bathrooms and kitchens in residential and non-residential buildings and new construction projects are driving the plumbing components market. Also, damaged or broken components are also needed to be replaced and thus, increase the sales of plumbing components.
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Further, some of the renovation work is also done when the houses, bungalows or flats are sold and the new owner wishes to redecorate the house. In addition, installation of technically advanced sanitary equipments by replacing the old equipment is another factor for sales of plumbing components. Manufacturers have recognized the market growth opportunity and have adopted several strategies like new product launch, acquisition of companies and business expansion to offer wide range of products to the customer and to widen their product offering in the new regions.
Moreover, the global COVID-19 pandemic has made a negative impact on the construction industry. Many of the new construction and renovation projects were put on hold. Manufacturing and transportation has been affected which has eventually created negative trend on the global plumbing components market in 2020.
Region wise, the plumbing components market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Key Findings of the Study:
By product, the pipes segment was the highest revenue contributor in 2019.
On the basis of end user, the residential segment generated the highest revenue in 2019.
Depending on application, the others segment led the market in 2019.
Region wise, Asia-Pacific garnered the largest plumbing components market share in 2019, followed by North America and Europe.
The key players analyzed in the global plumbing components market are Aalberts N.V. (Lasco Fittings), Central States Industrial, Finolex Industries Ltd., McWane, Inc. , Morris Group (Acorn), Mueller Industries, Nupi Industrie Italiane S.p.A., Reliance Worldwide Corporation Ltd., Turnkey Industrial Pipe & Supply Inc., and Uponor Corporation.
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Source: EIN Presswire