Feb 22 2011
The demand for plumbing fixtures is growing with a large number of consumers preferring to upgrade kitchen and bathrooms with new and latest fixtures.
The global market is slated to witness a steady increase in yearly demand through 2015 as the economic activity and spending in the worldwide construction industry rebounds from the slow growth caused by the recent financial crisis. Emerging economies would see most rapid gains as quick-paced construction endeavors and mounting per capita GDP figures are bound to bolster market for plumbing products. Conversely, growth in the mature, developed markets will be far less robust, given the slower rate of development and activity in the construction sector and general economy. With the growing intensity of water shortages, there arises a demand for plumbing products that utilize water effectively, involving minimal wastage. Sophisticated products command greater consumer interest in the market for plumbing fittings and fixtures – another key factor contributing to market expansion. Demand for innovative products, luxury fittings, whirlpool baths and integrated shower systems, primarily from high-income consumers, is also a key growth driver. Majority of home upgrade projects center upon kitchens and bathrooms, driving up market demand for a wide array of fittings and fixtures. The introduction of unique faucet systems and electronic sensor faucets that deliver filtered water has enhanced sanitation levels in the kitchen environment. Although variety is the buzzword in kitchen and bath faucets market, more contemporary plumbing fixtures are likely to outpace traditional and staid products that made inroads in the beginning of the decade.
Greater demand increases are in store from the dominant residential sector attributed mainly to the positive demographic trends and increase in housing construction in urban areas. Rising disposable incomes of urban population is stimulating construction of new houses in urban regions, giving rise to an increased demand for plumbing fittings and fixtures. Improving income levels are also responsible for influencing homeowners to spend towards repairs and remodeling of their houses, which also includes replacement of old fixtures and fitting. Demand for plumbing products that are stylish, yet provide greater functionality are fuelling the kitchen sector.
The construction industry is one of the largest and most influential end-users of plumbing fittings & fixtures market. Consequently, the negative impact of the global economic downturn on the construction industry in 2008-09, took a heavy toll on the long-term prospects of the plumbing fittings & fixtures market too. With a dramatic fall in construction activities, the year-over-year rate of growth witnessed dramatic erosion during the turbulent period. The maximum brunt was borne by the developed economies, while emerging markets of Asia-Pacific emerged with marginal losses. The US market infact experienced what could be called a perfect storm in 2009, with related areas of commercial construction, expenditure on new residential construction, remodeling and repair, all decreasing during the year as compared to 2008. The market however began recuperating beginning 2010-11, supported by the easing economic pressure and the subsequent recovery of the construction sector.
Asia-Pacific and Europe emerge as two of the largest worldwide markets, as stated by the new research report on Plumbing Fittings and Fixtures. Asia-Pacific is also forecast to advance at the fastest pace of about 3.0% through 2015, driven by increased non-residential and residential construction activity in the major markets of China and India. By product group, Plumbing Fixtures accounts for the largest chunk of the global market, gaining from the sustained demand for sinks and bathtubs. In the long term, the Plumbing Fittings market is expected to perform comparatively better, led by product segments such as drains & overflows and single lever fittings among others.
Key participants profiled in the report include American Standard Brands, Armitage Shanks, Asahi Eito, Black & Decker Corporation, Elkay Manufacturing Co., Friedrich Grohe AG & Co. KG, Ideal Standard, Jacuzzi Whirlpool Bath, Kohler Co., MAAX Corp., Masco Corp, Moen, Roca UK, Sanitec Corp., Toto Ltd., and Villeroy & Boch.
The research report titled “Plumbing Fittings and Fixtures: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a review of market trends, industry and product overview, product introductions/innovations recent industry activity and profiles of market players worldwide. Analysis and overview is provided for major geographic markets such as United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific, Latin America and Middle East. Market analytics are provided in value (US$) terms for product groups/segments including Plumbing Fittings (Single Lever Fittings, Bath & Shower Fittings, Lavatory, Sink Fittings, Drains & Overflows, and Other Fittings); and Plumbing Fixtures (Sinks, Bath Tubs, Vitreous Water Closets, Urinals, Vitreous Flush Tanks, Lavatories, Shower Stalls, and Other Fixtures).
Source: http://www.strategyr.com/