Reportlinker Adds US Plumbing Fixtures & Fittings Market - 2009 Edition
US demand to reach $11 billion in 2013
US demand for plumbing fixtures and fittings is expected to grow three percent annually through 2013 to $11 billion. Gains will be driven by the rebounding US residential construction market, as housing completions rise from the low levels experienced in 2008. Continuing consumer interest in having homes with more and larger bathrooms will promote demand for fixtures and associated fittings. Further gains in demand will be driven by increasing consumer desire for fixtures and fittings that reduce water use.
Gains in plumbing product shipments will lag that of demand as imports expand at a rapid pace. The bulk of plumbing product imports will continue to be from Asian manufacturers with lower production costs. Low-cost Latin American producers and European manufacturers of high-end products will also see increases in market penetration. In 2008, imports comprised 30 percent of US fittings demand and 15 percent of US fixtures demand. Both fixtures and fittings will see strong import growth through 2013.
Fittings demand to outpace fixtures through 2013
Demand for plumbing fittings is projected to rise 3.5 percent per year to $5.1 billion in 2013. The residential market will account for the majority of these gains, as rebounding housing completions and consumer interest in bathroom renovation projects promote advances in demand. Advances in fittings demand will be led by increasing interest in low-flow fittings that reduce water consumption and lower utility bills. Further gains in demand will be promoted by interest in products that meet the standards for universal access, or products that can easily be used by all segments of the population. Thus, older fittings will be replaced with models that are easier for older Americans or the disabled to use. However, value demand gains will be checked by metal prices, which are forecast to fall through 2013.
Demand for plumbing fixtures will grow 2.6 percent yearly to $5.9 billion in 2013. Gains will be driven by rising consumer demand for such high-end products as whirlpool bathtubs and hot tubs and spas, which are perceived to add luxury and value to homes. Further gains in demand will be promoted by consumer desire for homes with multiple bathrooms. These bathrooms are usually outfitted with sink and toilet fixtures, and many of them also have bathtubs or shower stalls. In the nonresidential market, advances will be restrained by weakness in construction expenditures, as building projects are scaled back or cancelled altogether.
Residential market to remain dominant
The residential market accounted for 64 percent of plumbing product demand in 2008. Through 2013, this segment will post above-average demand gains, as housing completions advance and homeowners continue to upgrade their homes by adding to and increasing the number of their bathrooms, and expanding and modernizing their kitchens. These projects often call for the replacement of many fixtures and fittings.
Demand for plumbing fixtures and fittings in the nonresidential building construction market will post below-average gains, reflecting reduced construction spending trends in many segments. As fewer office buildings, retail centers and hotels are built, there will be less demand for plumbing products. However, as there is a large stock of existing products that require replacement, building owners and property managers will opt to replace older products with more environmentally friendly products to reduce water use and lower utility bills.
Details on these and other key findings are contained in Plumbing Fixtures & Fittings, a new industry study presents historical demand data (1998, 2003 and 2008) plus forecasts for 2013 and 2018 by material, product type, market, and region of the US. The study also considers key market environment factors, evaluates company market shares and profiles 32 US industry competitors.