CHICAGO, Feb. 20, 2024 /PRNewswire/ -- According to Arizton's latest research report, the plumbing parts market will grow at a CAGR of 5.42% from 2023 to 2029.
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Browse in-depth TOC on the Plumbing Parts Market
296 - Pages??????? ??
87 - Tables?????????
115 - Figures????
Plumbing Parts Market Report Scope
Report Attributes | Details |
Market Size (2029) | USD 84.78 Billion |
Market Size (2023) | USD 61.75 Billion |
CAGR (2023-2029) | 5.42 % |
Historic Year | 2019-2022 |
Base Year | 2023 |
Forecast Year | 2024-2029 |
Market Segmentation | Product, End-users, Applications, and Geography |
Geographic Analysis | North America, Europe, APAC, Latin America, and Middle East & Africa |
Market Dynamics |
|
The plumbing industry is witnessing a significant surge in demand, propelled by various key factors. Renovation projects, fueled by the desire to modernize properties, particularly bathrooms and kitchens, are driving up the need for plumbing parts. Technological innovations like sensor faucets also contribute, requiring specialized components and sensors. Sustainability is another driver, with eco-friendly plumbing products necessitating specific parts. Additionally, the construction of luxury hotels and government investments in infrastructure projects further stimulate the market for plumbing parts, emphasizing the industry's robust growth trajectory.
Regional Insights
North America accounted for 18.27% of the global plumbing parts market 2023. This growth is attributed to the increasing demand for water-efficient and sustainable plumbing products and the expanding construction industry in the US and Canada.
The market growth in Europe is attributed to positive economic growth, an increase in housing units, and a rise in renovation projects. In addition, the growing tourism in countries such as Italy, Germany, and others further fuels the demand for plumbing parts in the region. APAC is witnessing rapid growth in the plumbing parts market due to its large population, rapid urbanization, and industrialization. The growing construction industry is also contributing to this growth. Countries like China, Japan, and South Korea are emerging as key markets, with consumers actively seeking innovative products. Latin America experiences a surge in demand for plumbing parts, driven by a burgeoning residential building construction sector, tourism development projects, an increased focus on renovation and maintenance, and evolving consumer lifestyles. This dynamic market presents significant opportunities for industry players. The demand for plumbing parts in the Middle East and Africa has been rising significantly due to increased investments in the hospitality sector, government spending on infrastructure projects, the oil and gas industry, and the growing disposable income of the region's inhabitants.
Key Merger & Acquisition and Technological Advances in the Plumbing Parts Market
- McWane acquired Tri-Seal Valve to serve a wide range of industrial fluid control applications, ultimately seeking to increase its profitability in the market.
- Morris Group launched a line of stainless-steel plumbing fixtures featuring cutting-edge innovations, such as touchless operation and an antimicrobial additive that effectively eliminates germs.
- NUPI INDUSTRIE ITALIANE S.p.A. partnered with Borealis to advance sustainability in pipe production by utilizing Bornewables polypropylene, thereby reducing its carbon footprint.
- In 2023, NUPI INDUSTRIE ITALIANE S.p.A. introduced 63mm electrofusion and spigot tees with incorporated adaptors, reducing assembly height and the need for multiple welds and improving efficiency.
- In September 2023, Reliance Worldwide Corporation announced a partnership with Galvin Engineering, aiming to create Lead Safe CliniMix Healthcare Thermostatic Mixing Valves (TMV) for the Australian plumbing industry.
Recent Developments in the Global Plumbing Parts Market
- Uponor: In 2023, the company announced the production OF PEX pipe based on 100% chemically recycled raw material. Through this, the company diversifies its product portfolio and increases the volume of recycled materials in the market.
- Reliance Worldwide Corporation: In September 2023, the company announced a partnership with Galvin Engineering, aiming to create Lead Safe CliniMix Healthcare Thermostatic Mixing Valves (TMV) for the Australian plumbing industry. Through this collaboration, the company seeks to enhance its presence in the Australian market and expand its local manufacturing operations within the region.
- NUPI INDUSTRIE ITALIANE: In 2023, the company introduced 63mm electrofusion and spigot tees with incorporated adaptors, reducing assembly height and the need for multiple welds, improving efficiency. With this, the company aims to gain a competitive advantage in the plumbing parts market and increase its sales.
The Plumbing Parts Market?Report Encompasses Crucial Data, Including:????????
CAGR (Compound Annual Growth Rate) during the forecast period: This metric provides insights into the annual growth rate of the plumbing parts market over the specified time frame.????????
Detailed information on growth drivers: The report offers in-depth information on the factors that will propel the plumbing parts market growth from 2023 to 2029. This includes an analysis of various market influences.????????
Precise estimation of market size: Accurate assessments of the plumbing parts market size and its contribution and focusing on key market segments.????????
Predictions about upcoming trends and changes in consumer behavior: The report offers insights into anticipated trends and shifts in consumer behavior that are likely to impact the plumbing parts market, helping businesses prepare for future market dynamics.????????
Geographical market growth: The report covers the development of the plumbing parts market across different regions, including North America, Europe, APAC, Latin America, the Middle East, and Africa. This provides a comprehensive understanding of the market's global landscape.????????
Competitive landscape analysis: A thorough examination of the market's competitive landscape is presented, including detailed information about companies operating in the plumbing parts market. This includes an overview of key players, their market share, strategies, and key developments.????????
Analysis of growth challenges: The report includes a comprehensive analysis of factors that may pose challenges to the growth of companies in the plumbing parts market, providing a well-rounded view of the market dynamics.???
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Key Company Profiles
- Central States Industrial
- Finolex Industries Limited
- McWane
- Morris Group
- Mueller Industries
- NUPI INDUSTRIE ITALIANE S.p.A.
- Reliance Worldwide Corporation
- Turnkey Industrial Pipe & Supply Inc
- Uponor
- Prince Pipes and Fittings
- Masco Corporation
- Charlotte Pipe and Foundry
- TOTO
- CERA
- Hansgrohe Group
- Jaquar
- Kohler
- Ideal Standard
- Westlake Pipe & Fittings
- Elkay Manufacturing Company
- Guangdong Huayi Plumbing Fittings
- Jacuzzi
- Globe Union Industrial
- Roca Sanitario
- Proflo
- Geberit AG
- Moen
- Novanative
- Multipipe
- Flair-It
- Giacomini
- VNE Corporation
- Zhejiang Valogin Technology
- Viega
- Caleffi
- HotTubOutpost
- Tech Tubes & Fittings
- Tigre USA
Market Segmentation
Product
- Pipes & Tubes
- Valves
- Fittings
- Manifolds
End-users
- Residential
- Non- Residential
Applications
- Faucets
- Sinks, Toilets & Other
- Showerhead
- Bathtubs
Geography
- APAC
- China
- India
- Japan
- Indonesia
- South Korea
- Australia
- Europe
- Germany
- France
- The UK
- Italy
- Spain
- Russia
- Poland
- North America
- The US
- Canada
- Middle East & Africa
- Saudi Arabia
- The UAE
- Turkey
- South Africa
- Latin America
- Brazil
- Mexico
- The Rest of Latin America
Key Questions Answered in the Report:??
How big is the plumbing parts market?
What is the growth rate of the global plumbing parts market?
Which region dominates the global plumbing parts market share?
What are the significant trends in the plumbing parts market?
Who are the key players in the global plumbing parts market?
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