Plumbing Fixtures Market Trends

Growth Drivers;

• Increasing Investments in Quality Products: The overall growth in the market for plumbing fittings is supported by the refurbishment of bathrooms, as well as a willingness to invest in top quality products such as using smart gadgets for the home e.g. sensors, In the US, at least 69% of households will have smart devices by the end of 2023. It's expected to grow as more and more people get into the habit of installing devices that make it easier for them to monitor, control, entertain, or simplify processes by 2024.
• Growth in Urban Development and Changing Lifestyles of Consumers: The growing trend among building contractors to install plumbing appliances due to increasing urbanization, and upgrading the lifestyle of consumers is expected to install more plumbing fixtures across the globe. According to the United Nations, around 54% of the world's population lives in urban areas and another 2.5 billion will be added by 2035.
• Ongoing Surge in Demand for Plumbing Equipment: Market prospects are expected to grow with growing demand for plumbing equipment and fittings in the residential sector, as well as public infrastructure projects such as shopping malls, airports, or hospitals.

Challenges

• High-Cost of Raw Materials: There are growing fluctuations in the quantities of raw materials applied to pipes and fittings. Therefore, the increasing price of the raw materials will raise the cost of the plumbing fixer to the customers.
• Requirement of Certifications
• Complexity Related to Customization