- Rising construction activities in emerging economies spurring demand in plumbing fittings market; massive demand for pipes for high-performance plumbing systems steering revenue growth
- Enormous uptake of metal and plastic pipes for residential projects in industrialized nations propelling sales; opportunities in Asia Pacific market to be lucrative in near future owing to massive demand
WILMINGTON, Del., July 25, 2022 /PRNewswire/ — Demand for plumbing systems in residential and industrial constructions especially in emerging economies has been augmenting the plumbing industry market size. Rise in use of pipes and fittings in renovated buildings is a key trend that will augment the plumbing fittings market share in the plumbing industry. The global plumbing fittings market is forecast to advance at CAGR of 4.7% from 2022 to 2031.
An aging public infrastructure has spurred the need for plumbing fixtures and accessories in renovation projects, thus boosting the size of plumbing fittings market. Of note, consumers and architects are increasingly adopting durable and versatile piping systems. The trend has reinforced the revenue potential in PVC pipes and fittings market. Stridently, the sales of PVC pipes and fittings have proliferated worldwide over the years.
Need for new designs in plumbing work is catalyzing growth opportunities for plumbing fitting manufacturers. Companies are adopting cutting-edge technologies to manufacture high-performance PVC pipes. A case in point is the application of molecular orientation for the manufacture of next-gen pipes used in plumbing systems, thus extending the canvas for firms in the plumbing fittings market. The study found that brass, steel, and gunmetal are extensively used materials in range of plumbing fittings for drain, waste and vent (DWV) applications.
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Key Findings of Plumbing Fittings Market Study
- Growing Demand for Durable Piping Systems to Expand Avenues: Consumers in the plumbing fittings market are increasingly adopting pipe fittings that are durable and cost-effective. A slew of functional attributes related to corrosion resistance have bolstered demand for these products in industrialized nations for both new constructions and renovations. Of note, the demand among homeowners is likely to generate massive lucrative opportunities for firms in the plumbing fittings market during the forecast period.
- Massive Adoption of Metal Pipes to Generate Substantial Revenues: The TMR study found that of…