The latest intelligence report published by Report Ocean, titled”Plumbing Components Market”2023: Increase in Demand and Opportunities,” offers valuable insights into the industry. The report provides a comprehensive analysis of research and information from various sources, empowering decision-makers worldwide to make a significant impact on the global economy. With a dynamic vision of the market size, statistics, and competitive landscape, the report presents a complete overview of the industry. It covers future trends, growth factors, consumption, production volume, CAGR value, opinions, profit margin, pricing, and industry-validated market data. This report assists individuals and market competitors in predicting future profitability and making crucial decisions for business growth.
The global plumbing components market size is expected to reach $78,218.9 million in 2027, from $58,516.6 million in 2019, growing at a CAGR of 5.6% from 2020 to 2027.Plumbing components are parts that are used while fitting sanitary wares in bathrooms or toilets and kitchen of residential or non-residential buildings. The products like fittings, manifolds, pipes and valves are considered as plumbing components. Elbow, adaptor or tee joint are categorized under fittings that are used to connect pipes with each other or with manifolds and valves.
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How Expansive is the Plumbing Components Market ?
Manifolds are equipment that distributes the flow of hot water and cold water flowing from tanks through different designated pipes to showerheads, faucets or bathtubs. Pipes are used to carry water from the tank to faucets or sanitary equipments. Valves control the flow of water coming from the tanks into the bathroom or toilets and kitchens. Residential segment includes plumbing components installed in bathrooms or toilets and kitchens of single houses or bungalows, flats, townships and private owned buildings. Whereas, plumbing components used in kitchens, toilets or bathrooms in hotels, malls, offices and public places are considered under the non-residential category.
Bathrooms and kitchens in residential and non-residential spaces need good quality fixtures and components for smooth and long lasting working. Fittings used in installing bathtubs, showerheads, faucets and other sanitary equipments give them stability and efficiency. However, there might be breakage of plumbing components which has to be replaced. In addition, renovation of old bathrooms and kitchens in residential and non-residential buildings and new construction projects are driving the plumbing components market.
Region wise, the plumbing components market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). In 2019, Asia-Pacific was the highest contributor to the plumbing components market share and is anticipated to secure the leading position during the forecast period, due to rise in renovation activities and new construction projects in developing nations.
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Competition analysis
Major players operating in the plumbing components market include Aalberts N.V. (Lasco Fittings), Central States Industrial, Finolex Industries Ltd., McWane, Inc. , Morris Group (Acorn), Mueller Industries, Nupi Industrie Italiane S.p.A., Reliance Worldwide Corporation Ltd., Turnkey Industrial Pipe & Supply Inc., and Uponor Corporation. The key strategies adopted by the key players include product launch, acquisitions, and business expansions.
Renovation of residential and non-residential bathrooms and toilets, repair of broken or damaged equipment and increase in construction of malls and offices in developing countries is driving the plumbing components market. However, decrease in new construction activities in developed nations due to saturation has restrained the growth of the plumbing components market. On the contrary, infrastructural development in African nations and urbanization of other developing nations along with various developmental strategies such as product launch and business expansion adopted by companies to strengthen their foothold are expected to boost the growth of the plumbing components market during the forecast period.
KEY BENEFITS FOR STAKEHOLDERS
– The report provides an extensive analysis of the current and emerging plumbing components market trends and dynamics.
– In-depth market analysis is conducted by estimations for the key segments between 2020 and 2027.
– Extensive analysis of the market is conducted by following key product positioning and monitoring of top competitors within the market framework.
– A comprehensive analysis of four major regions is provided to determine the prevailing the plumbing components market opportunities.
– Plumbing components market forecast analysis from 2020 to 2027 is included in the report.
– Key market players operating in the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the industry.
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KEY MARKET SEGMENTS
By Product
o Fittings
o Manifolds
o Pipes
o Valves
By End User
o Residential
o Non-residential
By Application
o Bathtubs
o Showerheads
o Faucets
o Others
By Region
o North America
? U.S.
? Canada
? Mexico
o Europe
? Germany
? UK
? Denmark
? Italy
? Rest of Europe
o Asia-Pacific
? China
? Japan
? South Korea
? India
? Rest of Asia-Pacific
o LAMEA
? Latin America
? Middle East
? Africa
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Table of Contents:
- Introduction and Scope
- Definition and Forecast Parameters
- Methodology and Forecast Parameters
- Information Sources
- Latest Trends Summary
- Regional Trends
- Product Trends
- End-Use Trends
- Business Trends
- Industry Insights
- Industry Fragmentation
- Industry Landscape
- Vendor Matrix
- Technological and Innovative Landscape
- Market by Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
- Company Profiles
- Company Overview
- Financial Elements
- Product Landscape
- SWOT Analysis
- Systematic Outlook
Market Dynamics:
Market Drivers:
- Increasing emphasis on self-care and wellness, particularly among women. A
- Growing awareness of the health and beauty benefits offered by dietary supplements.
- Rising disposable incomes and willingness to invest in premium health and beauty products.
- Influence of social media and beauty influencers shaping consumer preferences.
- Changing lifestyles and health concerns driving the demand for supplementary nutrition.
Market Restraints:
- Lack of regulatory oversight and quality control in the supplements industry.
- Consumer skepticism and confusion regarding product claims and effectiveness.
- Potential risks and interactions with other medications or health conditions.
- Limited accessibility and affordability of supplements in certain regions.
Market Opportunities:
- Increasing demand for natural and organic supplements.
- Untapped market potential in the Asia-Pacific region.
- Development of innovative formulations and delivery methods.
- Collaborations with beauty brands or influencers for product endorsements.
- Integration of technology to personalize nutrition and enhance consumer experience.
Market Challenges:
- Intense competition among market players.
- Navigating regulatory complexities and meeting regional standards.
- Building trust and credibility with consumers.
- Educating consumers about the benefits and proper usage of supplements.
- Addressing concerns and skepticism regarding the safety and efficacy of supplements.
The report will include answers to the following key questions:
- What are the key current trends that can impact the product life cycle and return on investment?
- How do regulatory changes affect corporate, business, and functional strategies?
- Which initiatives by major players in micromarketing are likely to attract investment?
- What are the recommended frameworks and methodologies for conducting PESTLE analysis?
- In which areas are there emerging opportunities for growth and development?
- Which game-changing technologies will be instrumental in capturing new revenue streams in the near future?
- What operational and tactical frameworks are different players adopting to foster customer loyalty?
- What is the current level of market rivalry, and what is the expected degree of competition in the coming years?
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COMTEX_439353579/2796/2023-09-01T04:17:12
www.benzinga.com
https://www.benzinga.com/pressreleases/23/09/34165583/plumbing-components-market-toward-new-horizons-market-size-anticipated-to-skyrocket-ahead
