Plumbing Fixtures and Fittings Industry Worth $12 billion by 2017 Says a New Research Report at RnRMarketResearch.com
Dallas, TX (PRWEB) March 05, 2014 -- US demand to rise over 6% annually through 2017
US demand for plumbing fixtures and fittings is projected to advance over six percent per year through 2017 to $12 billion, boosted by a rebound in building construction expenditures from their depressed 2012 level. New housing construction declined precipitously from 2006 through 2009 and nonresidential building activity contracted at double digit rates for three years beginning in 2009, severely constraining demand for plumbing products. After adjusting for price increases, expected demand gains through 2017 will still leave demand below the 2007 level.
Complete report is available at http://www.rnrmarketresearch.com/plumbing-fixtures-fittings-to-2017-market-report.html.
New homes to be fastest growing market
The new residential market will provide the strongest growth for plumbing fixtures and fittings through 2017, with annual gains approaching 20 percent. Both an increase in the construction of new housing units and a recovery in the number of bathrooms per unit will spur demand for plumbing products. The residential improvement and repair segment will remain the largest market in 2017. Demand in that market will accelerate from the 2007-2012 pace as rising incomes, improving consumer confidence, and increased sales activity for existing homes will make households more willing to undertake home improvement projects, especially large-ticket projects such as kitchen and bathroom remodeling. Further growth will be supported by consumer interest in reducing utility bills and making homes and other structures more environmentally friendly. Many homeowners will replace older fixtures and fittings with newer products that use less water and reduce water bills.
Gains for plumbing products in nonresidential building markets will be slightly slower than in the residential market but will nonetheless provide a substantial recovery from the declines of recent years. Construction in office, commercial, and lodging facilities will support demand for plumbing fixtures and fittings.
Demand for plumbing fixtures to outpace fittings
Demand for plumbing fixtures is forecast to rise at a strong annual pace through 2017. Growth will be fueled by a rebound in building construction expenditures as well as increasing residential improvement activity. Renovations of kitchens can include the installation of multiple sinks to facilitate cooking. More and larger bathrooms can be fitted with whirlpool baths or multiple showers to improve efficiency and enhance comfort.
Plumbing fittings demand will rebound from declines in the 2007-2012 period. Improvements in housing completions and residential renovation spending will support growth. Additional value gains will be spurred by demand for low-flow fittings that reduce water use. Not only are these products seen as being environmentally friendly, they also lead to lower water bills in the long run.
Gains in plumbing shipments to slightly trail demand
Through 2017, US shipments of plumbing fixtures and fittings are expected to rise at a pace somewhat slower than that of demand. While the recovery in US demand will boost shipments, more rapid gains will be checked by strong pressure from low-cost imports. Many fittings, especially commodity-grade products, can be made much more cheaply in other countries.
Company Profiles
Profiles US industry players such as American Standard, Jacuzzi, Kohler, Masco and Moen
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