PORTLAND, OR, UNITED STATES, October 21, 2020 /EINPresswire.com/ — Plumbing components include fittings, manifold, pipes, and valves that are installed in a plumbing connection in combination with sanitary equipment to complete the operation. The residential segment includes plumbing components installed in bathrooms or toilets and kitchens of single houses or bungalows, flats, townships, and private-owned buildings.
According to the report published by Allied Market Research, the global plumbing components market generated $58.51 billion in 2019 and is estimated to reach $78.21 billion by 2027, registering a CAGR of 5.6% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
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The report offers a detailed segmentation of the global plumbing components market based on product, end-user, application, and region.
Based on region, Asia-Pacific contributed the highest share, accounting for nearly three-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, LAMEA is expected to grow at the highest CAGR of 6.9% from 2020 to 2027.
Based on the product, the pipes segment contributed to the largest share in 2019, accounting for 91% of the total share, and is estimated to maintain its dominant position during the forecast period. However, the fittings segment is estimated to portray the highest CAGR of 7.3% during the forecast period.
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In addition, installation of technically advanced sanitary equipment by replacing the old equipment is another factor for sales of plumbing components. Manufacturers have recognized the market growth opportunity and have adopted several strategies like new product launch, acquisition of companies and business expansion to offer wide range of products to the customer and to widen their product offering in the new regions.
Leading market players analyzed in the research include Central States Industrial, Aalberts N.V. (Lasco Fittings), McWane, Inc., Finolex Industries Ltd., Mueller Industries, Morris Group (Acorn), McWane, Inc., NupiIndustrieItaliane S.p.A., Mueller Industries, Turnkey Industrial Pipe & Supply Inc, and Reliance Worldwide Corporation Ltd.
• The manufacturers across the globe have slowed down their production, owing to disrupted supply and shortage of raw materials amid lockdown.
• Decline in new construction activities in developing nations and halting of ongoing projects amid the outbreak of Covid-19 has impacted the market.
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Source: EIN Presswire