The North America plumbing fixtures market size was valued at USD 22.40 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 7.5% from 2021 to 2028. An increasing number of construction projects of residential buildings, hotels, restaurants, and airports, coupled with the growing need for modernized bathrooms and kitchens, is driving the market growth. The global COVID-19 pandemic has significantly increased the awareness among people regarding self-hygiene and maintaining a clean environment. Moreover, frequently washing hands with soap has been identified as a critical preventive measure by healthcare organizations around the world.
The rising prominence of multi-functionality with due importance on the aesthetic appeal of plumbing fixtures is also boosting the demand for these products. according to the U.S. Census Bureau, new homes sold soared 43.2% y-o-y to a seasonally adjusted annual rate of 1,011,000 units in August 2020. Also, house prices in Canada grew 4.6% YoY in November 2020, following an increase of 3.9% YoY in the previous month. A rise in the average number of bathrooms in U.S. households is generating greater demand for newer plumbing fixtures, according to a January 2020 blog by The Atlantic.
Key Player Mentioned:
- Delta Faucet Company
- Masco Plumbing Products
- Moen, Inc.
- Rohl
- Brizo
- Kallista
- Grohe
- Waterworks and Lefroy Brooks
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Product Segment Analysis:
- Bathroom Fixtures
- Bathroom Accessories
- Kitchen Fixtures
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa
The residential segment is projected to grow at a significant CAGR of more than 7% over the forecast period. The growing number of residential projects is expected to boost product consumption in this segment. As per housing layout patterns in North America, almost all bedrooms have an attached washroom. Moreover, growing expenditure on the improvement of bathrooms and kitchens will support the segment growth. Many cities in the region are undergoing urban renewal and gentrification. Owing to the continuous growth of the housing market and frequent renewal projects, the demand for various plumbing fixtures is expected to be strong over the forecast period.
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