Global Plumbing Components Market to Reach $78.21 Billion by 2027: AMR

Portland, OR, Sept. 14, 2020 (GLOBE NEWSWIRE) – The global plumbing components market was $ 58.51 billion in 2019 and is estimated to be $ 78.21 billion by 2027, according to the report released by Allied Market Research 5.6% from 2020 to 2027. The report offers a comprehensive analysis of changing market dynamics, key profit strategies, business performance, key segments, and competitive scenarios.

The increasing renovation of bathrooms and toilets for non-residential and residential buildings, as well as the increase in the construction of offices and shopping malls around the world, are driving the growth of the global plumbing components market. However, fluctuations in raw material prices inhibit market growth. In addition, it is expected that the increased activities for infrastructure development in African countries will offer market participants new growth opportunities in the near future.

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Covid-19 scenario:

  • Manufacturers around the world have slowed production due to delivery disruptions and raw material shortages during the lockdown.
  • The decline in new construction activity in developing countries and the suspension of ongoing projects during the Covid-19 outbreak have had an impact on the market.

The report provides detailed segmentation of the global Plumbing Components Market by product, end-user, application and region.

In terms of product, the pipe segment made the largest contribution in 2019 with 91% of the total and is expected to retain its dominant position in the forecast period. However, it is estimated that the Faucets segment will have the highest CAGR of 7.3% over the forecast period.

Get Detailed COVID-19 Impact Analysis On Sanitary Components Market: https://www.alliedmarketresearch.com/request-for-customization/6942?reqfor=covid

In terms of end users, the residential segment had the largest share in 2019 with more than two thirds of the total share and is expected to retain the largest share in the forecast period. However, the non-residential segment is expected to see the highest CAGR of 6.0% from 2020 to 2027.

In relation to the region, the Asia-Pacific region contributed the highest share with a share of almost three fifths of the total market share in 2019 and will maintain its dominance throughout the forecast period. However, LAMEA is expected to grow from 2020 to 2027 with the highest CAGR of 6.9%.

Leading market players analyzed in the study include Central States Industrial, Aalberts NV (Lasco Fittings), McWane, Inc., Finolex Industries Ltd., Müller Industries, Morris Group (Acorn), McWane, Inc., NupiIndustrieItaliane SpA , Mueller Industries, Turnkey Industrial Pipe & Supply Inc and Reliance Worldwide Corporation Ltd.

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