Selbyville, Delaware, January 24, 2018 (GLOBE NEWSWIRE) –
The luxury plumbing fixture market is set to exceed $ 26 billion by 2024. According to a new research report from Global Market Insights, Inc., increasing purchasing power coupled with increasing demand for premium and advanced bathrooms and kitchens are key drivers for the growth of the luxury plumbing fixture market. Factors such as government-sponsored modernization and renovation of residential buildings due to disasters will fuel the expansion of the industry. Key trending factors such as built-in thermostatic taps with high and low sprinkler systems and chromotherapy for integrating bathrooms will drive demand for luxury plumbing fixtures.
The propensity for new and improved designs and technologies for comfort and aesthetics will stimulate product penetration in the residential and commercial sectors. The introduction of various innovative products, including water efficient systems, offers lucrative opportunities for the growth of the luxury plumbing fixture market. The increasing preference for low flush toilets and wastewater collection and treatment systems improves product penetration. The expansion of the hotel industry due to increasing leisure and business tourism will support the demand in the market for luxury commercial plumbing fixtures.
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Advances in plumbing technologies, including heated seats and dual flush toilets, will fuel the growth of the industry. Product innovations such as non-contact and sensor-controlled fittings, especially from the commercial sector, will stimulate demand in the market for luxury sanitary fittings.
The rise in bathroom and kitchen remodeling projects in the middle class will support product demand. However, high and fluctuating prices for metals and ceramics used in manufacturing can affect the expansion of the industry. Strict regulations to ensure the efficiency and safety of products are among the greatest challenges for market participants in luxury sanitary fittings.
The luxury bathroom plumbing fixture market was valued at over $ 15 billion in 2016. The introduction of smart homes with compact spaces unsuitable for installing bathtubs will support the demand for showers. Superior design, style and functionality as well as a smaller footprint remain key factors for industry growth in this segment. Product innovations such as rain shower heads, therapeutic lights, digitally controlled configurations for spray and low flow are opening up new avenues on the market.
Browse key industry intelligence across 250 pages with 125 market data tables and 10 illustrations and charts from the report. “Market share and forecast of luxury sanitary fittings, 2017-2024” in detail together with the table of contents:
The luxury residential plumbing fixture market is set to grow over 4.9% through 2024. The booming population growth, the increase in the supply of new homes and the simple mortgage rates should drive the segment growth. Affordable government housing initiatives that drive customer focus on premium interiors will fuel industry growth. In the UK, changes in pension systems are encouraging the “empty nests” of the aging population to spend more on interiors and renovations.
APAC’s luxury plumbing fixtures market accounted for more than 25% of the total industry share in 2016. Increasing urbanization and lifestyle changes, particularly in China, India and Thailand, will drive segment growth. The ease of product availability in India and China due to the country’s recognition as a production center offers opportunities for the industry to expand.
The global market share of luxury sanitary fittings is highly fragmented due to the low barriers to entry in the industry. Key players in the industry include Cera Sanitaryware, Bradley Corporation, Delta, Gerber, and Kohler. Other major players in the industry are the Sterling Faucet Company, Natphil, Noble Corporation, Matco-Norca, Fiberez Bathware and Toto.
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About global market insights
Global Market Insights, Inc., headquartered in Delaware, USA, is a global market research and consulting service provider. Offering syndicated and custom research reports and growth advice. Our business intelligence and industry research reports provide clients with deep insights and actionable market data specifically designed and presented for strategic decision-making. These comprehensive reports are based on a proprietary research methodology and are available for key industries such as chemistry, advanced materials, technology, renewable energy and biotechnology.
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