Global Demand for Plumbing Fixtures, Fittings Expected to Reach $80 Billion in 2016
September 14, 2012
Global demand for plumbing fixtures and fittings is forecast to increase 6.2 percent per year through 2016 to $80 billion, an acceleration from the pace of the 2006-2011 period, according to “World Plumbing,” a new study from The Freedonia Group, Inc., a Cleveland-based industry market research firm.
Rising per capita incomes in industrializing countries in the Asia/Pacific and Africa/Mideast regions are expected to drive up demand in those areas, while an expected recovery in construction spending will generate demand in developed countries, including the U.S., Canada and those in Western Europe.
In North America, demand is forecast to post the second fastest regional growth in plumbing products through 2016, primarily fueled by the rebound in the U.S. construction market after the downturn during the global financial crisis. Canada and Mexico are also expected to post healthy gains.
The Asia/Pacific region will see the most rapid growth in demand, primarily fueled by China’s increasing rate of industrialization. China alone is forecast to account for half of the increase in global plumbing demand generated between 2011 and 2016. The country’s vast population makes infrastructure and sewage system development a necessity, supporting demand by households that previously did not have a piped water supply. Other industrializing countries in Asia, such as India and Indonesia, and in the Africa/Mideast region will also contribute to overall plumbing product demand.
The slowest plumbing product demand growth is anticipated in Western Europe, primarily due to the region’s mature building infrastructure and slow population growth, which combine to limit building construction activity. However, the pace is expected to accelerate from that between 2006 and 2011. While construction expenditures in this region are predicted to grow at the slowest rate globally, they will reflect a recovery from a low 2011 base.
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