Industry Background:
Major factors contributing to the growth of the plumbing fitting market are increasing investment in mega construction projects and a rise in population & urbanization in developing economies. Additionally, growing focus on reducing environmental impacts of construction activities and increasing new construction projects in the developing economies further propelling the market growth.This growth is primarily driven by Growth in Construction Infrastructure globally and Rise in Population and Urbanization in Developing Region.
Globally, a noticeable market trend is evident Increasing Investment in Mega Construction Projects. Major Vendors, such as Masco Corporation (United States), Kohler (United States), Fortune Brands (United States), LIXIL Corporation (Japan), Friedrich Grohe (Germany), TOTO India Industries PVT. LTD. (India), RWC (United States), Roca (Spain) and Lota Group (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Market Drivers
- Growth in Construction Infrastructure globally
- Rise in Population and Urbanization in Developing Region
Market Trend
- Increasing Investment in Mega Construction Projects
Restraints
- Fluctuating Raw Material Prices
Opportunities
Increasing New Construction Projects in the Developing Economies and Growing Focus on Reducing Environmental Impacts of Construction Activities
Challenges
Shortage of Skilled Workforce in the Construction Industry
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