China’s Shipments of Plumbing Products to Exceed $20 Billion in 2021
CLEVELAND, Nov. 28, 2017 /PRNewswire/ — China is by far the largest exporter of plumbing products in the world, running a $3.4 billion trade surplus for 2016. China is the leading exporter of these products to the United States, which is the second largest consumer of plumbing products in the world. China also exports a substantial amount of plumbing fixtures and fittings to other countries in the Asia/Pacific region, including South Korea. China’s imports of plumbing products are fairly minimal. These and other trends are presented in Global Plumbing Fixtures & Fittings Market, 6th Edition, a new study from The Freedonia Group, a Cleveland-based industry research firm.
For more information on the study, see the following link: https://www.freedoniagroup.com/industry-study/global-plumbing-fixtures-fittings-by-product-and-market-6th-edition-3582.htm
Through 2021, shipments of plumbing products in China are forecast to rise 5.2% annually to $20.3 billion, moderating from the 2011-2016 period. According to analyst Nick Cunningham, «Gains will be primarily driven by a growth in domestic demand for plumbing products.» China will maintain its large trade surplus in exports as it continues to be a significant supplier for the large plumbing markets of the United States and Western Europe.
Global demand for plumbing fixtures and fittings is forecast to grow 4.7% annually through 2021, accelerating from the 2011-2016 period. Construction spending directly drives gains for plumbing products, as a wide variety of fixtures and fittings are installed in newly constructed buildings and as replacements in existing structures. Sustained growth in building construction activity in the large plumbing markets of North America and the Asia/Pacific region will help fuel overall sales advances. Rebounding construction spending in Europe will further boost global demand.
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About The Freedonia Group, a division of MarketResearch.com – The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985, we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Additional Construction & Building studies can be purchased at www.freedoniagroup.com, www.marketresearch.com, and www.profound.com.
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SOURCE The Freedonia Group