INDUSTRY MARKET RESEARCH FOR BUSINESS LEADERS, STRATEGISTS, DECISION MAKERS CLICK TO VIEW Table of Contents 2 List of Tables & Charts 3 Study Overview 4 Sample Text, Table & Chart 5 Sample Profile, Table & Forecast 6 Order Form & Corporate Use License 7 About Freedonia, Custom Research, Related Studies, 8 Plumbing Fixtures & Fittings Study #3121 396 pages www.freedoniagroup.com The Freedonia Group 767 Beta Drive Cleveland, OH 44143-2326 USA Toll Free US Tel: 800.927.5900 or +1 440.684.9600 Fax: +1 440.646.0484 E-mail: info@freedoniagroup.com
Table of Contents Executive Summary Market EnvironmenT General... 4 Macroeconomic Environment... 5 Demographic Trends... 9 Consumer Trends...14 Consumer Spending...14 Consumer Financing...17 Building Construction...20 Residential Buildings...23 New Housing Units...25 Housing Stock...30 Bathroom Trends...33 Improvements & Repairs...36 Nonresidential Buildings...37 New...38 Improvements & Repairs...40 Transportation Equipment...42 Pricing...44 Historical Market Overview...47 Technology Trends...51 Environmental & Regulatory Considerations...53 Plumbing Codes...53 Water Conservation Regulations/Standards...54 Toilet Fixtures...56 Shower Fittings...58 Lavatory Fittings...58 Drinking Water Quality...59 Americans with Disabilities Act...60 OVERVIEW General...62 Supply & Demand...63 Fixtures...66 Fittings...69 Foreign Trade...70 Imports...72 Exports...75 World Market...77 FIXTURES BY MATERIAL General...79 Vitreous China...85 Product Characteristics...87 Suppliers...88 Plastics...89 Fiberglass...93 Cast Polymer...96 Acrylic...99 Other Plastics... 102 Metal... 104 Cast Iron... 108 Steel & Other Metals... 111 Other Materials... 116 FIXTURES BY TYPE General... 119 Bathtub & Shower Fixtures... 125 Bathtubs... 128 Whirlpool Bathtubs... 132 Shower Stalls & Receptors... 134 Bathtub & Shower Surrounds... 136 Sink Fixtures... 138 Lavatories... 142 Kitchen Sinks... 145 Other Sinks... 148 Toilet Fixtures... 150 Water Closet Bowls... 153 Flush Tanks... 156 Urinals... 158 Other Plumbing Fixtures... 161 Hot Tubs & Spas... 163 Drinking Fountains... 164 Bidets... 165 All Other Plumbing Fixtures... 166 Plumbing Fixtures Market Share... 166 FITTINGS General... 171 Lavatory Fittings... 173 Two-Lever Controls... 176 Single-Lever Controls... 177 Other Lavatory Fittings... 178 Bathtub & Shower Fittings... 179 Antiscald Valves... 181 Single-Lever Controls... 183 Showerheads & Fittings... 184 Bathtub & Shower Combinations... 185 Personal Showers... 186 Other Bathtub & Shower Fittings... 187 Kitchen & Other Sink Fittings... 188 Single-Lever Controls... 191 Deck Faucets... 193 Other Sink Fittings... 194 Other Plumbing Fittings... 195 Lawn & Hose Fittings... 196 Flush Valves & Controls... 197 Drains & Overflows... 198 Sediment, Sill, & Other Faucets... 198 P & S Traps... 199 All Other Plumbing Fittings... 199 Plumbing Fittings Market Share... 200 MARKETS General... 205 Residential Buildings... 209 Demand by Product... 211 Demand by Application... 213 New... 213 Improvements & Repairs... 215 Demand by Housing Type... 218 Single-Family... 219 Multifamily... 221 Manufactured Housing... 223 Nonresidential Buildings... 225 Demand by Product... 227 Demand by Application... 229 New... 229 Improvements & Repairs... 230 Demand by Building Type... 232 Institutional... 233 Office & Commercial... 235 Industrial... 237 Other... 239 Other Markets... 241 REGIONS General... 243 Regional Demographic & Economic Activity... 244 Population Patterns... 245 Economic Outlook... 248 Construction Activity... 251 Housing Trends... 254 Regional Demand for Plumbing Products... 257 Northeast... 259 New England... 260 Middle Atlantic... 261 Midwest... 262 East North Central... 265 West North Central... 266 South... 267 South Atlantic... 269 East South Central... 271 West South Central... 272 West... 274 Mountain... 276 Pacific... 278 INDUSTRY STRUCTURE General... 280 Industry Composition... 281 Market Share... 283 Product Development & Manufacturing... 287 Competitive Strategies... 289 Marketing... 291 Distribution... 298 Mergers & Acquisitions... 301 Company Profiles Bradley Corporation... 305 Briggs Plumbing Products... 308 Elkay Manufacturing... 311 Fluidmaster Incorporated... 314 Fortune Brands Home & Security... 315 Franke Artemis... 320 Geberit International... 323 Globe Union Industrial... 326 Grohe AG... 329 Jacuzzi Brands... 331 Kohler Company... 335 LIXIL Group... 342 LMS Incorporated... 350 MAAX Bath... 352 MAAX Spas Industries... 354 Mansfield Plumbing Products... 356 (continued on following page) Page 2
Table of Contents (continued from previous page) Masco Corporation... 358 Morris Group International... 364 Oatey Company... 369 Orkla ASA... 371 Rexnord Corporation... 373 Sloan Valve... 375 Spectrum Brands... 378 Stanley Black & Decker... 381 Swan Corporation... 382 Symmons Industries... 383 T&S Brass and Bronze Works... 385 Tomkins Limited... 387 TOTO Limited... 390 Villeroy & Boch... 393 Water Pik... 395 List of Tables/Charts Executive Summary 1 Summary Table... 3 Market EnvironmenT 1 Macroeconomic Indicators... 8 2 Population & Households...13 3 Personal Consumption Expenditures...17 4 Consumer Financing Environment, 2002-2012...20 5 Building Construction Expenditures...22 6 Residential Building Construction Expenditures...25 7 New Housing Indicators...29 8 Housing Stock by Type...32 Cht Year of Construction of Housing Stock, 2012...33 Cht Number of Bathrooms in New Housing Units, 2002-2012...35 9 Residential Improvement & Repair Expenditures...37 10 Nonresidential Building Construction Expenditures...40 11 Nonresidential Building Improvement & Repair Expenditures...41 12 Transportation Equipment Indicators...43 13 Selected Plumbing Product Prices...47 14 Plumbing Product Market, 2002-2012...50 Cht Plumbing Product Market Growth, 2003-2012...51 OVERVIEW 1 Plumbing Product Supply & Demand...65 2 Plumbing Fixtures Supply & Demand...68 3 Plumbing Fittings Supply & Demand...70 4 Plumbing Product Foreign Trade...72 Cht Plumbing Product Imports by Product & Source, 2012...74 Cht Plumbing Product Exports by Product & Destination, 2012...76 FIXTURES BY MATERIAL 1 Plumbing Fixtures Demand by Material...83 Cht Plumbing Fixtures Demand by Material Type, 2012: Units & Value...84 2 Vitreous China Plumbing Fixtures Demand by Product...87 3 Plastic Plumbing Fixtures Demand by Material & Product...93 4 Fiberglass Plumbing Fixtures Demand...96 5 Cast Polymer Plumbing Fixtures Demand...99 6 Acrylic Plumbing Fixtures Demand... 102 7 Other Plastic Plumbing Fixtures Demand 104 8 Metal Plumbing Fixtures Demand by Material & Product... 108 9 Cast Iron Plumbing Fixtures Demand... 111 10 Steel & Other Metal Plumbing Fixtures Demand... 115 11 Other Material Plumbing Fixture Demand... 118 FIXTURES BY TYPE 1 Plumbing Fixtures Demand... 123 Cht Plumbing Fixtures Demand, 2012: Units & Value... 124 2 Bathtub & Shower Fixtures Demand by Product... 127 Cht Bathtub & Shower Fixtures Demand by Type, 2012... 128 3 Bathtub Demand by Material... 131 4 Whirlpool Bathtub Demand by Material... 134 5 Shower Stall & Receptor Demand by Material... 136 6 Bathtub & Shower Demand by Product & Material... 138 7 Sink Fixtures Demand by Product... 141 Cht Sink Fixtures Demand by Product, 2012.. 142 8 Lavatory Demand by Material... 145 9 Kitchen Sink Demand by Material... 148 10 Other Sinks Demand by Material... 150 11 Toilet Fixtures Demand by Product... 152 Cht Toilet Fixtures Demand by Product, 2012 153 12 Water Closet Bowl Demand by Material... 156 13 Flush Tank Demand... 158 14 Urinal Demand... 160 15 Other Plumbing Fixtures Demand... 162 Cht Plumbing Fixtures Market Share, 2012... 167 FITTINGS 1 Plumbing Fittings Demand by Type... 173 2 Lavatory Fittings Demand by Product... 176 3 Bathtub & Shower Fittings Demand by Product... 181 4 Kitchen & Other Sink Fittings Demand by Product... 191 5 Other Plumbing Fittings Demand by Product... 196 Cht Plumbing Fittings Market Share, 2012... 201 MARKETS 1 Plumbing Product Demand by Market... 208 Cht Plumbing Product Demand by Market, 2012... 208 2 Residential Plumbing Product Demand by Product & Application... 211 3 New Residential Demand for Plumbing Products... 215 4 Residential Improvement & Repair Demand for Plumbing Products... 218 5 Residential Building Demand for Plumbing Products by Housing Type... 219 6 Single-Family Housing Demand for Plumbing Products by Product & Application... 221 7 Multifamily Housing Demand for Plumbing Products by Product & Application... 223 8 Manufactured Housing Demand for Plumbing Products by Product & Application... 225 9 Nonresidential Building Plumbing Product Demand by Product & Application... 227 10 New Nonresidential Building Construction Plumbing Product Demand... 230 11 Nonresidential Building Improvement & Repair Plumbing Product Demand... 232 12 Nonresidential Building Plumbing Product Demand by Building Type... 233 13 Institutional Plumbing Product Demand by Product & Application... 235 14 Office & Commercial Plumbing Product Demand by Product & Application... 237 15 Industrial Plumbing Product Demand by Product & Application... 239 16 Other Nonresidential Building Construction Plumbing Product Demand by Product & Application... 240 17 Other Markets Plumbing Product Demand by Product & Market... 242 REGIONS 1 Population by Region... 248 2 Gross Domestic Product by Region... 251 3 Construction Expenditures by Region... 253 4 Regional Housing Indicators... 256 5 Plumbing Product Demand by Region... 258 Cht Plumbing Product Demand by Region, 2012... 258 6 Northeast Plumbing Product Demand by Subregion & Market... 260 7 Midwest Plumbing Product Demand by Subregion & Market... 265 8 South Plumbing Product Demand by Subregion & Market... 269 9 West Plumbing Product Demand by Subregion & Market... 276 INDUSTRY STRUCTURE 1 Plumbing Product Sales by Company, 2012... 282 Cht Plumbing Products Market Share, 2012... 284 2 Selected Acquisitions & Divestitures... 303 Page 3
Growth in plumbing fixture and fitting demand will be boosted by a rebound in construction as residential markets especially new housing completions advance at an improved rate. US demand to rise 6.3% annually through 2017 US demand for plumbing fixtures and fittings is projected to advance 6.3 percent per year through 2017 to $12 billion, boosted by a rebound in building construction. New housing construction declined precipitously from 2006 through 2009 and nonresidential building activity fell at double-digit rates for three years beginning in 2009, severely constraining demand for plumbing products. After adjusting for price increases, expected gains through 2017 will still leave demand below the 2007 level. US Plumbing Products Demand ($12 billion, 2017) Residential Nonresidential Residential market to lead gains, remain dominant The residential market is the most important for plumbing fixtures and fittings; it will account for over three-fifths of plumbing product demand in 2017 and will see the most rapid annual gains. Most demand in the residential market is derived from improvement and repair applications, as opposed to new buildings. Nevertheless, the rebound in new housing completions from a low 2012 base will be a primary driver of growth. Growth for fixtures to outpace fittings Demand for plumbing fixtures is forecast to advance at a rapid annual pace through 2017. Gains in fixture demand will be driven by increased construction and improvement expenditures as well as increasing consumer interest in design trends. Design trends in plumbing fixtures and fittings can be boiled down to one mantra: More, not less. In the residential market, current trends cast the kitchen and bathrooms as the most important rooms of the house. The kitchen is the hub of activity; the bathroom a sanctuary. As these rooms grow in size and importance, these trends will propel architects, builders, and homeowners to add value to their homes by installing higher-end, and simply more, fixtures to these spaces, including spa-like showers, largecapacity baths, multiple sinks with specific end uses and aesthetically appealing finishes, and luxurious toilets. Other Markets Demand for plumbing fittings will grow less rapidly than that for plumbing fixtures through 2017. Growth will be driven largely by a combination of economics -- as consumers trade out older fittings for ones that conserve water and reduce energy costs -- and aesthetics, a result of changing tastes and increased consumer confidence. Certain categories of fittings, such as single-level faucets, will display above average growth as demographic shifts promote demand for universal design and ADA-compliant products, which are easier for older Americans or those with mobility issues to use. Overall price growth for fittings will be slower than for fixtures, as fittings face more competition from low-cost imports. Copyright 2014 The Freedonia Group, Inc. Page 4
Sample Text, Table & Chart TABLE IV-3 PLASTIC PLUMBING FIXTURES DEMAND BY MATERIAL & PRODUCT (thousand units) Item 2002 2007 2012 2017 2022 fixtures by type Plumbing Fixtures Demand 40730 41940 32280 43000 50700 % plastic 22.8 24.4 23.8 24.1 24.9 Plastic Plumbing Fixtures Demand 9270 10240 7690 10350 12600 Whirlpool Bathtubs By Material: Demand for whirlpool bathtubs is projected to increase at an annual rate of 9.6 percent to $800 million in 2017, a turnaround from the Cast Polymer 2715 3130 2520 3400 4000 Fiberglass 3395 3645 2650 3550 4310 declines of the 2007-2012 period. Unit demand will reach 825,000 Acrylic 1670 1945 1450 2070 2710 units, just sample barely surpassing 2007 unit demand. During the 2007-2009 Other 1490 1520 sample 1070 1330 1580 recession, many consumers opted to economize and selected less costly By Product: bathtubs instead text of whirlpool bathtubs. Through 2017, the renewed Bathtub & Shower Fixtures 6020 6530 table 4740 6395 7925 growth in building construction expenditures and a growing consumer Lavatories 2405 2815 2280 3080 3610 interest in whirlpool bathing will drive gains. Homeowners desiring an Kitchen & Other Sink Fixtures 140 160 120 155 175 affordable luxury that recreates a spa-like atmosphere in the home will All Other 705 735 550 720 890 often invest in these fixtures. Similarly, builders will follow trends and install whirlpool bathtubs in new construction to make the houses more $/unit 235 260 280 310 360 appealing to potential buyers. Plastic Plumbing Fixtures Demand (mil $) 22002645 2145 3212 4515 Many residential trends begin in the nonresidential market, and - net imports 80 110 60 97 135 whirlpool bathing is no exception. Many high-end commercial buildings -- such as hotels, gyms, and spa resorts -- select these fixtures as a Plastic Plumbing Fixtures Shpts (mil $) 2120 2535 2085 3115 4380 way to promote their status and improve customer satisfaction with their establishment. Homeowners take note and want to bring that luxuriant experience into their own bathroom. Growth in construction expenditures in the nonresidential markets, including health care rehabilitation centers where whirlpool baths serve a more therapeutic purpose, will continue to support demand for these fixtures through 2017. Whirlpool bathtubs include both true whirlpool baths and air spas. In the former, water is suctioned out of the tub and redirected with jets. In the latter, streams of air are injected into the water. Manufacturers of bathtubs using the air spa system claim that they are easier to clean and avoid bacterial growth in the jets. In both cases, the object is to move water, providing hydromassage and keeping warm water next to the body. CHART IX-1 PLUMBING PRODUCTS MARKET SHARE, 2012 ($8.8 billion) 132 Copyright 2014 The Freedonia Group, Inc. 20.4% K o h ler O th e rs 3 8.3 % sample chart M a rke t L e a d e rs 6 1.7 % 17.0% 9.0% M asco M o en 8.5% Am erican Stan d ard 6.8% Jacu zzi Page 5
Sample Profile, Table & Forecast TABLE VI-1 PLUMBING FITTINGS DEMAND BY TYPE (million dollars) Item 2002 2007 2012 2017 2022 Building Construction Expend (bil 2005$) 848 850 537 841 1006 $ fittings/000$ construction 5.1 5.0 6.7 5.0 4.5 COMPANY PROFILES Fittings Demand (mil 2005$) 4335 4255 3590 4195 4530 plumbing fittings deflator (2005=100) 93.4 112.9 125.2 134.7 145.7 sample table Plumbing Fittings Demand 4050 4805 4495 5650 6600 Lavatory Fittings 825 1155 1010 1280 1500 Bathtub & Shower Fittings 940 1040 960 1240 1450 Kitchen & Other Sink Fittings 745 1000 865 1090 1260 Other Plumbing Fittings 1540 1610 1660 2040 2390 MAAX Spas Industries Corporation 25605 South Arizona Avenue Chandler, AZ 85248 480-895-0598 http://www.hdspas.com sample profile Annual Sales: $50 million (estimated) Employment: 260 (estimated) Key Products: hot tubs and swim spas MAAX Spas Industries produces and sells spas through a network of specialty dealers. The Company is owned by Tricap Partners Limited (Canada), a private equity fund managed by Brookfield Asset Management Incorporated (Canada). Tricap also owns MAAX Bath Incorporated (Canada), a separate sister company that produces various bathroom fixtures. (See MAAX Bath Incorporated.) The Company is active in the US plumbing products industry through the production of hot tubs that are primarily marketed under the MAAX COLLECTION, CALIFORNIA COOPERAGE, ELITE SPAS, and POWERPOOL brand names. These hot tubs, many of which are constructed with lightweight steel substructures designed to offer greater dimensional stability than traditional wood frames, feature bases that have been sealed with acrylonitrile butadiene styrene for improved heat retention properties. MAAX COLLECTION hot tubs are produced with the Company s THERMO-LOCK technology, which utilizes a lining of reflective material in all four sides and the base to reflect and recycle radiant heat. This technology features BLUEMAAX insulation, which is made from recycled natural fiber and treated with a borate-based solution to protect STUDY COVERAGE This Freedonia study, Plumbing Fixtures & Fittings, presents historical demand data for 2002, 2007 and 2012, with forecasts for 2017 and 2022 by material, product, market and US region. The study also considers market environment factors, details industry structure, evaluates company market share and profiles 31 industry players, including Kohler, Masco and Moen. 354 Copyright 2014 The Freedonia Group, Inc. Page 6
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INDUSTRY MARKET RESEARCH FOR BUSINESS LEADERS, STRATEGISTS, DECISION MAKERS Other Studies World Plumbing Through 2018, global demand for plumbing fixtures and fittings will advance 5.3 percent annually to over $70 billion. The Asia/Pacific region will post the fastest growth, with North America also expected to post significant gains. Growth in the residential construction market will outpace the nonresidential sector. This study analyzes the $54.4 billion world plumbing product industry, with forecasts for 2018 and 2023 by type, material, market, world region, and for 23 countries. The study also evaluates company market share, and profiles industry participants. #3253... February 2015... $6400 World Countertops Global demand for countertops is forecast to rise 4.2 percent per year to 503 million square meters in 2018. The Asia/Pacific region will remain the largest and fastest growing market. 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The study evaluates company market share and profiles industry participants. #3221...January 2015... World Housing World construction of new housing will reach 61.3 million units in 2018 on 2.9 percent yearly advances. The Asia/Pacific region will own the most new housing units, while the Africa/Mideast housing stock region will grow the fastest. Multifamily housing construction will continue to outpace that of single-family types. This study analyzes the two billion unit world housing industry, with forecasts for 2018 and 2023 for housing stock and new housing units by type, world region, and for 22 countries. The study also considers economic trends, demographics and other market factors. #3184... July 2014... $5800 About The Freedonia Group The Freedonia Group, Inc., is a leading international industry market research company that provides its clients with information and analysis needed to make informed strategic decisions for their businesses. Studies help clients identify business opportunities, develop strategies, make investment decisions and evaluate opportunities and threats. Freedonia research is designed to deliver unbiased views and reliable outlooks to assist clients in making the right decisions. Freedonia capitalizes on the resources of its proprietary in-house research team of experienced economists, professional analysts, industry researchers and editorial groups. Freedonia covers a diverse group of industries throughout the United States, the emerging China market, and other world markets. Industries analyzed by Freedonia include: Chemicals Plastics Life Sciences Packaging Building Materials Security & Electronics Industrial Components & Equipment Automotive & Transportation Equipment Household Goods Energy/Power Equipment Freedonia Custom Research Click here to learn more about Freedonia Freedonia Custom Research delivers the same high quality, thorough and unbiased assessment of an industry or market as an industry study. Since the research initiative is based upon a company s specific needs, companies harness Freedonia s research capabilities and resources to answer unique questions. When you leverage the results of a Freedonia Custom Research engagement, you are able to obtain important answers to specific questions and issues associated with: mergers and acquisitions, new product launches/development, geographic expansion, entry into new markets, strategic business planning, and investment and funding decisions. Freedonia Custom Research is ideal for companies seeking to make a strategic difference in the status quo and focus on future business growth. Working side by side with clients, Freedonia s team is able to define a research project that is customtailored to answer specific questions and provide the basis from which a company can make informed business decisions. Click here to learn more about Custom Research World Drywall & Building Plaster Global demand for drywall is forecast to rise 5.8 percent per year through 2018 to 10.4 billion square meters. Nearly three-fourths of new demand will be generated in China and the US. The nonresidential building market for drywall will outpace the housing segment. Building plaster will grow 4.5 percent annually to 35.4 million metric tons. This study analyzes the world drywall and building plaster industry, with forecasts for 2018 and 2023 by product, market, world region and for 20 countries. The study also evaluates company market share and profiles industry participants. #3186... July 2014... $6300 Click here for complete title list Click here to visit freedoniagroup.com Page 8 The Freedonia Group, Inc. 767 Beta Drive Cleveland, OH 44143-2326 USA Web site: www.freedoniagroup.com Tel US: 800.927.5900 or +1 440.684.9600 Fax: +1 440.646.0484 e-mail: info@freedoniagroup.com