According to the study published by Interconnection Consulting, the European sanitary pipes and fittings market has gone through an exceptionally demanding phase between 2023 and 2025. While the prolonged slowdown of the construction sector remains a central driver, market developments cannot be attributed to construction activity alone. Across Europe, country-specific geopolitical tensions, macroeconomic uncertainty and divergent policy frameworks have further weighed on investment decisions and market confidence. In addition, government-supported renovation schemes and the postponement of construction projects have disrupted the traditionally stable relationship between building activity and demand for sanitary pipes and fittings, resulting in a markedly less predictable market environment. In the Top 20 European countries, sales reached approximately 2.01 billion meters of sanitary pipes and 1.50 billion units of sanitary fittings in 2024. The overall market situation in 2025 remains challenging, although the pace of decline is expected to moderate compared to 2024. Current estimates point to a volume contraction of around -5.1% for sanitary pipes and -5.7% for sanitary fittings. Beyond the short-term pressure, however, the medium-term outlook shows signs of stabilization.  

Diverging Paths Across Europe´s Largest Markets 

The European sanitary pipes and fittings market is led by Germany followed by the UK, Poland, France, and Russia. While each of these countries is influenced by distinct internal factors that shape local demand and supply, they share a common role as trendsetters for the overall European market due to their significant market weight. Collectively, these five countries account for 61% of total market share, highlighting their outsized influence on market dynamics. Within this apparent commonality, however, substantial divergence exists: uneven infrastructure investments, fluctuating energy costs, and country-specific regulatory changes drive contrasting market developments. This divergence reinforces that a “one-size-fits-all” approach is no longer appropriate, and strategies must be carefully adapted to the specific dynamics, risk profiles, and growth potential of each market. 

Structural Differences: Nordics Markets vs. the Rest of Europe 

The Nordic countries display a markedly different performance compared to other European markets. In 2024, Scandinavia region experienced the sharpest declines among the Top 20 European countries, with Finland registering the most severe contraction, approximately -42.5% decline, making it the worst-performing market of the year. Norway, while facing a more limited decline, nonetheless recorded its highest drop in recent years. These negative outcomes are primarily driven by a significant slowdown in investments in the construction sector and in issuing permits, particularly residential construction, influenced by the post-pandemic normalization of building activity and national housing policies. At the same time, high interest rates also played a significant role. While the magnitude of the decline varies, the common factor underscores the sensitivity of sanitary pipes and fittings demand to structural shifts in construction activity and policy frameworks, highlighting the heterogeneous nature of market developments across Europe. 

Applications and Materials: From Standard Solutions to System Thinking 

The European sanitary pipes and fittings market in 2025 shows moderate fluctuations across its three main application segments. Hot and cold water installations maintain the leading position with a 39.7% market share, though closely contested by surface heating and cooling systems, which are gaining ground and are expected to occupy the first position in terms of quantity market share from 2026 onwards. Radiator connection pipes remain the smallest segment. In the Nordic countries, surface heating and cooling systems continue to dominate due to historical adoption patterns, energy efficiency priorities, and building practices. 

Material-wise, plastic remains the predominant choice for pipes across Europe, appreciated for its cost-effectiveness, light weight, ease of installation, and chemical resistance. For fittings, however, multilayer solutions take the lead, accounting for an estimated 32.5% market share in 2025 according to Interconnection data. These multilayer fittings combine the benefits of polymers flexibility, non-toxicity with those of metals, pressure and temperature resistance, dimensional stability, achieving optimal performance and enhanced durability, particularly in complex systems. Material selection is inherently linked to the type of application and is expected, according to industry experts, “to increasingly favor climate-friendly technologies in the coming years”. 

Outlook: A Gradual Rebalancing Rather then a Rapid Rebound 

The European sanitary pipes and fittings market is expected to stabilize in the coming years, with 2025 likely marking the end of the three-year negative trend observed across most countries. Looking ahead, the future looks bright and the market is expected to recover gradually. Interconnection projects a CAGR of 5% for sanitary pipes and fittings from 2025 through 2028, reflecting a steady rebound in demand across Europe. From 2027 onwards, a period of stronger short-term recovery is anticipated, driven by renewed investments in infrastructure and sustained expansion in both the construction and industrial sectors. Overall, the outlook points to a favorable market environment, characterized by stable and growing demand, an increasing preference for high-performance and sustainable materials, and continued adoption of system-oriented solutions. 

Interconnection Consulting has released a new market study that analyses the development of the aluminium profile systems market across six major European countries — Italy, France, Germany, the UK, Spain, and Poland. The study highlights a market that has faced significant pressure over the past two years but is expected to regain momentum from 2025 onwards, supported by recovering construction activity, resilient non-residential demand, and successful long-term fundamentals. Market Overview: Decline in 2024–2025 Followed by Recovery Outlook After reaching approximately 518,000 tons in 2023, the European aluminium profiles market declined by -4.4% in 2024, falling to around 495,000 tons. The downward trend is expected to continue in 2025, with volumes projected to decrease by a further -1.8% to approximately 486,000 tons. This development reflects the broader slowdown in European construction activity, driven by inflationary pressures, high interest rates, and postponed building investments. In value terms, the market declined from €3.3 billion in 2023 to €3.1 billion in 2024 (-6.1%). A slight recovery is expected in 2025 (+0.7%), before the market enters a stronger growth phase. Between 2025 and 2028, the aluminium profile systems market across the Europe Top 6 is forecast to grow at a CAGR of +7.0% per year, reaching nearly €3.9 billion by 2028. This medium-term growth outlook is supported by improving macroeconomic conditions, easing financing constraints, rising construction prices, and renewed investment activity, particularly in non-residential and new construction projects. Regional Dynamics: Southern Europe Outperforms While Central Markets Lag Regional performance across Europe shows clear divergence. Spain stands out as the best-performing market in the short term, supported by comparatively stronger building sector dynamics and faster normalization of demand. From 2025 to 2028, Southern European markets are expected to grow above the European average value CAGR of +7.0%, positioning Spain among the fastest-recovering aluminium profile markets within the Europe Top 6. In contrast, Central and Western European markets, notably Germany, and to a lesser extent the UK and France, have been more exposed to the construction downturn. Germany alone accounts for approximately 23.1% of total aluminium profile quantities across the Europe Top 6 and slightly underperforms the European average in the current phase. However, these markets are expected to play a key role in the recovery phase, supported by their large market size, strong non-residential segments, and improving investment conditions from 2025 onwards. In value terms, Germany is forecast to record the highest growth, with a value CAGR of +8.1% between 2025 and 2028.   Product Group Developments: Façades Show Strongest Recovery Potential Across product groups, windows remain the largest application segment in 2025, accounting for approximately 40% of total aluminium profile quantities in the Europe Top 6. Despite their leading position, window systems show a moderate decline compared to the previous year, reflecting weaker residential construction activity. Doors and sliding door systems also experienced slight contractions in 2025, in line with the residential slowdown. Façades, however, have proven to be the most resilient product group during the downturn, recording only a marginal decline in 2025. Looking ahead, façades are expected to lead the market recovery, showing the strongest quantity growth outlook with a CAGR of +4.2% between 2025 and 2028. This trend reflects increasing investments in non-residential buildings, energy-efficient envelopes, and architectural modernization projects. Average prices per ton across all product groups are projected to remain relatively stable, with a gradual upward trend over the forecast period. Demand Structure: Non-Residential and New Construction to Drive Future Growth From a demand perspective, the residential segment remains the most affected by the construction slowdown, with quantities expected to decline further by -2.7% between 2024 and 2025. Residential applications are projected to remain below 70% of total market volumes until at least 2026. In contrast, non-residential demand shows greater resilience, supported by public, commercial, and infrastructure investments. After only a minor decline in 2025 (-0.6%), the non-residential segment is expected to lead the market recovery, achieving the strongest quantity growth with a CAGR of approximately +4.5% between 2025 and 2028. Renovation continues to dominate current demand, particularly in Southern Europe, while new construction remains under pressure in the short term. However, new construction is forecast to become the main growth driver in the medium term, supported by improving economic conditions and renewed project pipelines, recording the highest quantity CAGR of around +6.0% between 2025 and 2028 across the Europe Top 6.   12/12/2025 Copyright: Interconnection Consulting. Publication free of charge for coverage regarding the study and Interconnection Consulting.

Europe’s rainscreen cladding market is preparing for a more stable ascent after years of uneven performance across construction sectors. In 2025, total demand across key European countries is expected to reach 52.4 million m², up by +2.7%, and a market value of €2.87 billion, marking a continuation of the gradual recovery observed since 2023. By 2028, the market is forecast to expand to €3.32 billion, supported primarily by refurbishment activities and performance-driven material innovation, and a CAGR of +3.2% in quantities sold. These findings come from the latest IC Market Tracking: Rainscreen Cladding in Europe by Interconnection Consulting, which examines developments across Austria, Belgium, the Czech Republic, France, Germany, Italy, the Netherlands, Poland, Slovakia, Spain, Switzerland, and the United Kingdom. Still, the market’s 2025 landscape is anything but uniform. The three largest markets—the UK (+2.1%), Germany (-2.0%), and France (+1.4%)—collectively represent 51.5% of total demand, underscoring their dominant role in shaping regional dynamics despite their diverging growth trajectories. At the opposite end of the spectrum, Austria (-6.8%), the Czech Republic (+1.9%), and Slovakia (-1.1%)—the smallest markets in the sample, together representing just 2.8% of total demand—illustrate a widening performance gap. Austria faces a sharp contraction as investment conditions weaken, the Czech Republic manages modest growth supported by selective renovation activity, and Slovakia remains in mild decline. “The recovery is real, but its pulse is irregular,” notes Juan Carraha, Market Analyst at Interconnection Consulting. “Manufacturers must navigate diverging regional dynamics—where Southern European countries revive through renovation incentives; parts of Central Europe remain anchored in weak new-build activity.” Material preferences also continue to define competitive strategy. Aluminum cladding leads with 24.4% of volume share, maintaining its appeal for durability and architectural flexibility. Fibre cement accounts for 17.3%, followed by high-pressure laminates (14.6%) and steel/metal solutions (14.5%). Notably, steel and metal cladding record a +4.2% CAGR in value between 2025 and 2028, propelled by performance upgrades in non-residential renovations. Wood, ceramic systems, stone, vinyl, and niche materials collectively represent a diverse long-tail segment. Panel size trends reinforce the market’s gravitation toward larger façade components: 56.1% of installations exceed 0.4 m², as architects and contractors increasingly prioritize faster installation and uniform visual appearance. On the demand side, the market is decisively shaped by the non-residential sector, which represents 63.2% of total volume in 2025. New construction dominates this segment (69.7%), especially in commercial, office, and industrial applications. However, in the residential market—where renovation and new building are nearly evenly split—retrofit activity is gaining traction, supported by energy-efficiency incentives and the growing need to modernize aging building envelopes. In total, the 2025 market remains a carefully balanced mix: mature economies lean on renovation to stabilize demand, while emerging markets benefit from more dynamic new-build growth. The competitive landscape remains moderately fragmented. The top ten players account for 24.9% of total sales volume, signaling room for challenger brands to differentiate through material specialization, technical advisory services, and expanded distribution partnerships. This list includes, in alphabetical order: Alucobond, Cembrit, Eternit, FunderMax, Hardie Cladding, Kronospan, Rheinzink, Rockpanel, Taylor-Maxwell, and Trespa. Country-level dynamics vary, but premium positioning, sustainability certifications, and lifecycle performance metrics are becoming central battlegrounds. Europe’s rainscreen cladding sector is entering a new strategic phase—one defined less by rapid expansion and more by selective, opportunity-driven growth. As Interconnection Consulting’s analysis makes clear, success will depend on precision: understanding sub-regional cycles, aligning materials with shifting business segments, and anticipating a future where renovation becomes not just a buffer, but the primary engine of expansion.

After several years of volatility surrounding the pandemic, inflation cycles, and valuation adjustments, the European fine art insurance market is entering a period of stabilisation marked by deep structural shifts rather than rapid expansion. According to Interconnection Consulting’s latest market analysis, total premiums across the United Kingdom, France, Germany, Switzerland and Austria are projected to reach €636 million in 2025, expanding by 2.43% in value despite nearly stagnant contract volumes, which rise by only 0.3%. This decoupling between premium growth and customer volume highlights a structural shift: expansion is now fuelled by higher insured values, inflation-adjusted sums and more rigorous underwriting standards, rather than by the addition of new policyholders.

Diverging Market Performance Across Europe

Overall market growth across Europe remains moderate, yet the dynamics vary significantly by country. Germany has settled into a mature, slow-growing structure in which Combined policies dominate, reflecting a shift toward bundled household and personal-line solutions. The UK, still one of Europe’s largest markets, continues to expand steadily as London’s cultural and private-collector ecosystems support sustained demand for specialist cover. France stands out as one of the strongest growth markets with a +3.6% CAGR until 2028f, driven by an exceptionally active cultural sector and expanding private collector base.

In contrast, Switzerland and Austria show stable but conservative growth patterns, anchored in high-value Fine Art-only policies and strong private-collector segments.

As one industry expert noted, “The market is no longer driven by the number of insured clients, but by the value they insure.”

This value-centric evolution is now consistent across Western Europe.

Private Collectors Drive Growth While Institutions Provide Structural Stability

The study highlights a Europe-wide shift toward private-client dominance. In France and the UK, private collectors now account for nearly 65–70% of premium volume, supported by high-net-worth demand, more frequent valuation updates, and rising interest in contemporary art. Switzerland remains the strongest private-collector market in Europe, reflecting its global concentration of wealth and long-standing culture of art investment.

Institutional demand: museums, foundations, municipal and regional collections, remains a stable backbone of the market, particularly in Germany and Austria. These clients show limited volatility and steadily increasing premiums linked to international loan activity and tighter risk management requirements. As one respondent observed, “Loans are becoming more complex, more international, and more frequent, insurance has become an integral part of exhibition planning.”

Temporary Exhibition Insurance Gains Momentum in Key Markets

A central finding of the study is the strong divergence in temporary-insurance behaviour. Germany and the UK demonstrate robust growth in temporary exhibition and loan insurance, supported by dense cultural programming, festival activity, and the return of postponed exhibitions. France also maintains strong momentum, with temporary insurance representing nearly one-fifth of total premiums.

Switzerland, by contrast, shows a persistent decline in temporary coverage, reflecting a domestic exhibition landscape that depends heavily on indemnities and long-term collection use rather than rapid exhibition turnover.

Austria sits between these patterns: permanent policies remain dominant, but temporary insurance is one of the fastest-growing segments, driven by Vienna’s increasingly international exhibition landscape.

Market Structure and Product Mix: A Consistent Shift Toward Value

Across Europe, fine art insurance is transitioning into a value-driven specialty market. While contract volumes grow slowly, often between 0.5% and 1.5% per year, average premiums and insured sums increase more substantially. This shift aligns with rising artwork valuations, inflation in conservation and logistics, and greater underwriting discipline across insurers.

Germany’s transition toward Combined policies, Switzerland’s sustained commitment to standalone Fine Art cover, and France’s growing share of integrated commercial policies highlight a polarisation in product strategies across regions.

The UK, meanwhile, retains a distinctive structure with one of the highest shares of direct distribution in Europe (about 34%), though specialists and brokers continue to dominate high-value and institutional risks.

The market remains predominantly broker-led, with 65.4% of premium volume distributed through intermediaries in 2025. Direct channels represent 34.6%, supported by digital platforms and high-value household insurance products, but the complexity of fine art underwriting continues to favor specialist brokers, especially for institutional and high-net-worth clients.

Outlook: Stable Growth Ahead as Market Becomes More Sophisticated

Looking ahead, the European fine art insurance market is expected to maintain steady and disciplined growth through 2028. Rising artwork valuations, expanding international exhibition networks, digitalization of underwriting and inventory processes, and increasing climate-risk considerations, such as humidity control, flooding and heat exposure, are shaping both insurer strategy and client demand. While some regional differences will persist, such as the dominance of Fine Art-only in Switzerland and the expansion of Combined policies in Germany, the overarching trend is clear: Europe is transitioning toward a more mature, value-centred fine art insurance market, characterised by higher underwriting quality, more sophisticated clients, and stronger integration between cultural and financial ecosystems.

Contact: Interconnection Consulting Allison Carranza | Market Analyst Tel: +43 1 585 46 23 - 50 Email: carranza@interconnectionconsulting.com

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