Considering the cut-throat competition prevailing in the global ceramic tiles market, the leading players have been developing their distribution channels and aggressively launching novel designs, finds Transparency Market Research (TMR) in a new study. The global ceramic tiles market currently exhibits a highly fragmented vendor landscape, with the top five players holding just about 8% of the market.
Economic growth and urbanization witnesses especially in developing nations, the demand for renovating existing infrastructure as well as constructing new ones have reached all-time high. The scenario is highly prevalent across Asia Pacific. India, China, and other nations in ASEAN are at the forefront of the trend. The demand for ceramic tiles is considerably high across these nations as they witness rising construction activities. Residential construction undertaking have shown a significant rise across these countries as well, thereby boosting the consumption of ceramic tiles across Asia Pacific, which is also the leading market for the same in the world. It held over 65.6% of the global ceramic tiles market in 2015.
TMR forecast the global ceramic tiles market to exhibit a CAGR of 9.80% between 2016 and 2024. At this pace the market’s valuation is expected to increase from US$76.81 bn in 2015 to US$178.1 bn before 2024 ends. Based on application, the residential replacement segment recorded the maximum consumption of ceramic tiles, while floor tiles witnessed the highest demand in terms of types.
Increasing Willingness to Spend on Home Décor to Boost Market
“The volume sale of ceramic tiles is projected to increase in nations such as Turkey, Brazil, and across countries in the Gulf Cooperation Council,” said a lead TMR analyst. As consumers across these nations become aesthetically more conscious, their willingness to spend on luxurious home decors and towards the beautification of their homes is projected to increase, thus creating scope for the sale of ceramic tiles.
As flooring is integral to residential and commercial construction structures, increasing construction activities are likely to bolster the demand for ceramic tiles worldwide. Besides Asia Pacific, the market is also expected to witness lucrative prospects in Latin America and the Middle East and Africa.
Volatility of Raw Material Prices to Limit Growth
Despite exhibiting positive growth over the past few years, volatility witnessed in raw material prices will negatively influence the demand for ceramic tiles in the forthcoming years. The dwindling prices of raw materials such as feldspar, kaolin, bentonite, and silica sand are indicative of economic crisis, which have set afoot in 2008. Furthermore, there is a little scope for raw material prices to stabilize in the near future with the growing applications in refractories, paints, electrical insulation, glass, and food packaging.
Nevertheless, with lucrative opportunities witnessed across emerging nations such as Brazil, Turkey, and GCC, the market is likely to exhibit significant growth through the course of the forecast period.
The review is based on information published by TMR in a report, titled “Ceramic Tiles Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2024.”
The report segments the global ceramic tiles market as:
- Ceramic Tiles Market – Product Analysis
- Floor Tiles
- Wall Tiles
- Others (Including Ceiling Tiles, Roofing Tiles, etc.)
- Ceramic Tiles Market – Application Analysis
- Residential Replacement
- New Residential
- Others (Including Industrial, etc.)
- Ceramic Tiles Market – Regional Analysis
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of Middle East & Africa
- North America
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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