Wilmington, Delaware, United States, Aug. 25, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global ceramic tiles market is anticipated to rise at a CAGR of 9.7% during the forecast timeline, from 2019 to 2027. The revenue of ceramic tiles market is likely to touch US$ 180 Bn by 2027. In the coming years, it is predicted that the growth of the construction industry will provide profitable opportunities for the global ceramic tiles market. One of the most important materials utilized in the construction business is ceramic tiles. Construction industry is likely to offer largest opportunity for ceramic tiles market during the forecast period.
New residential and commercial construction as well as domestic renovation are just few instances of the many uses for ceramic tiles. These segments are estimated to be fastest growing market for ceramic tiles market. Furthermore, a significant demand for ceramic tiles is being generated by a rise in construction activities as a result of a population migration to urban regions.
Businesses in the global ceramic tile market are devoting their attention into improving the items they supply. Consequently, there has been a noticeable growth in R&D by market players. In addition, companies are implementing a wide range of strategic measures to capture a significant portion of the market, including joint ventures, partnerships, mergers, collaborations, and also acquisitions. Furthermore, industry participants are stepping up efforts to make up for financial losses brought on by the COVID-19 outbreak. As a result, businesses are bringing in additional strategy teams to attain this objective.
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Key Findings of Market Report
- In 2018, the residential replacement category constituted over 40% of the overall ceramic tiles market. This trend is projected to continue throughout the forecast period. The future market demand for ceramic tiles for domestic renovation is primarily driven by a rise in remodeling activities due to higher discretionary income and a better standard of life.
- Based on product type, floor tiles category made up more than 50% of the overall sales in 2018 and are anticipated to be a prominent product category from 2019 through 2027. As floors take up a larger space during construction, a large number of tiles needed. As they are impervious to odors, stains, allergens, and also germs, ceramic floor tiles are frequently used in toilet and shower flooring. It is expected that between 2019 and 2027, the floor tiles segment will expand at a CAGR over 9%.
- Based on region, the global ceramic tiles market is estimated to be dominated by Asia Pacific region. The regional market is driven by increasing spending power and expanding construction activity. Due to the existence of the region's booming construction sector, China maintained a dominant share of the regional market in in 2018. Vietnam, India, Indonesia, and China, are important market players in the Asia Pacific region.
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Global Ceramic Tiles Market: Growth Drivers
- Increasing spending power and a large population have a significant influence on the increasing demand for clay tiles. The breakthroughs in modern printing technology, which is one of the recent developments in the ceramic tiles market, are used by vendors to provide clay tiles a variety of plan feel. Approximately 80% of the market for non-strong ground surfaces are made up of ceramic tiles.
- The market in North America is expected to expand significantly during the forecast period. North America's ceramic tile market is now being driven in large part by the region's recovering building and construction sector, particularly in the commercial sub-segment.
Global Ceramic Tiles Market: Key Players
Some of the key market players are
- Panariagroup Industrie Ceramiche S.p.A.
- Mohawk Industries, Inc.
- China Ceramics Co. Ltd.
- Gruppo Concorde S.p.A,
- Ras Al Khaimah (RAK) Ceramics
- Siam Cement Group
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Global Ceramic Tiles Market: Segmentation
Product
- Floor Tiles
- Wall Tiles
- Others
Application
- Residential Replacement
- Commercial
- New Residential
- Industrial
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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