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Ceramic Tiles Market: Expected to Be Worth $320.06 Billion by 2023

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Ceramic Tiles Market: Expected to Be Worth $320.06 Billion by 2023

November 28
19:34 2019
Ceramic Tiles Market: Expected to Be Worth $320.06 Billion by 2023

Browse 108 market data Tables and 30 Figures spread through 119 Pages and in-depth TOC on “Ceramic Tiles Market”
Ceramic Tiles Market by Application (Floor, Wall, and Roof), Construction Type (New Construction, and Renovation & Replacement), End-use Sector (Residential, and Non-residential), and Region (North America, Europe, APAC)

According to a research report titled “Ceramic Tiles Market by Application (Floor, Wall, and Roof), Construction Type (New Construction, and Renovation & Replacement), End-use Sector (Residential, and Non-residential), and Region (North America, Europe, APAC) – Global Forecast to 2023″, published by MarketsandMarkets, the global ceramic tiles market size is expected to grow to USD 320.1 billion, from USD 227.9 billion in 2018, at a CAGR of 7.0%.

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The base year considered for the study was 2017, and the forecast period considered was from 2018 to 2023. The report examines the market size and future growth potential of the ceramic tiles market on different parameters such as applications, end-user sectors, and regions in which they are used and produced.

One of the biggest reasons that the study cites for the (expected) steady growth is the rise in new construction activities, as an effect of rapid industrialization and urbanization throughout the world. Some of the other factors contributing to the expected growth are an increase in investments in the construction industry, a rise in population, and a growing focus & interest toward interior decoration in households.

 

The Wall Segment to Grow Fastest During the Forecast Period

The wall segment is projected to lead the global ceramic tiles market during the forecast period, as well as market share size. The usage of ceramic tiles on walls is indispensable. They are used predominantly in kitchens and bathrooms. Due to ceramic tiles’ resistance to water, fire, and moisture, they are a safe and easy-to-maintain material to furnish households. They are also considered a sensible and popular option because of factors such as high durability and cost-effectiveness. The flooring segment is expected to follow the wall segment as the second-largest market during the forecast period.

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The Residential Sector Expected to Dominate the Ceramic Tile Market

The residential sector is expected to be the largest, as well as the fastest-growing segment of the ceramic tiles market. One of the most compelling factors for this is the increasing demand for aesthetically pleasing ceramic tile furnishing, which also reflects a growing interest in interior decoration as a trend.  With the rise of economies globally, and the corresponding rise of income in households in both developed and emerging economies, housing renovation and maintenance (often as a reflection and/or symbol of lifestyle, culture and status), have increased steadily in the recent past, and are expected to grow further in the foreseeable future.

The Asia-Pacific Region Projected to Grow at the Fastest CAGR

Asia Pacific accounted for the largest share of the ceramic tiles market in 2017. The region is slated to be the fastest-growing market for ceramic tiles during the forecast period. Some of the reasons that can be attributed to the high demand for ceramic tiles in this region are rapid urbanization and growing construction spending. What also helps is that the governments of this region have implemented policies and plans that support the growth of the ceramic tile market. Within the Asia-Pacific region itself,  India is projected to grow at the highest CAGR during the forecast period. expectedMiddle East & Africa markets are likely to follow India with the second-highest CAGR by 2027.

Some of the key players, from around the world, in the business of ceramic tiles, include Siam Cement (Thailand), Mohawk Industries (US), Kajaria Ceramics (India), Grupo Lamosa (Mexico), Nitco Tiles (India),  China Ceramics (China), Ceramica Saloni (Spain), Johnson Tiles (UK), Ceramiche Atlas Concorde (Italy), and Florida Tiles (US).

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