The global ceramic tiles market is prophesied to be privileged with a heightened demand across several regions of the world on account of a noteworthy upturn in construction activities due to rising urbanization. Gulf Cooperation Council (GCC) countries and various other economies such as Brazil and Turkey are anticipated to testify an extensive propulsion in the sale of ceramic tiles. In the next few years, the demand for ceramic tiles could escalate tellingly as a result of consumers gaining more aesthetical consciousness and witnessing an upward thrust in the increase of their disposable income.
Improving at a CAGR of 9.80% between 2016 and 2024, the market is well poised to attain a revenue valuation of US$178.1 bn by the end of 2024. In 2015, a revenue valuation of US$76.81 bn was recorded.
Floor Tiles Make Cut with Myriad of Residential, Commercial, Industrial Applications
According to an expert analysis of the world ceramic tiles market, vendors could cash in on the lucrative business of various products such as roofing tiles, ceiling tiles, wall tiles, and floor tiles. However, amongst these, floor tiles are predicted to receive a strong impetus in their demand throughout the forecast period. Out of the overall consumption volume of ceramic tiles in 2015, floor tiles had secured a dominating share.
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A broad range of flooring applications from residential to commercial and industrial is prognosticated to set the tone for a reliable growth in the world ceramic tiles market. Airports, railway stations, and other transport infrastructures besides educational institutes and hospitals require floor tiles at a consistent rate. As a result, the demand for floor tiles could stay higher in the foreseeable future.
Asia Pacific Clings to Overriding Consumption Rate to Top Market
In the present scenario, Asia Pacific is reported to secure a significant consumption rate for ceramic tiles. In 2015, the region had accounted for a colossal share of 65.6% in the overall ceramic tiles market. Bankable markets such as India, China, and South Korea are expected to draw an enormous demand for ceramic tiles owing to a rapid rise in urbanization leading to increased construction activities. Furthermore, this trend could continue until the next few years.
The construction sector in Asia Pacific could paint a lucrative outlook for the regional ceramic tiles market. A host of market opportunities are projected to take shape in the region as the demand continues to see a rise. Industry players operating in Asia Pacific could leverage the boost in consumption because of the shift in preference from metal slabs, marble floors, and other decorative offerings to ceramic tiles.
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Apart from Asia Pacific, the international ceramic tiles market is forecasted to find North America, Europe, Latin America, and the Middle East and Africa as key geographies to count on. In 2015, Europe had followed Asia Pacific in terms of consumption around the globe. The region is envisaged to benefit from a sudden increase in residential replacement activities. The demand for ceramic tiles in the region could be augmented further as the trend continues to prevail over the course of the forecast period.
The worldwide ceramic tiles market is envisioned to demonstrate a highly fragmented nature in the near future. In 2015, five leading companies, i.e. Lamosa Grupo, Siam Cement Group, Ras Al Khaimah Ceramics, Mohawk Industries Inc., and Kajaria Ceramics, had raised a paltry share of 7.7% in the overall market. Some of the other top manufacturers operating in the market are Saloni Ceramics, China Ceramics Co. Ltd., Ceramiche Atlas Concorde S.P.A, Florida Tile, Inc., and Crossville Inc.