Global Ceramic Tiles Market: Overview
Ceramic tiles market continues to raise to new heights, as demand for this cost-effective and fashionable variety of tiles remains an all-time high both in residential and commercial infrastructure. The rising demand for durability, versatility, and stylish nature of these styles remains a key driving factor behind its growth in residential complexes. Moreover, the demand for its resilient body also makes it an attractive tile for application such as construction of swimming pools, partitions, walls, and roofs. The tiles also remain a promising prospect across residential entities like complexes, apartments, bungalows, while remaining popular in commercial complexes, like malls, offices, and entities like hospitals as well.
According to a recent TMR poll, the market will likely witness robust growth during 2018-2026, and reach a valuation of US$ 185.71 bn by 2026-end. Moreover, the market will rise from a period of slump due to the recent economic slowdown; hence the growth is likely to exhibit a high CAGR touching nearly 9% over the forecast period, rising from nearly $81.50 bn. The growth in commercial, residential, and industrial sector will remain most promising
Rising Investments in Public Infrastructure to Open Major Opportunities
Among various products in the market, the demand for floor tiles remains most promising as growing investments in airports, ports, and other transport hubs in emerging countries are expected to drive demand for this segement. Countries like India have announced an investment of over $5 trillion in the public infrastructure construction over the next five years, which is expected to be a major boost for the ceramic tiles market.
Among regions, despite tremendous public initiative in emerging countries, North America region will likely dominate growth in near future. The growing demand for outdoor applications, and lagging behind improvements in infrastructure like dams is expected to result in major infrastructure developments in the region. Moreover, countries like China are expected to drive Asia Pacific, with signature projects such as Belt and Road initiative.
Floor Tiles Promise Remain Most Promising as Demand Diversifies in the Residential Sector
Rising awareness of contruction materials, and its effects on the life of residents continues to drive new varieties of environmentally-friendly, and vibrant changes in ceramic tiles among floor tiles products. the market has witnessed emergence of several new varieties in recent years including porcelain, and the earthenware. These varieties promise significant improvements for the residential segment, thanks to their improved protection against odours, bacteria, allergens, and resistance to stains. These varieties are dried, and shaped at higher temperature, which improves their resistance, and makes them ideally suited for the residential segment. Additionally, these attractive varieties have also remained a hit among end-consumers, which continues to attract higher prices despite their cost-effective nature. The rising innovation in ceramic tiles, varieties in porcelain, and growing demand for environmental friendly varieties will drive growth for the ceramic tiles market in the near future.