The ceramic tiles market is expected to grow with a CAGR of 7% 2018
NEW YORK, Feb. 20, 2020 /PRNewswire/ --
Market Overview
The ceramic tiles market is expected to grow with a CAGR of 7% 2018-2024.
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- Increasing construction spending is the key factor in driving the ceramic tiles market globally.
- China, Japan, and India construction business are experiencing robust growth owing to the growth in the Asia-Pacific and global market. Rising disposable income and high population, along with other factors are positively influencing the construction sector, which in turn, is driving the ceramic tiles market.
- Vendors make use of the advancements in digital printing technology, in order to provide ceramic tiles with a wide range of design aesthetics.
- The ceramics tiles market accounts for about 80% of the non-resilient flooring market.
- However, governmental regulations pertaining to the carbon emissions in the production of ceramic tiles hamper market growth.
- Ceramic tiles are widely applicable in residential and commercial buildings, owing to their durability and crack resistant nature. Moreover, the protective coatings on ceramic tiles offer high water resistance, stain protection, and cleanup for the tile surface.
Scope of the Report
A complete background analysis of the market studied, which includes an assessment of the parental market, emerging trends by segments and regional markets, significant changes in market dynamics and market overview is covered in the report. The report also features the qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry's value chain.
Key Market Trends
Global Consumption of Ceramic Tiles
- The usage of ceramic tiles is consistently increasing against the backdrop of the post-crisis recovery of the global economy and the growth of the construction sector in the Asia-Pacific. The market had experienced a slight fluctuation, remaining stable on the whole. As a result, the usage of ceramic tiles has experienced a significant increase over recent years.
- Asia-Pacific dominated the consumption of ceramic tile in 2017, accounting for the major percentage of the global market. Asia-Pacific's leadership is due to high construction volumes amid strong economic growth and a large population.
- Ceramic tiles are extensively used in new residential as well as in home improvement activities. Furthermore, ceramic tiles are used in commercial applications, such as malls, shopping centers, work, and office spaces.
Asia-Pacific Region is Anticipated to Grow at the Highest Rate
Asia-Pacific accounts for the largest market share and is expected to dominate the global ceramic tiles market throughout the forecast period. As stated, rapid industrialization and urbanization along with cost benefits are the prime reasons for the growth of ceramic tiles market in Asia-Pacific region. In terms of volume, China and India dominate the global ceramic tiles market. Also, the fact that encouraging government regulations and frameworks such as tax benefits and incentives have attracted many vital players to increase operation in Asia- Pacific. China and India as the most populated countries have given rise to more building and construction industry. This provides an impetus to the market for ceramic tiles in the region. Fast developing countries such as India, China, Japan, Indonesia, and Vietnam play a vital role in the ceramic tiles market in the Asia Pacific region.
Competitive Landscape
The report covers major international players operating in the market studied. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
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