CLEVELAND, April 5, 2016 /PRNewswire/ -- US demand for decorative tile is forecast to increase 3.5 percent annually to 3.1 billion square feet in 2020, valued at $6.1 billion. Growth in building construction expenditures will drive advances. The residential market is expected to record faster gains than the nonresidential market, bolstered by strong increases in housing completions and continued interest in kitchen and bathroom renovation projects. These and other trends are presented in Decorative Tile, a new study from The Freedonia Group, a Cleveland-based industry research firm.
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Porcelain tile is expected to register the fastest growth in area demand terms through 2020. "Porcelain tiles are durable, slip-resistant, and can be made to resemble such materials as hardwood and natural stone, but at a lower cost than wood or stone tile. Porcelain tile can be installed by homeowners as a relatively inexpensive means of enhancing the appearance and value of their homes", notes analyst Nick Cunningham. The rise in popularity of thin porcelain tile (TPT) will especially bolster demand. TPT's larger size and light weight, as well as performance attributes including resistance to scratches and cracking, make it a popular choice in both residential and commercial markets.
Ceramic tile will continue to account for by far the largest share of decorative tile demand. Ceramic tile remains the most popular type of tile in both residential and nonresidential applications because of its affordability and low maintenance requirements. However, ceramic tile will continue to lose market share going forward to higher value alternatives such as porcelain and stone tile, which are perceived to have superior aesthetic and performance properties.
Flooring is the predominant application for decorative tile, and demand is expected to grow faster than any other application through 2020. In the residential market, gains will be boosted by consumer interest in tile flooring in kitchens, bathrooms, dining rooms, and foyers, both in new housing and in renovation projects. Decorative tile flooring also appeals to construction professionals and building managers in the nonresidential market because of its durability, low maintenance requirements, and slip resistance.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, market share information and profiles of the leading industry players. Reports can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group