APAC ceramic tiles market to witness highest gains over 2016-2024, expanding construction sector to drive the regional demand
The tremendous increase in the construction activities across the globe is the prime factor fueling the growth of ceramic tiles market. Owing to the rapid urbanization, the demand and sales of the ceramic tiles is increasing significantly around the world. The global market for ceramic tiles was valued over USD 76.80 billion in 2015 and is poised to reach USD 178.16 billion by 2024, according to a report by Global Market Insights, Inc. As per statistics, China’s construction industry was the largest in the world, with construction expenditure recorded over USD 1.7 trillion. As the construction sector is witnessing a major upswing in Asia Pacific region, the regional ceramic tiles market is likely to grab some colossal takes over the years. Estimates suggest that Ceramic Tiles market will record an annual growth rate of 9.8% over the period of 2016-2024.
U.S Ceramic Tiles Market share, by application, 2013-2024 (USD Million)
Asia Pacific ceramic tiles industry is anticipated to witness highest gains of over 10% CAGR from 2016-2024. Rise in infrastructural spending in the emerging economies including India, South Korea, and Japan will primarily drive ceramic tiles market in the region. Additionally, the growing trends of metal slabs, marble floors, and replacing paints and home decorative products will further propel the product demand in the region.
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The factors like ease of maintenance, good thermal & shock resistance, and durability of ceramic titles is expected to provide a substantial push to this industry. The deployment of ceramics tiles is expected to increase in residential buildings, laboratories, hospitals, and commercial buildings. The residential ceramic tiles industry share was worth USD 36 billion in 2015, owing to the rising renovation and rebuilding projects for enhanced flooring and wall appearance. Moreover, the mounting trend of providing beautiful and eye-catching aesthetic look in shopping malls, airports, offices, etc. has stimulated the commercial applications of ceramic tiles market.
The recent advent of ceramic tiles with stain and germ resistant features is also likely to enhance the market demand of the product. Moreover, the expanding flooring market is poised to provide a notable impetus to the ceramic tiles industry over the coming seven years. As ceramic tiles are one of the most widely used products in flooring application of residential & commercial buildings, the market is ought to exhibit commendable gains in the coming years. The floor ceramic tile market share is anticipated to go up at the fastest rate by 2024, as these can be used as substitutes for marble, paints, and other similar products.
Ceramic wall tiles, being another pivotal product segment, is expected to seize major ceramic tiles industry share. The market is likely to observe gains at over 9.5% CAGR over the period of 2016-2024, owing to its wide preference in kitchen walls. These ceramic walls are available in wide range of colors, designs, and patterns. These walls are also embedded with the properties including resistant to heat and sunlight, and ease of cleaning which has resulted in a larger product demand.
Furthermore, rise in remodeling projects and robust commercial construction projects comprising offices and sports courts in U.S. has significantly propelled the ceramic tiles industry in the region. The North America ceramic tiles market worth over USD 1.4 billion in 2015 is set to showcase remarkable growth prospects in the years ahead.
Some of the renowned players accumulating a major market chunk of the overall market include Mohawk Industries, Lamosa Grupo, Kajaria Ceramics, Siam Cement Group, Florida Tile, Crossville, and China Ceramics.
Author Name :Ojaswita Kutepatil