Ongoing construction industries coupled with construction spending is expected to drive the growth of ceramic tiles market across the globe
Ceramic Tiles Market: Summary
The Global Ceramic Tiles Market is estimated to reach USD 118.8 Billion by 2024 at a CAGR of 6.8 %.
Ceramic tiles are manufactured typically from white or red clay and are a very popular choice for countertops, floors, and walls across the construction industry. According to the Institution of Civil Engineers (ICE), the global construction industry is expected to reach USD 8 trillion by 2030 which is driven by the construction in countries like U.S., India, and China. The growing construction industry where ceramic tiles find application for flooring and wall decoration is expected to boost the ceramic tiles market, during forecast period. Additionally, urbanization, industrialization and increased disposable income in developing countries are some of the other factors expected to propel the growth of the market. According to the National Association of Home builders, the remodeling index in 2018 was 57. However, the ability to completely transform the space has increased the use of ceramic tiles in renovation activities.
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Ceramic Tiles Market: Drivers & Restraints
Increased in Construction Spending
Ongoing construction industries coupled with construction spending is expected to drive the growth of ceramic tiles market across the globe. According to the United States Census Bureau, the construction spending in the month of September, 2019 was USD 1,301.8 billion. This is attributed to the increase in disposable income and the increasing trend towards renovation activities which is catered by broad ranging patterns, sizes, and textures of products. This factor is expected to propel the ceramic tiles market in the near future.
Around half of the world’s population resides in urban cities and this is expected to increase over the forecasted period. According to World Data, in Nov 2019 more than 4 billion people lived in urban areas globally. This is attributed to some of the factors such as job promises, prosperity, and similar other factors. Growing urbanization has boosted the demand for construction of commercial and residential buildings owing to which the ceramic tiles market is expected to grow during the forecasted period
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Rising Awareness for Green Building Materials
Ceramics tiles find applications in floorings and walls during the construction of buildings. Ceramic tiles are durable but are not renewable and a large amount of energy is required for extraction, installation, and transport. Additionally, the manufacturing of ceramic tiles may contain some emission of Volatile Organic Compounds (VOC) which is likely to affect the environment and human health. However, green building materials offer a lower carbon footprint, which reduces the impact of global warming. However, growing awareness about green building materials may hinder the growth of the ceramic tiles market.
Ceramic Tiles Market: Key Segments
· Key Ceramic Tiles Market Segments by Product Type include: Glazed, Porcelain, and Others
· Key Segments by Application include: Floor, Tiles, and Others
· Key Ceramic Tiles Market Segment by Construction Type include: New Construction, and Renovation
· Key Segments by End Users include: Commercial, and Residential
· Key Regions Covered include: North America, South America, Europe, Asia-Pacific, Middle East & Africa and South America, with individual country-level analysis
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Ceramic Tiles Market: Report Segmentation
For the scope of report, In-depth segmentation is offered by Forencis Research
Ceramic Tiles Market, by Product Type
Ceramic Tiles Market, by Application
Ceramic Tiles Market, by Construction Type
· New Construction
· Ceramic Tiles Market, by End User
Flow Meters Market, by Region
· South Korea
· Rest of Asia-Pacific
· The Netherlands
· Rest of Europe
Middle East and Africa
· Saudi Arabia
· Rest of Middle East & Africa
· Rest of South America
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