Global Ceramic Tiles Market is expected to reach USD 125.32 billion by 2020, according to a new study by Grand View Research, Inc. Construction industry growth in BRICS coupled with rising demand for new residential structures in emerging markets of China and India due to urbanization is expected to drive market demand for ceramic tiles over the forecast period. Stringent environment regulations pertaining to carbon emissions caused during the production of ceramic tiles has forced market players to increase their R&D expenditure on eco-friendly products, which is likely to open new market avenues in the near future.
Residential replacement was the largest application, accounting for more than 50% of market volume in 2013. Growing demand for durable material coupled with rising awareness towards personal hygiene is expected to augment ceramic tiles demand in residential replacement over the forecast period.
Global ceramic tiles market volumes by product, 2012-2020 (Million square meters)
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Further key findings from the report suggest:
- Global ceramic tiles market demand was 12,328.3 million square meters in 2013 and is expected to reach 21,822.7 million square meters by 2020, growing at a CAGR of 8.5% from 2014 to 2020.
- Floor tiles were the largest product segment for ceramic tiles market, accounting for over 50% of market volume in 2013. Emergence of floor tiles as a replacement for hardwood and other flooring options on account of superior properties such as high durability, frost & thermal shock resistance is expected to have a positive impact on ceramic tiles market in the near future.
- Asia Pacific was the largest ceramic tiles market, exceeding 60% of global volume in 2013. Government of India and China have increased spending on infrastructure improvement, which is expected to promote the demand for residential and commercial structures and boost ceramic tiles market over the forecast period.
- Emergence of West Africa as a manufacturing hub for ceramic industry on account of growing domestic demand for ceramics in household and building applications in countries such as Nigeria is expected to have a positive impact on market. Low manufacturing cost as compared to countries of North America and Europe has forced numerous ceramic manufacturers to commence production in West Africa. In December 2013, West African Ceramics Ltd. (WACL) announced an investment of over USD 50 million to commence production of ceramic tiles in Nigeria.
- Global ceramic tiles market is fragmented in nature due to presence of numerous companies operating across the world. Key market participants include Crossville Inc., Saloni Ceramica, and China Ceramics.
For more information: http://www.grandviewresearch.com