Ceramic Tiles Market Estimated to Reach US$ 178.16 Bn by 2024

Transparency Market Research has published a new report titled “Ceramic Tiles Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.” According to the report, the global ceramic tiles market was valued at US$ 76.81 Bn in 2015 and is anticipated to reach US$ 178.16 Bn by 2024, expanding at a CAGR of 9.8% between 2016 and 2024.

Swift growth of the building & construction industry in Asia Pacific is the key driver of the global ceramic tiles market. Rise in population and increase in disposable income are some of the major socio-economic factors responsible for the development of the building & construction industry in the region. This, in turn, is expected to drive the demand for ceramic tiles in the near future. Residential replacement, commercial, and new residential are the major application segments of the global ceramic tiles market.

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In terms of demand, Asia Pacific constituted the largest share of the global ceramic tiles market in 2015. Growth of key application segments of ceramic tiles such as residential replacement and new residential in countries in Asia Pacific, primarily China, India, Thailand, Vietnam, and Malaysia, is projected to boost the demand for ceramic tiles during the forecast period. Growth of the global flooring market is another significant driver of the ceramic tiles market. Rising demand for large sized floor tiles coupled with availability at low cost as compared to other floor coverings are some of the key reasons propelling the ceramic tiles market. However, increase in prices of raw materials such as feldspar, silica sand, bentonite, and kaolin along with enactment of strict governmental regulations on carbon dioxide emissions in developed regions is likely to restrain the market during the forecast period.

Floor tiles and wall tiles are the major product segments of the global ceramic tiles market. Other segments of the market include countertop tiles, roofing tiles, and ceiling tiles. In terms of demand, the floor tiles segment accounted for approximately 50% share in the global ceramic tiles market in 2015. Furthermore, this segment is expected to witness the fastest growth during the forecast period, owing to the rising usage of floor tiles in new residential activities in developing countries.. Residential replacement application segment constituted the largest share of the global ceramic tiles market in 2015, due to recovering construction industry in developed nations such as the U.S.

Asia Pacific is likely to remain the largest consumer of ceramic tiles during the forecast period, while other regions such as Middle East & Africa are estimated to provide favorable market opportunities. The ceramic tiles market in Middle East & Africa is projected to expand significantly due to the ongoing development of mega residential townships in key countries in the region. Growth of the ceramic tiles market is estimated to be steady in North America due to the revival of the construction industry in the region. Europe is estimated to depict a similar scenario by 2024, led by industrialization in countries in eastern and central Europe such as Russia and Turkey. The ceramic tiles market in Latin America is likely to expand steadily due to the growth of the commercial construction sub-sector.

Some of the major players operating in the ceramic tiles market include Ras Al Khaimah Ceramics, Siam Cement Group, Grupo Lamosa SAB de CV, Kajaria Ceramics, Mohawk Industries Inc., China Ceramics Co., Ltd., and Ceramiche Atlas Concorde S.P.A, Crossville Inc., Florida Tile Inc., Porcelanosa Grupo, Saloni Ceramica, and Gruppo Ceramiche Ricchetti S.p.A.

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