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Ceramic Tiles Market Size, Latest Trends, Growth Status, Top Major Players And Forecast To 2033
Ceramic Tiles Market Size
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According to The Business Research Company's, The ceramic tiles market size has grown strongly in recent years. It will grow from $114.84 billion in 2023 to $125.1 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to growing demand from the construction industry, increased urbanization, rise in industrialization, rise in demand from the residential sector, consumer preference for low-maintenance surfaces.
The ceramic tiles market size is expected to see strong growth in the next few years. It will grow to $174.44 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to sustainability and eco-friendly practices, rise of smart homes, e-commerce expansion, growing demand from the hospitality sector, rising demand from the transportation sector. Major trends in the forecast period include growing popularity of digital printing technology, wood-look ceramic tiles, large-format tiles, digitalization in customer experience, geometric and patterned tiles.
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Market Drivers and Trends:
The increase in spending on home remodelling is expected to propel the growth of the ceramic tiles market over the coming years. Home remodelling refers to the changes made in designs and renovating the house. Home remodelling increases the demand for ceramic tiles as these are used for renovating and building house requirements mainly for bathrooms and kitchens. For instance, according to the residential remodelling index (RRI) report, in the first quarter of 2021, the spending on residential remodelling increased by 10.8% on a year-over-year (YOY) basis. Therefore, increasing home remodelling drives the growth of ceramic tiles market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Ceramiche Atlas Concorde S. P. A, Cersanit SA, Florim Ceramiche S. P. A, Grupo Lamosa SAB de CV, GranitiFiandre S. p. A., Grupo Fragnani Ltd., Hindustan Tiles Limited, Mohawk Industries Inc., Pamesa Ceramica Sl, Portobello Ceramics SA, Ras Al Khaimah Ceramics PSC, Kajaria Ceramics Limited, Saudi Ceramic Company, PORCELANOSA Grupo A. I. E, Crossville Inc., LIXIL Group Corporation, Madeira Corporate Services S. A., Akdo Intertrade Inc., Alfagres Ceramic SA, American Marazzi Tile Inc., American Olean Company, Ames Bros. Distributors Ltd., Anatolia Capital Corp., ANN SACKS Tile & Stone Inc., Arizona Tile LLC, Atlas Concorde Corporate Company, BlackForest Solutions GmbH, Boardroom Ltd., Boston Scientific Corporation, Castelbianco Srl, Carenza SA, Cerdomus Srl, Clayhaus Ceramics LLC
Ceramic Tiles Market 2024 Key Insights:
• The ceramic tiles market size is expected to see strong growth in the next few years. It will grow to $174.44 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%.
• Residential Remodelling Surge Drives Expansion In The Ceramic Tiles Market
• Rise Of Advanced Digital Printing And Artistic Innovations In The Market
• Asia-Pacific was the largest region in the ceramic tiles market in 2023 and is expected to be the fastest-growing region in the forecast period
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