Ceramic Tiles Market: Flooring and Construction Market Buildout Writes Future of Ceramic Tiles, By 2024

The global ceramic tiles market has been researched to see the domination of large scale players diluted to a lower degree due to the profuse presence of multitudinous small and medium scale manufacturers. The less developed regions are forecasted to be the choice markets for players to stretch their profitability. This, in turn, coupled with the differing shares of top companies has been prophesied to raise the level of competition in the market. Ranking higher amongst the prominent market players, Mohawk Industries, Inc. held a close to 4.0% individual share in 2015. While the top five companies had secured a total share of only 7.7% share in the same year, other players contributed just over 92.0%.

At a CAGR of 9.8% for the forecast period 2016–2024, the global ceramic tiles market has been projected to register a valuation of over US$178.0 bn by 2024 from US$84.0 bn in 2016. The telling amplification of the flooring market growth could be a primary reason for an US$88.42 bn share of floor tiles by 2024 in the world market. Attractive foreign investments, housing and infrastructure development initiatives by governments, and rising population are likely to lift the Asia Pacific market with a 66.5% share by the same year.

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Construction Boom in Asia Pacific Shapes Growth

Continuing with the growth factors for Asia Pacific mentioned above, the elevating disposable income of consumers has also been anticipated to provide the required boost to the ceramic tiles market in the region. The construction sector has been analyzed to be a single larger end user of ceramic tiles. Hence, the high growth rate of the construction industry in India, China, and the ASEAN countries could be vital for the rise of the Asia Pacific ceramic tiles market. The analysts expect the construction activities in Asia Pacific to soar on account of the surging number of residential construction projects, increasing demand from local customers, and competitive oil prices.

The researchers envisage the stable growth of the flooring market in developed regions such as North America and Europe and larger share of Asia Pacific because of wide industrial base, easy availability of resources, and improved economic conditions to set the tone for the global ceramics market.

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Surge in Raw Material Prices Stunts Demand

The prices of raw materials such as clay and feldspar employed to process ceramic tiles have increased at two instances, i.e. post the 2008 economic crisis and after 2010 when the raw materials extended their application to other end users such as food packaging, refractories, and glass. This has been prognosticated to have an adverse effect on the global ceramic tiles market. Moreover, the emission of carbon dioxide during the manufacture of ceramic tiles could discourage the market growth.

Nonetheless, the GCC countries along with Brazil and Turkey have been envisioned to birth new opportunities in the face of deterrents in the global ceramic tiles market. Past events such as the 2016 Olympic Games and 2014 FIFA World Cup have augmented the reputation of Brazil in the commercial construction industry. New residential activities and residential replacement could be the crucial segments taking precedence in Brazil.

Investors from the Middle East and government support for the construction of Istanbul international financial center, new international airport, and other mega projects are foreseen to raise the bar for growth in Turkey. Likewise, the booming construction industry in the GCC could prove critical for encouraging players in the global ceramic tiles market.

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