Press release
Ceramic Tiles Market 2024 Analysis and Forecasts and Growths
Ceramic Tiles Market size is set to reach USD 178.16 billion by 2024; according to a new research report by Global Market Insights, Inc.Increasing construction spending globally is the key factor driving global ceramic tiles market share over the forecast timeframe. Asia Pacific, mainly led by China, Japan and India construction business is experiencing robust growth owing to boost industry growth.
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China was the major industry contributor, with construction expenses over USD 1.7 trillion in 2015. Government initiatives towards infrastructure development, rising disposable income and high population density are some of the other factors which are positively influencing construction sector, consequently stimulating ceramic tiles market size.
Robust growth in flooring industry, which is an essential portion of residential and commercial structure including airports, railway stations and hospitals, will boost ceramic tiles market share by 2024. In addition, flooring market size in Europe was roughly 3 billion square meters in 2015.
Key raw materials used in product processing includes silica sand, kaolin, Feldspar and bentonite. In 2015, bentonite clay price was approximately USD 65 per ton. Increasing raw material prices post economic downturn of 2008, will negatively influence ceramic tiles market share over the forecast timeframe. Furthermore, rising demand of these raw materials across various end user industries including thermal & electrical insulation, glass, paints, food packaging and refractories may affect ceramic tiles market price trend.
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Key insights from the report include:
Global ceramic tiles market share should reach USD 178.16 billion by 2024, with estimated gains at over 9.8% CAGR.
In 2015, floor ceramic tiles market share was valued at over USD 39 billion. Enhanced product quality including shock & thermal resistance and high durability compared to hardwood and other flooring material will drive industry growth by 2024.
Ceramic tiles market for wall might witness gains exceeding 9.5% over the forecast timeframe. Wall tiles are sunlight resistant which helps in retaining its color for extended years. Also, these are available in a wide spectrum of colors which makes them desirable in walls. These are widely used in kitchens owing to their easy to clean characteristics.
In 2015, ceramic tiles market size for residential replacement application was valued more than USD 36 billion. Rising remodeling spending to enhance floor & wall appearances will drive growth.
In 2015, North America, mainly led by the U.S, generated revenue above USD 1.4 billion. Inclining remodeling activities laterally with forthcoming construction projects, including both residential and commercial buildings, are the major drivers for regional ceramic tiles market share.
Asia Pacific will experience highest growth at over 10%. Growing construction spending in China, Japan and India will drive regional ceramic tiles market size. Furthermore, drifting trend towards replacing marble floors, metal slabs and paints will further drive regional growth.
In 2015, ceramic tiles market share was fragmented. Siam Cement Group, Mohawk Industries, Lamosa Grupo, Ras Al Khaimah Ceramics and Kajaria Ceramics are significant industry share contributors. Other industry participants are Florida Tile, Crossville, Ceramiche Atlas Concorde S.P.A. and China Ceramics.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Global Market Insights, Inc.
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