According to a recent market research report on ceramic tile, the market is highly volatile and influenced by a multitude of factors, including GDP growth and consumer purchasing power, as well as the health of the industrial construction and housing industry. As a reliable, durable, and timeless building material, tile is increasingly becoming an integral part of residential and commercial buildings. Improving economic growth, as mirrored by the steady rise in global GDP, growing consumer confidence, rising construction activity, and building renovation/retrofit activity across the world is driving current growth in the market.
Future growth in the market will be driven by the increasing number of residential apartments in developing countries to accommodate the rising middle class that demand better provisioned housing. Other important growth drivers include the increasing global population, rising standards of living, and rapid urbanization and the resulting need for building infrastructure. Supported by innovative technologies and raw materials, ceramic tile is currently available in beautiful styles, with enhanced features such as versatility, sustainability, and extended life for addressing the diverse requirements of indoor and outdoor spaces. Ongoing trends in the tile market represent a transition toward bold looks, large size formats, green aesthetics, natural wood look, and environmental protection.
Technology advancements poised to benefit market expansion in the near term include lightweight, ultra-thin tile for counters and cabinets; anti-slip and thick tile for uneven outdoor surfaces; tile for efficiently controlling temperature fluctuations; and antibacterial tile for schools, hospitals, public places, and bathrooms. Other technology advancements favoring market adoption include the smart multi-purpose intelligent tile that sense environmental stimulus and react to the same in a reliable, useful, reversible, and reproducible manner; and digital tile printing technology that enables high-definition images to be printed on desired tile permanently in any color and gradient. Digital technology supports the replication of marble, wood, stone, metal, glass, wallpaper, and granite textile images from silk surface to rough canvas. Digital technology also facilitates the creation of ultra-thin large-format tile that reduces unwanted weight, particularly in multi-storied apartments.
The Asia-Pacific region represents the largest and fastest-growing market worldwide, with a projected compound annual growth rate of 9.2% by 2020. Rapid industrialization, healthy gains in GDP growth, large-scale demolition and replacement of old buildings, growing population, surging infrastructure development, expanding urban population, robust construction activity along with increased spending power, and the subsequent rise in demand for residential and commercial property, particularly in regional powerhouses such as China and India, represent important growth drivers in the region.