Multiple Factors Driving Demand for Worldwide Ceramic Tile Market
The ceramic tile market is expected to reach $125.32 billion by 2020, according to recent study by Radiant Insights, Inc. Global demand was 12.3 billion square meters in 2013 and is expected to reach 21.8 billion square meters by 2020, growing at a compound annual growth rate (CAGR) of 8.5% from 2014 to 2020.
Floor tile was the largest product segment for the ceramic tile market, accounting for over 50% of market volume in 2013. The emergence of floor tile as a replacement for hardwood and other flooring options, which is the result of tile’s superior properties such as high durability and frost and thermal shock resistance, is expected to have a positive impact on the ceramic tile market in the near future.
Residential replacement was the largest application, accounting for more than 50% of market volume in 2013. Growing demand for durable material, coupled with a rising awareness regarding personal hygiene, is expected to augment ceramic tile demand in residential replacement over the forecast period.
Construction industry growth in BRICS, coupled with rising demand for new residential structures in the emerging markets of China and India due to urbanization, is expected to drive market demand for ceramic tile over the forecast period. Asia-Pacific was the largest ceramic tile market, exceeding 60% of global volume in 2013. The governments of India and China have increased spending on infrastructure improvement, which is expected to promote the demand for residential and commercial structures and boost the ceramic tile market over the forecast period.
The emergence of West Africa as a manufacturing hub for the ceramic industry, which is a result ofa growing domestic demand for ceramics in household and building applications in countries such as Nigeria, is expected to have a positive impact on the market. Low manufacturing costs, compared to countries in North America and Europe, have forced numerous ceramic manufacturers to commence production in West Africa. In December 2013, West African Ceramics Ltd. announced an investment of over $50 million to commence production of ceramic tile in Nigeria.
Stringent environmental regulations pertaining to carbon emissions that result during the production of ceramic tile have forced market players to increase their R&D expenditure on eco-friendly products, which is likely to open new market avenues in the near future.
For more information, visit www.radiantinsights.com.