Strong Growth Projected for Worldwide Ceramic Tile Market
The global ceramic tile market size is set to reach $178.16 billion by 2024.
The global ceramic tile market size is set to reach $178.16 billion by 2024, with an estimated compound annual growth rate (CAGR) of over 9.8%, according to a recent research report from Global Market Insights, Inc. Increasing construction spending globally is the key factor driving the global ceramic tile market share from 2013-2024. Asia-Pacific, mainly led by the construction market in China, Japan, and India, is experiencing robust growth due to increasing industry growth. Asia-Pacific will experience the highest growth at over 10%. China was the major industry contributor, with construction expenses over $1.7 trillion in 2015. Government initiatives toward infrastructure development, rising disposable income, and high population density are some of the other factors that are positively influencing the construction sector, and therefore stimulating the ceramic tile market.
In 2015, the ceramic tile market for residential replacement application was valued at more than $36 billion. Rising remodeling spending to enhance floor and wall appearances will drive growth. In 2015, North America, mainly led by the U.S., generated revenue above $1.4 billion. Inclining remodeling activities laterally with forthcoming construction projects, including both residential and commercial buildings, are the major drivers for the regional ceramic tile market share.
In 2015, the market share for floor ceramic tile was valued at over $39 billion. Robust growth in the flooring industry, which is an essential portion of residential and commercial structures such as airports, railway stations and hospitals, will boost ceramic tile market share by 2024. Enhanced product quality, including shock and thermal resistance and high durability compared to hardwood and other flooring materials, will drive industry growth by 2024.
The ceramic tile market for wall applications might witness gains exceeding 9.5% over the forecast timeframe. Wall tile are sunlight resistant, which helps in retaining color for extended periods of time. Also, tile are available in a wide spectrum of colors, making them desirable for wall applications. Tile are also widely used in kitchens due to their easy maintenance.
Key raw materials used in product processing include silica sand, kaolin, feldspar and bentonite. In 2015, the price of bentonite clay was approximately $65 per ton. Increasing raw material prices after the economic downturn of 2008 may negatively influence ceramic tile market share over the forecast timeframe. In addition, rising demand for these raw materials across various end user industries, including thermal and electrical insulation, glass, paints, food packaging, and refractories, may affect ceramic tile market price trends.
Sanitaryware and ceramic tile processing (e.g., machining operations, drying, firing) result in dust formation, greenhouse gas (GHG) emissions, and the formation of particulate matter. This may further hamper industry growth due to stringent environmental regulations.
For more information, visit www.gminsights.com.