Asia-Pacific Construction to Influence Worldwide Ceramic Tile Market
As ceramic tile plays an important part in both residential and commercial construction, the state of the global construction industry is a good determinant of the overall state of the global ceramic tile industry.
Increasing construction activities across the globe, particularly in developing economies, have provided vast growth opportunities for the global ceramic tile market. According to a recent market research report by Transparency Market Research, the global ceramic tile market is projected to expand at a 9.8% compound annual growth rate (CAGR) from 2016-2024. In terms of value, the market is anticipated to increase from $76.81 billion in 2015 to a possible $178.1 billion by 2024.
Asia-Pacific is the chief manufacturing hub for ceramic tile on a global front. Known to be one of the fastest-growing regions for ceramic tile, Asia-Pacific held nearly 66% of the global market in 2015. A leader in terms of both consumption and manufacturing, Asia-Pacific has become the preferred location for several leading tile manufacturers and vendors.
As ceramic tile plays an important part in both residential and commercial construction, the state of the global construction industry is a good determinant of the overall state of the global ceramic tile industry. In Asia-Pacific, a general increase in construction activities due to rising urbanization, improved gross domestic products, and rising per-capita incomes have propelled demand for a variety of ceramic tile, especially across India and China. Accounting for more than 36% of the global population collectively, these two countries present vast growth opportunities for a market such as ceramic tile.
The floor tile segment presently grosses the largest share of revenue worldwide. While demand for other varieties (e.g., roofing, wall and ceiling tile) has also remained promising in the past few years, the increasing numbers of renovation and new construction activities across airports, transport infrastructures, hospitals, and education institutes are expected to result in a better growth curve for the floor tile segment in the near future. As such, the floor tile segment is expected to remain the top-grossing segment in the global ceramic tile market for the next few years.
Ceramic tile are made from any combination of clays, sand, and a variety of other natural or synthetic materials. The combined strengths of the core materials make ceramic tile extremely suitable for a number of applications in building and construction. Ceramic tile are highly abrasion resistant and perform well for purposes such as covering walls and floors at locations expecting high foot traffic.
Ceramics are also highly durable and resistant to fire, providing longer lifespans when compared to other materials. In addition, tile’s diverse styles can suit any setting, and ease of maintenance, cleaning, and care make ceramic tile an ideal option for a variety of applications in the construction sector.
For more information, visit www.transparencymarketresearch.com.
Growth Expected in ASEAN Ceramics Market
The ASEAN ceramics market is anticipated to reach a market size of $69.08 billion by 2025, according to a recent report available from Research and Markets. (ASEAN nations include Brunei Darusallam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.) The growing construction industry and rising government spending on infrastructural development are expected to have positive impacts on market growth over the forecast period. The rising need for ceramic tile in restaurants, offices, malls and resorts will augment product demand growth over the next eight years.
The traditional ceramics segment is growing due to increasing demand for clay brick, tableware and porcelain tile. Advanced ceramics growth is expected to result from their capability to perform under extreme conditions in industries such as heavy machinery, automotive, energy, cutting tools, and defense. Ceramic tile was the largest product segment for ASEAN ceramics in 2016, accounting for 25.5% of the ASEAN ceramic industry’s revenue.
The number of construction projects is on the rise due to demand for residential infrastructure and building renovations, particularly in rapidly emerging countries such as Indonesia and Malaysia. Visit www.researchandmarkets.com to learn more.
Outdoor Living Trend Spurring Hardscape Boom
Demand for hardscape products in the U.S. is expected to increase 5.6% per year to $3.5 billion in 2021, according to a recent study by The Freedonia Group. Despite slow growth in sales of existing homes, which is an indicator of home remodeling trends (including landscaping), sales of hardscape products such as boulders, edging and pavers will see robust growth through 2021.
Increasing demand will be buoyed by strong growth in new housing construction, which will support new hardscaping installations when homes are first built. In addition, the rising popularity of outdoor living spaces such as patios and outdoor kitchens, which are often constructed using large volumes of hardscaping, will bolster demand. For more information, visit www.freedoniagroup.com.
Green Home Building Continues to Gain Traction
Green construction is rapidly gaining traction among both single- and multi-family home builders, according to the latest in a series of studies conducted by Dodge Data & Analytics in partnership with the National Association of Home Builders (NAHB). At least one-third of single- and multi-family builders that were surveyed said that green building is a significant portion of their overall activity (more than 60% of their portfolio). By 2022, this number should increase to nearly one-half in both the single- and multi-family sectors. Within this group, nearly 30% of multi-family builders fall into the category of “dedicated” green builders (more than 90% of their portfolio). On the single-family side, the percentage of “dedicated” green builders is nearly 20%, but that share is expected to grow sizably by 2022.
“These findings show that green building has become an established part of the residential construction landscape,” said Granger MacDonald, NAHB chairman and a home builder and developer from Kerrville, Texas. “It is no longer a niche business; our members recognize the value of building green and are incorporating these elements into their standard business practices.”
Increasing energy efficiency continues to be the most common method of improving the performance of a green home, followed by creating a healthy indoor living environment. Additional details are available at www.nahb.org or www.construction.com.