Increasing Focus on Sanitation to Propel Indian Tile and Sanitaryware Market
The tile and sanitaryware market in India is projected to grow at a CAGR of around 10% from 2018-2023 to reach a value of nearly $10.5 billion by 2023.
The Indian tile, sanitaryware and bathroom fittings market was worth $5.9 billion in 2017, according to a report from Imarc. The market is projected to grow at a CAGR of around 10% from 2018-2023 to reach a value of nearly $10.5 billion by 2023. With sustained public and private measures in recent years, coupled with improving standards of living, the level of sanitation in India has increased considerably. These measures have created a huge market for products used in the construction of public sanitation facilities, as well as domestic bathrooms.
Over the past few years, bathrooms incorporating functionality along with convenience have started to reflect people’s lifestyles. In order to enhance the appearance of bathrooms, demand for tile, sanitaryware and bathroom fittings has proliferated across India. These products are also undergoing rapid transformation due to numerous innovations. For example, motion sensors are being incorporated in taps, flushes and toilets to assist in making bathrooms hygienic and hassle-free.
Due to an increase in the popularity of concept washrooms, some manufacturers are using a one-stop shop solution for the sanitaryware and fittings requirements. In addition, as in-store experiences have acquired tremendous importance, manufacturers are establishing experience centers where customers can see a virtual version of the bathroom after it undergoes a complete renovation. The growing number of these experience centers is enticing consumers to invest in premium products for bathrooms, therefore strengthening the growth of the Indian tile, sanitaryware and bathroom fittings market.
The introduction of nanotechnology has revolutionized the market, as it helps in enhancing the shelf life of tile and making them resistant toward dirt and bacteria. Currently, these tile are gaining traction in areas such as clinics, hospitals, laboratories and food processing plants, where hygiene plays an important role. In addition, they are becoming a style statement for consumers.
The real estate sector in India is undergoing a phase of revival after witnessing a slump in recent years. This revival is catalyzed by improved buyer sentiment, restricted new launches, improving sales, declining unsold units and consolidation in the Indian real estate sector. Moreover, macro factors such as increasing urbanization, nuclear family concept, low per-capita consumption, rising disposable incomes, and government initiatives (e.g., housing for all, smart cities, improvement of sanitation) are further expected to drive the market.
Additional details are available at www.imarcgroup.com.