What Trends will Help the Ceramic Tile Market Top $107 Billion by 2024?
On the geographical front, China is the largest producer, consumer and exporter of ceramic tile.
The global ceramic tile market was worth around $70.9 billion in 2018, representing a CAGR of 9.1% from 2011-2018, according to a recent report by IMARC Group. The market is further projected to cross $107.2 billion by 2024, exhibiting a CAGR of 7.2% from 2019-2024. Compared to their counterparts, ceramic tile are durable, provide substantial resistance to high temperature and can withstand exposure to caustic or acidic chemicals. In addition, due to their lightweight, anti-skid and anti-bacterial properties, these tile are preferred for use in hospitals, hotels, laboratories and pharmaceutical manufacturing facilities, where hygiene is of prime importance.
With consumers seeking stylish and less-expensive flooring options, the demand for ceramic tile has significantly increased over the past few years. Rapid industrialization, rising urbanization rates and inflating per capita income, especially in the emerging economies such as China, India, Brazil and Russia, have resulted in increasing construction in the residential, commercial and industrial sectors, thereby escalating the demand for flooring products like ceramic tile.
On the basis of product type, ceramic floor tile dominate the market, accounting for more than a half of the total market. These tile find applications in the residential and institutional sectors due to their low cost, ease-of-use, and availability in varied shapes and sizes. Ceramic floor tile are followed by wall tile and others.
According to the report, the residential sector represents the leading segment, holding the majority of the global market. Other major segments include commercial applications and replacements. On the geographical front, China is the largest producer, consumer and exporter of ceramic tile, followed by Brazil, India, Vietnam, and Indonesia.
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