The global ceramic tiles market is worth in excess of £76 billion, accord to a report from Global Market Insights, and is expected to grow at an annual rate of nearly 10 per cent in the years to 20124. The market size is influenced by increasing construction expenditure across the globe. The construction sector is witnessing escalating growth particularly in the Asia Pacific countries including China, India and Japan. China is the largest industry contributor with construction spending of more than USD 1.7 trillion.
Other market drivers in Asia Pacific include a rise in the disposable income of consumers, rising population, increasing government initiatives for infrastructure development and collaboration with foreign investors.
The growing flooring market will drive the market size in the coming years, since tiles, especially ceramic tiles, are among the most widely used products in flooring applications. In 2015, Europe flooring market size was approximately 3 billion square meters.
Ceramic floor tiles generated revenue of more than USD 39 billion in 2015. This sector is estimated to expand at the fastest rate in the near future owing to upcoming constructional activities across the globe. The superior properties of ceramic floor tiles, such as high durability and good thermal and shock resistance, compared to hardwood, will impact the industry growth in the coming years. Ceramic wall tiles are therefore projected to witness gains more than 9.5% CAGR by 2024. Increasing demand to provide a high quality aesthetic look in commercial buildings such as shopping malls, airports and workplaces will drive the market size for commercial application over the forecast timeframe.
Growth in the key US market is driven by increasing refurbishment, along with building construction including offices, sports courts and other commercial projects. However, stringent government regulations regarding carbon emissions during the production might hamper industry growth by 2024.
Asia Pacific is projected to witness highest gains of around 10%. Increasing construction spending in Japan, India and South Korea will drive the market share in the region. In addition, the drift towards marble floors, replacing paints, metal slabs and other home decorative products with ceramic tiles will further boost regional growth.
High wear resistance, low maintenance, better moisture resistance and good aesthetics are some of the product attributes which will stimulate market growth in construction. However, stringent environmental regulations and increasing raw materials prices may hamper the market size by 2024.
The full Ceramic Tiles Market Report is available from Global Market Insights.