The ceramic tiles market size is estimated to grow from USD 227.9 billion in 2018 to USD 320.1 billion by 2023, at a CAGR of 7.03%. The report “Ceramic Tiles Market by Application (Floor, Wall, and Roof), Construction Type (New Construction, and Renovation & Replacement), End-use Sector (Residential, and Non-residential), and Region (North America, Europe, APAC) – Global Forecast to 2023″ The market is projected to witness steady growth in the next few years, due to the rise in new construction activities resulting from rapid industrialization and urbanization. Increase in investments in the construction industry, the rise in population, and growing focus toward interior decoration
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Asia Pacific is estimated to account for the largest share of the market in 2017. The large share of this region can be attributed to the growing construction industry, supportive government policies & plans, and rapid urbanization. Among all countries in the Asia Pacific region, the ceramic tiles market in India is projected to grow at the highest CAGR during the forecast period. The Middle Eastern & African market is projected to be the second-largest market during the forecast period.
The residential segment is projected to be the faster growing segment during the forecast period owing to the growing demand for aesthetic ceramic tiles and growing trend toward interior decoration. Housing renovation and maintenance have increased steadily in the recent past and are expected to further increase in the coming years, owing to the increasing disposable income of the population. All these factors are expected to fuel the demand for ceramic tiles in the residential sector.
Ceramic tiles are used in various construction types such as in new construction and replacement & renovation activities. The new construction segment is projected to dominate the ceramic tiles market, in terms of value, through the forecast period. It is easier and more cost-efficient to install ceramic tiles in new constructions than in replacement & renovation activities.
The growth of the ceramic tiles market is hindered by the volatility in the prices of raw materials. Fluctuations in the prices of raw materials such as silica sand, kaolin, feldspar, and bentonite increase the capital involved in the entire manufacturing process of ceramic tiles. Rising costs and unexpected deviations in raw material prices destabilize the supply chain and render it difficult for manufacturers to sustain in the competitive ceramic tiles market.
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