Ceramic Tile Market – Overview
The rise in the construction levels around the world has contributed to the development of the building materials sector significantly. Market focused reports associated with the chemicals & materials industry among others of late have been made available by Market Research Future which issues reports on this industry. The market for ceramic tiles is likely to expand with a CAGR of 6.17 percent in the forecast period.
Ceramic tiles have witnessed gradual growth over the years due to their properties which make them cost effective and reliable. The sturdiness of the tiles, as well as the water and stain resistant features, have led to a higher approval rate of the product. Increased preference for usage of ceramic tiles in the interior of various structures has boosted the growth potential of the market. The developing countries are enforcing various reforms and regulations improving their infrastructure growth which is considered as another factor driving the market’s progress positively. Competitors in the market are investing increasingly in product development to make available superior quality products. Factors such as increasing urbanization around the world is expected to motivate expansion of the market through the forecast period further.
The Ceramic Tiles Market is segmented into the raw material, product and application. On the basis of raw material, the market segment comprises of feldspar, bentonite, kaolin, silica sand, and others. The product based segmentation of the market in the ceramic tiles consists of floor ceramic tiles, wall ceramic tiles, and others. Lastly, the application segment of the market can be additionally segmented into residential, commercial and others.
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Detailed Regional Analysis
The Ceramic Tiles Market is segmented through regions such as Europe, Latin America, North America, Asia Pacific and the Middle East & Africa. Between these regions, the Asia Pacific region controls a key share of the market and is projected to be a leading market with a promising CAGR during the forecast period. The quick growth of industries and urbanization is powering the growth of ceramic tiles in the developing countries of the Asia Pacific region. Furthermore, the positive government regulations such as tax benefits and incentives in the region have attracted many industry players to come into the lucrative market of the Asia Pacific region which in turn is fuelling the market progress. Additionally, the existence of populated countries such as China and India have augmented the building & construction industry, which, in turn, is substantially driving the demand for ceramic tiles in the oil and gas industry. Japan, China, and India are the chief consumers of Ceramic Tiles in this region. The North American region is another leading region in the Ceramic Tiles Market. The emergent construction sector in the region is the key factor driving the demand for Ceramic Tiles. Canada and the U.S. are the foremost nations attributing to this development. The European market for ceramic tiles is anticipated to observe a solid growth pace during the forecast years. The rising EU regulation for the control of greenhouse emissions has driven the market to stagnant growth during the forecast years.
Global Competitive Analysis
The escalating interest in diversification within the business has indirectly allowed the businesses to utilize several situations obtainable in the market. Challengers are also investing a certain amount in innovation to provide a certain degree of innovation in the market and expand the avenues for growth especially in the duration of the forecast period. The market trends have also necessitated the need to ensure financial sustainability to invest in growth prospects as and when they arise. Companies are also continually attempting to create financial leverage, to be better positioned to capitalize on market gains. The objective of the firms in the market to grow their shareholder’s value, while enhancing the capability to power their competitive edge has enabled the company’s growth to a great extent. The chances for increasing revenue inflow in the business are expected to multiply through the forecast period.
Mohawk Industries Inc (U.S.)., Kajaria Ceramics (India), Lamosa (Mexico), The Siam Cement Public Company Limited(Thailand), Roca Sanitario, S.A (Spain)., RAK Ceramics (Arab Emirates), Panariagroup Industrie Ceramiche S.p.An (Italy) are a few of the major competitors operating in the Ceramic Tiles Market globally.
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