Estimated at USD 227.9 billion in 2018, the global ceramic tiles market size is expected to grow at a 7.0% CAGR between 2018 and 2023, to reach USD 320.1 billion by 2023. Rising investments in the construction sector, coupled with an increasing number of renovation & remodeling activities, are expected to boost the market growth. The rise in demand from emerging economies and the growth of the organized retail sector create growth opportunities for the market.
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The wall segment accounted for a majority of the share of the ceramic tiles market in 2017, in terms of value. Ceramic wall tiles are used predominantly in kitchens and bathrooms; they have been gaining popularity due to their characteristics such as resistance to water, fire, and moisture, cost-effectiveness, and high durability. The demand for ceramic tiles in floors is projected to exhibit the maximum gains from 2018 to 2023; this growth is attributed to its high strength, ease of maintenance, and wide aesthetic design range owing to the integration of new technologies such as digital printing.
The new construction segment led the ceramic tiles market in 2017 and is projected to grow at an above-average CAGR from 2018 to 2023. The factors contributing to the high demand for ceramic tiles in the new construction segment include the cost-effectiveness of ceramic tiles, the aesthetic appeal of these materials, and growth in the trend toward interior decoration.
The residential segment led the market for ceramic tiles, in terms of value, in 2017. Rise in the number of new constructions and housing renovation & remodeling activities and increase in disposable income levels are the key factors propelling the growth of the ceramic tiles market in the residential industry.
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In 2017, the Asia Pacific region was the largest market for ceramic tiles. Rapid industrialization, coupled with an increasing focus on interior decoration, drives the ceramic tiles market in the region. The Middle East & Africa region accounted for the second-largest market share for ceramic tiles in 2017.
The global market for ceramic tiles is expected to witness steady growth during the forecast period. The market in developed countries is growing at a moderate rate, while in developing countries such as China and India is projected to grow at a higher rate from 2018 to 2023. India is expected to grow faster than any other nation; this can be attributed to the rise in population, rise in disposable income, increase in renovation & remodeling activities, and increase in investments in the residential & commercial sectors.
Mohawk Industries (US), China Ceramics (China), Kajaria Ceramics (India), Grupo Lamosa (Mexico), and Siam Cement (Thailand) are the major players in the global ceramic tiles market. These companies have extensive product portfolios and a wide presence across regions.
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