Ceramic tiles market to reach US$ 112.3 Bn 2015-2019
The global ceramic tiles market was valued at US$ 78.7 Bn in 2015 and is expected to grow at a year-over-year rate of 9.2 per cent to reach US$ 86.0 Bn in 2016.
Asia and Europe are the two major markets for ceramic tiles, collectively accounting for 80.6 per cent share of the global market in 2015. Asia Pacific (APAC) is the largest market globally, both in terms of production and consumption.
The demand for ceramic tiles is primarily driven by rising construction activities, economic reforms in developing countries, rapid urbanization, growing per capita income, population expansion and higher disposable income especially, in emerging economies such as China, Brazil and India. However, factors such as environmental restrictions and stringent government regulations pertaining to excessive emission of CO2 during ceramic tiles production can hinder the growth of the market.
By application, residential replacement is the largest segment owing to its myriad uses, such as substitutes for marble, paint and other similar products. The residential replacement segment is anticipated to increase at a year-over-year rate of 9.5 per cent in 2016 to reach US$ 85.9 Bn in revenues.