Ceramic tiles market to see 9.59% CAGR driven by residential construction industry to 2020
The global ceramic tiles market report says owing to the increase in demand, ceramic tile manufacturers are investing heavily in new product development and new technology is being applied to make customized designs and add antibacterial properties. The analysts forecast global ceramic tiles market to grow at a CAGR of 9.59% during the period 2016-2020. The growing investment in the residential sector worldwide is providing an impetus to the global ceramic tiles market.
Ceramic tiles are inorganic, non-metallic materials that are made by the infusion of intense heat on materials such as clay, alumina, silicon carbide, and tungsten carbide. The increasing construction activity across the globe is a major factor that propels growth in ceramic tiles market and results in its impressive market value of more than USD 136 billion by 2020.
Eminent factors like the durability and ease of maintenance of ceramic tiles are gaining popularity as they aid in driving ceramic tiles market growth during the forecast period. The demand for ceramic tiles is expected to increase in hospitals, laboratories, and residential buildings as they are inexpensive and highly durable. Additionally, the advent of stain and germ resistant titles is expected to incite market growth as they are more healthy and affordable when compared to regular paints.
Global ceramic tiles market research analyst estimates the floor tiles segment to be the largest market segment during the forecast period. The availability of ceramic floor tiles in different designs and colors is a significant factor that augments its adoption during the forecast period and results in its impressive market share of nearly 60% by 2020.
In this market research report, analysts estimate the APAC region to account for the largest market share during the forecast period. Large-scale spending by the government and private sector companies in the construction industry is a critical factor that fosters market growth in this region during the forecast period.
Leading vendors analyzed in ceramic tiles market are Grespania, Iris Ceramica, Johnson Tiles, Koninklijke Mosa, Kajaria Tile, Nitco, and RAK Ceramics. Other prominent vendors are Al Anwar Ceramic, Asian Granito India, China Ceramic Co. Ltd, Dongpeng, Foshan Royawa Ceramic Co. Ltd, Grannitto Al Khaleej, Kano Ceramic Tiles, Majorca, Marca Corona, Orient Bell Ceramics, Overland Ceramics, and Saudi Ceramic.
Further, the report states that, it has been estimated that energy consumption during the manufacturing process itself accounts for over 30% of the total manufacturing cost of ceramic tiles globally. Thus hindering the growth of the ceramic tiles market