Ceramic Tile Market Worth 320 Billion by 2023
Pune, India -- The ceramic tile market is projected to reach $320.06 billion by 2023, according to a recent study by MarketsandMarkets. The Ceramic Tiles Market size is estimated to grow from $227.89 billion in 2018 to $320.07 billion by 2023, at a compound annual growth rate (CAGR) of 7.03%. 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 will also boost growth.
The floor segment is projected to be the fastest-growing segment during the forecast period. Due to its high durability, water-resistance, low maintenance, and reliability, ceramic tile has become the top flooring solution for high traffic areas such as shopping malls and corporate centers. Ceramic tile offers cost advantages in terms of price as compared to other premium flooring materials, owing to its minimal maintenance requirements and high durability. Such factors contribute toward its increased application in the corporate, hospitality, healthcare, and other commercial sectors.
The residential segment dominated the market in 2017, and this trend is projected to continue through 2023 as a result of the demand for aesthetic ceramic tiles and growing trend toward interior decorating. 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 tile in the residential sector.
Asia Pacific is projected to be the fastest-growing market for ceramic tile during the forecast period. The growth in the region can be attributed to the growing construction industry, supportive government policies and plans, and rapid urbanization. Among all countries in the Asia Pacific region, India is projected to grow at the highest CAGR during the forecast period. The Middle Eastern and African market is projected to grow at the second-highest CAGR between 2018 and 2023.
Key players operating in the ceramic tiles market include Mohawk Industries (U.S.), Siam Cement (Thailand), Kajaria Ceramics (India), Nitco Tiles (India), Grupo Lamosa,(Mexico), China Ceramics (China), Johnson Tiles (UK), Ceramica Saloni, (Spain), Florida Tile (U.S.), and Ceramiche Atlas Concorde (Italy). These players have an extensive product portfolio and a wide geographical presence. New product launches, expansions, mergers and acquisitions, and partnerships are some of the major strategies adopted by key players operating in the market.
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