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.