The global ceramic tiles market size is expected to reach USD 82.83 billion by 2026 while exhibiting a CAGR of 4.7% between 2010 and 2026. Fortune Business Insights in its latest report, titled “Ceramic Tiles Market Size, Share and Industry Analysis, By Application Area (Floor, Walls, Others), By End-Use (Residential, Non-Residential), and Regional Forecast, 2019-2026.”, observes that growing construction activities and increasing adoption of digitalization in the product across the globe will be the driving factors for the market growth during the forecast period. The report further mentions that the market was worth USD 57.26 billion in 2018.
COVID -19 Impact
The widespread effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies to curb the spread of the novel coronavirus, several industries have been on a standstill with zero operational activities. However, a collective effort from the government as well as the industries is anticipated to bring the economy back on track and aid in resuming industrial activities.
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Ceramic tiles are materials that are adopted widely in construction industries. They are known for their efficient properties such as moisture resistant, low maintenance, and durability. There are several types of tiles such as glazed, porcelain, and unglazed that are used in applications such as decorating wall coverings, kitchens, bathrooms, and countertops, among others. Owing to their glazy protective layer on the surface, they are impervious to stain and water damages and are widely used for decorating the floor of the bathrooms across the globe.
What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect market growth. The report provides insights into the regional analysis that covers the different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves leading companies and adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market between 2019 and 2026. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
DRIVING FACTORS
Increasing Adoption of Digitalization Services to Favor Growth
The introduction of technology is proving to be a game-changing prospect in the construction industry that is anticipated to benefit the ceramic tile-makers at large. For instance, the advancement in digital printing is propelling the manufacturers to introduce new designs and formats that cater to the consumer preference for styling, performance, and sustainability. The digital decorating techniques allow the manufacturers to showcase high-quality ceramic floor tiles that completely resemble natural materials such as marble and wood planks. Therefore, increasing adoption of digitalization is expected to favor the global ceramic tiles market growth during the forecast period.
REGIONAL INSIGHTS
Augmented Growth in Construction Industry across Asia Pacific to Propel the Market
Among all regions, the market in Asia-Pacific is expected to witness significant growth and register high global ceramic tiles market revenue in the forthcoming years. This is attributable to factors such as large production of ceramic tiles owing to the growing construction industry in the region. Europe, on the other hand, is likely to witness steady growth owing to increasing investments in the renovation activities of home spaces in countries such as the UK, Germany, and Italy.
The market in North America was worth USD 4 billion in 2018 and is expected to witness considerable growth during the projected horizon. This is ascribable to factors such as the growing demand for energy-efficient commercial as well as governmental offices in the region.
COMPETITIVE LANDSCAPE
Kajaria Ceramics Launching New Showroom to Propel Demand
In February 2020, Kajaria Ceramics Limited, a leading tile manufacturer, announced its launch of a new tile showroom in Hyderabad, India. The company is aggressively consolidating its position by expanding its facilities and trying to strengthen its distribution channel in the promising Indian marketplace. Adoption of strategies such as product expansion offerings, collaboration, merger and acquisition, and partnership by the companies is anticipated to boost the global ceramic tiles market share during the forecast period.
Browse Summary of this Research:
https://www.fortunebusinessinsights.com/ceramic-tiles-market-102377
