Rise in urbanization & industrialization in developing nations, surge in spending on home remodeling, and recovery in the construction sector drive the growth of the global ceramic tiles market.
PORTLAND, Ore., Oct. 13, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Ceramic Tiles Market by Type (Glazed Tiles, and Unglazed Tiles), Application (Floor Tiles, and Wall Tiles), Construction Type (New Construction, and Renovation & Replacement), and End User (Residential, and Non-residential): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global ceramic tiles industry generated $343.9 billion in 2020, and is expected to reach $633.5 billion by 2030, witnessing a CAGR of 6.3% from 2021 to 2030.
Prime determinants of growth
Rise in urbanization & industrialization in developing nations, surge in spending on home remodeling, and recovery in the construction sector drive the growth of the global ceramic tiles market. However, variations in raw material prices and prominence of natural stones for flooring hinder the market growth. On the other hand, implementation of advanced digital printing presents new opportunities in the coming years.
Manufacturing activities of ceramic tiles have been hampered due to lockdown measures and unavailability of workforce. In addition, shortage of raw materials occurred due to disruptions in supply chain.
Construction activities have been halted due to lockdown measures implemented by governments of many countries. The halt in activities in the construction sector led to reduced demand for ceramic tiles.
Owing to economic uncertainties, home owners and commercial space owners postponed the plans to renovate and installation new ceramic tiles. This also hampered the overall demand.
The glazed segment to continue its lead in terms of revenue throughout the forecast period
Based on type, the glazed segment contributed to the highest share in 2020, accounting for more than 90% of the global ceramic tiles market, and is estimated to continue its lead in terms of revenue throughout the forecast period. Moreover, this segment is expected to register the highest CAGR of 6.3% from 2021 to 2030. This is due to wide usage for wall and floor covering applications for its high stain resistance features and surge in adoption in luxury commercial, residential, and hospitality projects to enhance the aesthetics of internal spaces. The report also analyzes the unglazed segment.
The residential segment to maintain its leadership status during the forecast period
Based on end user, the residential segment held the highest share in 2020, accounting for nearly three-fourths of the global ceramic tiles market, and is estimated to maintain its leadership status during the forecast period. Moreover, this segment is projected to portray the fastest CAGR of 6.4% from 2021 to 2030. This is due to its cost efficiency of ceramic tiles as compared to the marble, natural wood, and granite and ease in durability, installation, and affordability for the residential sector. The research also discusses the non-residential segment.
Asia-Pacific, followed by Europe and North America, to offer lucrative opportunities
Based on region, Asia-Pacific, followed by Europe and North America, is expected to manifest the fastest CAGR of 6.7% during the forecast period. Moreover, this region accounted for the highest market share in 2020, holding more than half of the global ceramic tiles market, and is projected to continue its dominant share by 2030. This is due to rapid industrial development and urbanization, availability in a wide range of colors and patterns, and demand for residential spaces.
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