ALBANY, New York, March 12, 2019 /PRNewswire/ -- The global ceramic tiles market comprises various local and global players. The global market is extremely fragmented and competitive says Transparency Market Research (TMR) in a report. The global ceramic tiles market share is equally divided among various key players. A handful of substantial players lead the global ceramic tiles market to provide quality products to end-users. The leading firms operating in the global ceramic tiles market are Ras Al Khaimah (RAK) Ceramics, Mohawk Industries, Inc., Grupo Lamosa, Siam Cement Group, and Kajaria Ceramics.
As said in the report of TMR, the global ceramic tiles market was estimated at US$81.58 bn in 2017 and is projected to register US$ 185.71 bn before the finish of 2026, stretching out at a steady CAGR of 9.7% in the duration of 2018 and 2026. Geographically, Asia Pacific is projected to lead the global ceramic tiles market in the forthcoming years. The global market is expected to rise at a valuable CAGR of 9.7% in the upcoming years. Sales revenue of the global ceramic tiles market in Asia Pacific is expected to develop at a substantial rate.
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Based on application section, the global ceramic tiles market is divided into industrial, commercial, residential replacement, and new residential. Among these, residential replacement and new residential segments are collectively estimated to gain a large share in the market. Residential replacement is leading the ceramic tiles market in terms of demand in the global ceramic tiles market. Owing to the expected replacement of glass, stone, marble, and granite used in the construction of residences using ceramic tiles is driving the global market. Hence, due to the rise growth rate and the substantial revenue created by the construction and building sectors. The section is projected to remain stable and provide noteworthy return on investment for the players.
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Rising Demand for Maintenance and Repair to Have Positive Impact on Market
Rising urbanization, demand for maintenance and repairs, higher per capita income, economy, and factor are driving the global ceramic tiles market. Also, rising demand of better structural reliability, aesthetics, and sustainability without a substantial surge in cost is projected to generate major opportunities in the global ceramic tiles market. Growth residential replacement section is also projected to boosts the market.
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The development of the global ceramic tiles market can be due to the rising consumption of laboratories, hospitals, and residential buildings, attributable to their low price and durability. The growing urbanization and industrialization in the developing economies globally is projected to drive the global ceramic tiles market in the forthcoming years. The global market is projected to rise at an impressive CAGR in the upcoming years. Besides this, growing investments in the infrastructural development worldwide is estimated to have a positive effect on the growth of the global ceramic tiles market. Furthermore, high durability and low maintenance are major factors driving the global ceramic tiles market growth.
Carbon Emission during Production Hindering the Global Market
Moreover, the barrier to water and dust is estimated to fuel the leading market players to take benefit from the underlying prospects in this market. However, governmental guidelines apply to the carbon emissions in the manufacturing of ceramic tiles hinder the global ceramic tiles market growth. This has enforced stakeholders to look out for new eco-friendly manufacturing processes.
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This review is based on Transparency Market Research's report, titled "Ceramic Tiles Market (Product - Floor Tiles, Wall Tiles; Application - Residential Replacement, Commercial, New Residential, Industrial) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026."
The global ceramic tiles market has been segmented as follows:
- Floor Tiles
- Wall Tiles
- Ceiling Tiles
- Roofing Tiles
- Countertop Tiles
- Residential Replacement
- New Residential
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