The presence of a plethora of players competing against one another is what renders the global ceramic tiles market increasingly competitive, finds Transparency Market Research (TMR). In the coming years, the market is expected to witness constant entry of new players, which is likely to up the ante for incumbent ones. A growing number of ceramic tiles manufactures are mainly focusing on developing high-quality products with unique designs to attract end users, in a bid to gain a better hold over the ceramic tiles market.
Several emerging and established players in the ceramic tiles market are aiming primarily at the strategies of differentiating their products and expanding the product portfolio, in order to gain a competitive edge over their peers and rivals. TMR observes that numerous manufacturers of ceramic tiles are also engaged in consolidating their reach to new geographic regions. A growing number of companies in the ceramic tiles consider it beneficial to curtail the overall cost of manufacturing to achieve economies of scale.
Some of the top players in the global ceramic tiles market are Crossville Inc., Siam Cement Group, Lamosa Grupo, Kajaria Ceramics, and Florida Tile, Inc.
The global ceramic tiles market stood at US$99.74 billion in 2017 and is forecast to reach a revenue of US$178.10 billion by the end of 2024. During the assessment period of 2017-2024, the global ceramic tiles market is projected to rise at a robust CAGR of 9.90%.
Among the various product types in the ceramic tiles market, floor tiles held the major share in 2017. This is driven by burgeoning demand for ceramic tiles in flooring applications in residential and commercial buildings. The rapid rise in infrastructural activities is also boosting the demand for the segment.
Of the various regional markets for ceramic tiles, Asia Pacific held the sway as it contributed a share of 65.6% in 2017. The growth is attributed to the swift pace of urbanization across the region and the rapid strides taken by the construction sector.
Burgeoning Demand for High-Grade and Easy Maintenance Ceramic Tiles to boost Market
The growth of the global ceramic tiles market primarily hinges on the rising construction and building activities in various parts of the world, especially in developing countries. The growth is increasingly bolstered by the rising demand of ceramic tiles in high-end flooring applications, notably for housing constructions in emerging and developed regions. The growing focus of builders and architects on better aesthetics as well as functionality of tiles is propelling the demand for high-grade ceramic tiles that are potentially water- and stain-resistant. Moreover, the easy maintenance allowed by these ceramic tiles enhance their attractiveness among end users, thus boosting the ceramic tiles market. The advent of a wide array of ceramic tiles to choose from is a key factor fueling the expansion the steady expansion of the ceramic tiles market.
The rapid pace of urbanization has spurred construction activities in the residential and commercial sectors, thereby catalyzing the demand for ceramic tiles. This is notably being observed in emerging economies of Asia Pacific where the ceramic tiles market is expected to witness promising prospects. The rapid strides made by the construction sector is supported by rising government initiatives to boost infrastructural developments. The growing proclivity of end users on home décor is a significant trend boosting the ceramic tiles market.
Manufacturers focus on Regulating Cost of Production to earn Higher Revenue
However, the paucity of raw materials is a crucial factor that has dissuaded manufacturers of ceramic tiles in certain regions, thus acting as bottleneck in the steady expansion of the ceramic tiles market. The alarmingly low profit margin made by manufacturers in less developed regions with price-sensitive consumers is also impeding the growth of the ceramic tiles market.
Nevertheless, several manufacturers in the ceramic tiles market are focusing on regulating the overall cost of producing tiles, in order to overcome some of these constraints. Top players in emerging markets are also employing high-end technology to produce ceramic tiles with better designs and aesthetic properties, thus creating promising prospects on the ceramic tiles market.
The study presented here is based on a report by Transparency Market Research (TMR) titled "Ceramic Tiles Market (Product - Floor Tiles, Wall Tiles, Ceiling Tiles, and Roofing Tiles; Application - Residential Replacement, Commercial, New Residential, and Industrial) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017-2024".
Global Ceramic Tiles Market is segmented based on:
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