Albany, New York, July 16, 2018 (GLOBE NEWSWIRE) -- The global ceramic tiles market depicts the existence of a highly competitive vendor landscape, owing to the presence of innumerable players, says Transparency Market Research on the basis of a recently published report. Moreover, the competition is expected to get tougher with the entry of new players on a regular basis in the market.
Florida Tile, Inc., Saloni Ceramics, Lamosa Grupo, Ras Al Khaimah Ceramics, Siam Cement Group, Mohawk Industries Inc., Kajaria Ceramics, Crossville Inc., Ceramiche Atlas Concorde S.P.A, and China Ceramics Co. Ltd., are key players operating in the global ceramic tiles market
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Most players intend to improve the quality of their respective products as a chief strategy to outshine their rivals. Other schemes wherein an extensive focus has been imparted by most companies involve product differentiation, expansion of product portfolio, and increasing geographical reach. Regulating costs of ceramic tiles to benefit overall construction costs also is a key strategy associated with most businesses present in the global ceramic tiles market.
According to experts from Transparency Market Research, the global ceramic tiles market had gained revenue worth US$99.74 bn in 2017, which is further expected to grow up to US$178.10 bn by the end of 2024. This growth is projected to occur at a fantastic CAGR of 9.90% during the forecast period from 2017 to 2024.
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Boom in the Construction Industry Registers Demand for Quality Ceramic Tiles
The global ceramic tiles market is mainly being driven due to a rapid growth experienced by the construction and manufacturing sectors in various regions from developed as well as developing economies. This is mainly due to a plethora of tiles playing a crucial role in setting up flooring components and other portions of a constructed structure. A strong demand for high-grade ceramic tiles is occurring in recent times owing their characteristics such as high strength, less weight, and less costs. This demand is certainly anticipated to increase in during the forthcoming years mainly, thus providing an impetus to the global ceramic tiles market’s growth.
With ever-increasing population in most regions around the globe, a dire need for more residential and commercial establishments is occurring. A most profound change is visible in Asia Pacific, where countries such as India, China, and Bangladesh are showing rampant population growth. As the number of new construction projects has surged extensively in these regions, a consequent high use of ceramic tiles has stoked the market to depict a wonderful expansion. Similar to the rising population levels, a growing pace of industrialization and urbanization too has been responsible for making the market progress at a healthy pace.
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Shortage of Raw Materials in Certain Regions Hampers Progress
However, the global ceramic tiles market is highly restrained owing to lack of raw materials required to manufacture tile components in underdeveloped and certain developing economies. Due to this reason, procurement of tile parts has become largely difficult, thus discouraging companies from undertaking construction in such regions. In some economies, very low profit margins exist in the production of ceramic tile components. This is mainly due to the required raw materials being highly expensive, and this expense could pass on to the customers in the form of high product costs. However, many businesses are expected to introduce several cost-regulated ceramic tile varieties, thus offsetting most of the restraints affecting the global ceramic tiles market.
The information presented in this review is based on a Transparency Market Research report, titled, “Ceramic Tiles Market (Product - Floor Tiles, Wall Tiles, and Ceiling Tiles and Roofing Tiles; Application - Residential Replacement, Commercial, New Residential, and Industrial) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2024.”
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Key Takeaways
- The global ceramic tiles market is mainly being driven due to a rapid growth experienced by the construction and manufacturing sectors in various regions from developed as well as developing economies.
- The global ceramic tiles market depicts the existence of a highly competitive vendor landscape.
Key Segments of the Global Ceramic Tiles Market
- Ceramic Tiles Market – Product Analysis
- Floor Tiles
- Wall Tiles
- Others (Including Ceiling Tiles, Roofing Tiles, etc.)
- Ceramic Tiles Market – Application Analysis
- Residential Replacement
- Commercial
- New Residential
- Others (Including Industrial, etc.)
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