SELBYVILLE, Del., Nov. 9, 2021
- Major ceramic tiles market participants include Ras Al Khaimah Ceramics, Mohawk Industries, Group Kajaria Ceramics, Siam Cement, Lamosa Grupo, Florida Tile, Crossville, China Ceramics, and Ceramiche Atlas Concorde.
SELBYVILLE, Del., Nov. 9, 2021 /PRNewswire/ -- The ceramic tiles market demand is expected to surpass USD 130 billion by 2027, as reported in the latest study by Global Market Insights Inc. Ceramic tiles are versatile products that have various applications in different geographies and end-user industries. There are several drivers of market growth around the globe including increasing in construction activities, supported by the growing need for housing in the emerging economies of Asia Pacific and Middle East, rapid urbanization, and rising disposable income, contributing significantly to the market dynamics.
Based on usage, the repair & renovation sector will grow at a CAGR of 5% through 2027. It is primarily driven by rising interest rates and soaring real estate costs. With industrialization in developing countries and the rise of global economies in developed countries, global residential property prices are increasing rapidly in recent years. Residential property prices have increased 60% over the past years.
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Mortgages fluctuate continuously, making the situation volatile for applying for home loans and becoming a challenge for EMI and budget management. People choose to spend on renovating their homes rather than spending huge sums on new homes. Moreover, renovating old homes purchased at their own discretion costs much less than buying a new home; thus, people tend to renovate their old houses according to their choice rather than planning for a new property.
The institutional sector is anticipated to generate a revenue of more than USD 27 billion by 2027, with over 5% gain. The increasing number of sports and healthcare facilities around the world is likely to positively impact the ceramic tile market. Asia Pacific will drive the industry growth for institutional applications. The population growth in the region is driving the demand for institutional infrastructures, such as health facilities, schools, and recreational facilities, in recent years and is poised to occur during the forecast period. The institutional set-up in the region will help the market for ceramic tiles to achieve even stronger growth.
North America ceramic tiles market is projected to witness around 4.3% growth rate through 2027. Ceramic tiles were widely employed in the residential replacement segment. The revival of the building & construction industry is estimated to propel the demand for ceramic tiles in the region during the forecast period. Factors, such as the increasing use of inkjet technology for personalization & customization, renovation & modernization of older structures, and favorable government policies, will propel the market expansion in North America over the forecast timespan.
Some major findings of the ceramic tiles market report include:
Key participants operating in the ceramic tiles market include Crossville, Inc., China Ceramics Co., Ltd., Florida Tile Inc., Mohawk Industries Inc., Siam Cement Group, Saloni Ceramics, and Ras Al Khaimah Ceramics.
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