Strong Growth Projected for Worldwide Ceramic Tile Market——The global ceramic tile market size is set to reach $178.16 billion by 2024.
The global ceramic tile market size is set to reach $178.16 billion by 2024, with anestimated compound annual growth rate (CAGR) of over 9.8%, according to arecent research report from Global Market Insights, Inc. Increasingconstruction spending globally is the key factor driving the global ceramictile market share from 2013-2024. Asia-Pacific, mainly led by the constructionmarket in China, Japan, and India, is experiencing robust growth due toincreasing industry growth. Asia-Pacific will experience the highest growth atover 10%. China was the major industry contributor, with construction expensesover $1.7 trillion in 2015. Government initiatives toward infrastructuredevelopment, rising disposable income, and high population density are some ofthe other factors that are positively influencing the construction sector, andtherefore stimulating the ceramic tile market.
In 2015, theceramic tile market for residential replacement application was valued at morethan $36 billion. Rising remodeling spending to enhance floor and wallappearances will drive growth. In 2015, North America, mainly led by the U.S.,generated revenue above $1.4 billion. Inclining remodeling activities laterallywith forthcoming construction projects, including both residential andcommercial buildings, are the major drivers for the regional ceramic tilemarket share.
In 2015, the marketshare for floor ceramic tile was valued at over $39 billion. Robust growth inthe flooring industry, which is an essential portion of residential andcommercial structures such as airports, railway stations and hospitals, willboost ceramic tile market share by 2024. Enhanced product quality, includingshock and thermal resistance and high durability compared to hardwood and otherflooring materials, will drive industry growth by 2024.
The ceramic tilemarket for wall applications might witness gains exceeding 9.5% over theforecast timeframe. Wall tile are sunlight resistant, which helps in retainingcolor for extended periods of time. Also, tile are available in a wide spectrumof colors, making them desirable for wall applications. Tile are also widelyused in kitchens due to their easy maintenance.
Key raw materialsused in product processing include silica sand, kaolin,feldspar and bentonite. In 2015, the price of bentonite clay was approximately$65 per ton. Increasing raw material prices after the economic downturn of 2008may negatively influence ceramic tile market share over the forecast timeframe.In addition, rising demand for these raw materials across various end userindustries, including thermal and electrical insulation, glass, paints, foodpackaging, and refractories, may affect ceramic tile market price trends.
Sanitaryware and ceramictile processing (e.g., machining operations, drying, firing) result in dustformation, greenhouse gas (GHG) emissions, and the formation of particulatematter. This may further hamper industry growth due to stringent environmentalregulations.
For moreinformation, visit www.gminsights.com.