May 13, 2020
Delays in Construction Projects amid COVID-19 Crisis to Halt Ceramic Tiles Market Growth in Near Term, Projects Fact.MR
by Team Fact.MR
The global ceramic tiles market is anticipated to reach a valuation of over US$ 230 billion, with growth pegged at a stellar 8.5%. There has been a substantial increase in residential building spending over the past few years, prompting the market for ceramic tiles around the globe to expand. Presently, manufacturers are concentrating more on producing ceramic tiles for residential purposes. To meet the growing requirement for housing, governments are providing low-investment homes that are tied in over the forecast period to support industry growth. In addition, the increase in consumer preference for the use of ceramic tiles in households is also a key factor which is anticipated to drive demand.
Presently, the global ceramic tiles market is witnessing a downturn, at a time when people around the world are resorting to social isolation and working to reduce discretionary spending in the midst of the COVID-19 pandemic. Unlike other sectors like retail, financial services and manufacturing, the construction sector requires a physical workforce, both skilled and unskilled in concentrated circles. That said, the situation is changing and many countries have now ordered all non-essential undertakings to be suspended, which would include most construction projects. In certain nations, there have also been clear orders requiring construction sites to be closed or allowing contractors to suspend work until the pandemic subsides.
Key Takeaways of Ceramic Tiles Market Study:
- Asia Pacific presently dominates the global ceramic tiles market, acquiring a market share of over 60%. Such growth can be attributed to the extensive use of ceramic tiles in residential and commercial purposes in China and India.
- The demand for ceramic tiles is expected to grow at a CAGR of over 9.5% in Latin America over the forecast period due to increased demand from single-family dwellings in the region.
- The residential segment presently dominates the global market with a share of over 60% with the non-residential segment is anticipated to grow at a CAGR of over 7.5%
- The flooring ceramic tiles segment is expected to dominate the global ceramic tiles market with a market share of over 45%. The walls ceramic tiles market segment is expected to grow at a robust pace with a CAGR of 9% over the forecast period
“The ceramic tiles manufacturing industry is experiencing an upward trend with the incorporation of digital inkjet printing technology for tile decoration. Furthermore, major developments in print head design and ink formulation are expected to further enhance market penetration over the forecast period”, says the Fact.MR analyst.
Highly Fragmented Market Structure with Players Relying on Product Improvement
The global market for ceramic tiles is a highly fragmented one, with the presence of a large number of local and regional players. Tier-1 players within the ceramic tiles market hold a market share of over 15%, accumulating a revenue of above US$ 50 Mn. Players are concentrating on making ceramic tiles in a technically advanced and environmentally friendly way.
Market leaders use innovative technologies to build products and to deliver alternative solutions. For example, in Spain, Pamesa Ceramica SL manufactures dry-pressed ceramic tiles that have high water absorption properties that will offer more strength and high density. The business offers reinterpretation of K-Slate which has the same characteristics as porcelain stoneware, which is used to enhance indoor beauty.
Find More Valuable Insights on the Ceramic Tiles Market
Fact.MR, in its new offering, provides an unbiased analysis of the global market for ceramic tiles, with historical data on demand (2015-2019) and expected projections for the period (2020-2030). The ceramic tiles market report discloses compelling insights into the demand for ceramic tiles based on application (walls, flooring, others), formulation (dry pressed, extruded, casting), end-use (residential, non-residential) and sales type (new installation, replacement) across key regions.
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About the Retail and Consumer Goods Division at Fact.MR
Retail and consumer goods analysts at Fact.MR have been categorically tracking the broader sub-industries to keep themselves abreast of the recent happenings in the market. Our practical approach to product design and pricing strategy contributes to the growth of businesses that are struggling to hit the ‘move-the-needle’ bottom line. With unmatched analytical diligence, the team at Fact.MR helps organizations design product differentiation strategies and introduce exclusive product(s) to their existing portfolio. For more retail domain insights, visit here.