As per a report published by Fortune Business Insights The global ceramic tiles market size is projected to reach USD 82.83 billion by 2026, attributable to rise in construction activities worldwide. Ceramic tiles offer functions such as scratch-resistance, slip-resistance, cracking-resistance, and are appealing aesthetically. Fortune Business insights™ provide a comprehensive overview of the market in their recently published report The ceramic tiles market size was USD 57.26 billion in 2018 and will rise at a CAGR of 4.7% between 2019 to 2026.
Government-supported Initiatives to Improve Existing Infrastructure will Bode Well for Market
Moreover, the rise in disposable incomes of people, coupled with the rapid industrialization and modernization, propelled people to renovate and reconstruct existing homes and commercial spaces. Furthermore, the advent and rising popularity of customizable and digitally printed ceramic tiles and the currently trending phase of interior decorations will further help the market generate high revenue in the forthcoming years. Increasing construction and renovation activities worldwide is a significant factor propelling the ceramic tiles market growth. This, coupled with the rise in government initiatives to improve public recreational spaces such as hospitals, schools, and public transport, are likely to aid in the expansion of the market.
Asia Pacific to Emerge Dominant Owing to Rapid Construction and Renovation Activities
On the other side, the market in North America will witness significant growth in the forecast period owing to the rising trend of customization and personalization for households and commercial spaces in the developed nations of the region. In 2018, this region earned USD 4.00 billion. Furthermore, the increasing demand for energy-efficient and green buildings for utilization as government and business offices are likely to add impetus to the market in the coming years.
Geographically, Asia Pacific emerged as the largest ceramic tiles market shareholder on account of the presence of the largest consumer and manufacturer in the region. Additionally, the rapidly evolving construction industry is also making a considerable contribution to the market in terms of the increasing trend for construction and renovation activities in the region.
Players to Focus on Maintaining a Diverse Product Portfolio
The market for ceramic tiles is highly fragmented in nature due to the presence of many players. Major companies operating in the market are focusing on the launch of innovative products differing in style, design, size, and every aspect from the others. Therefore, vendors are making massive investments for the same to stand out in the competition and attract substantial ceramic tiles market revenues in the forecast period. Apart from this, companies are also trying to expand their geographical presence and are thus taking initiatives for the same.
Key Industry Developments of Aerospace Fasteners Market Include:
October 2019 – A new set of seven tile varieties were launched by Mohawk Industries Inc. under the name of Daltile. Each of these tiles differed in size, shape, design, style, and color,and this innovation in tile production is likely to create a diverse portfolio for the company.
February 2020 – One of the biggest tile showrooms was inaugurated in Hyderabad by Kajaria Ceramics Limited. The major objective behind this launch was to improve the distribution channel of the company all over India.