The global ceramic tiles market is growing with a CAGR of 10.37% during forecast period of 2020-2030. The ceramic tiles market is experiencing significant growth during the forecast period which is directly correlated with the rising innovation in the ceramic tiles and other tile products. The ceramic tiles market growth is influenced by the presence of various alternatives such as stone tiles, marbles, vinyl tiles and many more. The ceramic tiles market growth is mainly inhabited by the rising environmental concern. Thus, the rising environmental concern the development of wooden tiles and other polymer material based tiles are entering the market which is resulting into the high threat of new entrants.
Moreover, it is expected that in future the threat of new entrants may rise to further higher level due to growing investment activity for the development of ecofriendly tiles across the globe. The global market of ceramic tiles is believed to register sustainable long-term growth primarily driven by continued and strong demand for houses either on rent or on complete ownership. The expanding population worldwide is expected to notably push demand for living space hence, encouraging the home builders and real estate developers to continue to invest in the sector expansion while benefiting the overall ceramic tile market. The rapid expansion of the construction industry along with growing demand for attractively-designed residential building in quickly developing countries such as Indonesia, Malaysia, China and India is driving rapid expansion all through the APAC market. The significant investments made for the development and advancement of airports is expected to further accelerate the demand for vitrified tiles all through the region. Hence, three major factors driving sustainable worldwide expansion of the market of vitrified tiles include, expanding refurbishment activities, expansion of home décor, and expansion all through the construction sector.
Asia Pacific is the largest market in global ceramic tiles market. Asia is the largest producer of ceramic tiles in the world. China is the key country which is influencing the growth of Asia Pacific market. China is the largest producer and consumer of the ceramic tiles in the world. Asia Pacific ceramic tiles market is projected to grow at a CAGR of 10.9% through the forecast period.
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China is the largest market for ceramic tiles which is growing with a CAGR of 11.7% during forecast period. China is the world’s largest producer and consumer of ceramic tiles. Booming architectural industry, expansion of infrastructure projects in north western region, smart city development, increasing exports of designer tiles, and government initiative are the main drivers of ceramic tile market in China. Ceramic industry in general has been booming courtesy decades of economic growth and various infrastructure projects.
The companies across globe are adopting various strategic initiative in which product launch is one of the key strategy which is adopted by key players to sustain in the global market. The product launch strategy allows the companies to extend their product portfolio, gain competitive edge and increase in customer base, encroach new technology, increase revenue share in the market. Expansion is the second most strategy which is being adopted by the companies to take the competitive advantages. The expansion is adopted by company to increase the geographical presence of the company and to increase the production units. Top companies in this market include Mohawak Industries Inc, Kajaria Ceramics, RAK Ceramics, Lamosa Group and others.
KEY MARKET MOVEMENTS
- The global ceramic tiles market is growing with a CAGR of 10.37% during forecast period of 2020-2030.
- Asia Pacific is the largest market in global ceramic tiles market.
- Asia Pacific ceramic tiles market is projected to grow at a CAGR of 10.9% through the forecast period.
- China is the largest producer and consumer of the ceramic tiles in the world. Asia Pacific ceramic tiles market is projected to grow at a CAGR of 10.9% through the forecast period.
- China is the largest market for ceramic tiles which is growing with a CAGR of 11.7% during forecast period.
- The companies across globe are adopting various strategic initiative in which product launch is one of the key strategy which is adopted by key players to sustain in the global market.
