The global ceramic tiles market has been researched
to see the domination of large scale players diluted to a lower
degree due to the profuse presence of multitudinous small and medium
scale manufacturers. The less developed regions are forecasted to be
the choice markets for players to stretch their profitability. This,
in turn, coupled with the differing shares of top companies has been
prophesied to raise the level of competition in the market. Ranking
higher amongst the prominent market players, Mohawk Industries, Inc.
held a close to 4.0% individual share in 2015. While the top five
companies had secured a total share of only 7.7% share in the same
year, other players contributed just over 92.0%.
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At a CAGR of 9.8% for the forecast period 2016–2024,
the global ceramic tiles market has been projected to register a
valuation of over US$178.0 bn by 2024 from US$84.0 bn in 2016. The
telling amplification of the flooring market growth could be a
primary reason for an US$88.42 bn share of floor tiles by 2024 in the
world market. Attractive foreign investments, housing and
infrastructure development initiatives by governments, and rising
population are likely to lift the Asia Pacific market with a 66.5%
share by the same year.
Construction Boom in Asia Pacific Shapes Growth
Continuing with the growth factors for Asia Pacific
mentioned above, the elevating disposable income of consumers has
also been anticipated to provide the required boost to the ceramic
tiles market in the region. The construction sector has been analyzed
to be a single larger end user of ceramic tiles. Hence, the high
growth rate of the construction industry in India, China, and the
ASEAN countries could be vital for the rise of the Asia Pacific
ceramic tiles market. The analysts expect the construction activities
in Asia Pacific to soar on account of the surging number of
residential construction projects, increasing demand from local
customers, and competitive oil prices.
The researchers envisage the stable growth of the
flooring market in developed regions such as North America and Europe
and larger share of Asia Pacific because of wide industrial base,
easy availability of resources, and improved economic conditions to
set the tone for the global ceramics market.
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Surge in Raw Material Prices Stunts Demand
The prices of raw materials such as clay and feldspar
employed to process ceramic tiles have increased at two instances,
i.e. post the 2008 economic crisis and after 2010 when the raw
materials extended their application to other end users such as food
packaging, refractories, and glass. This has been prognosticated to
have an adverse effect on the global ceramic tiles market. Moreover,
the emission of carbon dioxide during the manufacture of ceramic
tiles could discourage the market growth.
Nonetheless, the GCC countries along with Brazil and
Turkey have been envisioned to birth new opportunities in the face of
deterrents in the global ceramic tiles market. Past events such as
the 2016 Olympic Games and 2014 FIFA World Cup have augmented the
reputation of Brazil in the commercial construction industry. New
residential activities and residential replacement could be the
crucial segments taking precedence in Brazil.
Investors from the Middle East and government support
for the construction of Istanbul international financial center, new
international airport, and other mega projects are foreseen to raise
the bar for growth in Turkey. Likewise, the booming construction
industry in the GCC could prove critical for encouraging players in
the global ceramic tiles market.
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The study presented here is based on a report by TMR,
titled “Ceramic Tiles (Product - Floor Tiles, Wall Tiles, Ceiling
Tiles, and Roofing Tiles; Application - Residential Replacement,
Commercial, New Residential, and Industrial) - Global Industry
Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The global ceramic tiles market has been segmented
as presented below:
Ceramic Tiles Market – Product Analysis
- Floor Tiles
- Wall Tiles
- Ceiling Tiles
- Roofing Tiles
Ceramic Tiles Market – Application Analysis
- Residential Replacement
- Commercial
- New Residential
- Industrial
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