The Global Ceramic Tile Market is highly influenced by the construction sectors in both, public and private domains. The construction industry, especially, residential and private construction has been able to push the market for tiles. There has been an increased disposable income, which in turn boosts the demand for renovation and new construction. The renovation activities are often taken up as a result of enhancing construction value and to increase the aesthetic value of the construction. Decorative tiles come handy in fulfilling such requirements.
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The rise in FDI inflows was more prominent in developed economies, which received USD 962 billion in 2015, i.e. 84% more than in 2014. The Asia-Pacific region continued to receive a significant amount of FDI inflows, totalling USD 559 billion in 2015, an increase of 5.6% over 2014 level. The FDI inflows in construction in Asia-pacific region, has led to increased construction projects and real-estate development. This, along with FDI in retail, has pushed the number of retail outlets in the region. This induces the demand for Ceramic Tiles in the region.
The governments across regions are seen promoting and developing their construction sector. The emerging nations are particularly bringing various reforms and regulations to boost their infrastructure growth and real-estate market. Such growth is expected to augment the market growth of Ceramic Tiles. However, there are certain factors that hamper the market growth such as its impact on environment, fluctuating raw material prices, and availability of skilled labor.
Ceramic Tiles Market is expected to grow with the CAGR of approximately 6.17% during the forecast period.
Household Usage by Application segment is expected to grow at the fastest rate and hold the largest market size in forecast period.
Residential holds the largest market share of 57.69 % in 2016. These has been an increased private and residential construction due to increased disposable income and increased focus on the aesthetic values. This has led to constant change in preferences. The same is replicated in the tiles market. The old tiles are expected to replace the personalized and color coordinated flooring to enhance the construction value, due to the interest in renovation of houses and buildings. The commercial segment includes office space, trading space, shopping malls, business centres, and other public spaces. The segment demands tiles for its flooring specifically in walls and other areas.
Porcelain tiles segment alone holds a market share of 40.84%, in 2016 and is expected to grow at 6.6% CAGR during the forecast period. Porcelain tiles after Ceramic Tiles are very popular and are interchangeably used for Ceramic Tiles by the end-use industry. Porcelain has certain properties, which has resulted in the fast growing market for this segment. Porcelain tiles have low water absorption rate, are denser and are more durable when compared to ceramic tiles.
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