Market Overview
The global ceramic tiles market size was USD 50.84 billion in 2020. The market is projected to grow from USD 54.41 billion in 2021 to USD 77.82 billion in 2028 at a CAGR of 5.2% during the 2021-2028 period. According to our analysts, growth of the market is fuelled by the augmentation in construction projects pooled with the rising investment by nations for the development of the infrastructure. Features such as high robustness, water resilient, cracking resistance, as well as aesthetically enticing, are surging the product demand. This information is provided by Fortune Business Insights™, in its report, titled, “Ceramic Tiles Market, 2021-2028.”
Report Coverage
Segmentation
On the basis of application, the market is categorized into floor, walls, and others.
Based on end-use, the market is classified into residential and non-residential.
In terms of region, the global market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Drivers and Restraints
Rising Construction Industry in Emerging Nations to Drive Market Demand
The development of the construction industry in emerging nations is one of the market drivers. The upsurge in investments made by the governments to construct and refurbish infrastructure for public welfare of the nations. The development of public recreational hospitals, spaces, schools, and public transport has resulted in the rising utilization of ceramic tiles. This is expected to bolster the ceramic tiles market growth during the forecast period.
Source: https://www.fortunebusinessinsights.com/ceramic-tiles-market-102377
Regional Insights
Asia Pacific to Dominate Backed by Rapidly Growing Construction Sector
The market size in Asia Pacific worth of USD 22.47 billion in 2020. Asia Pacific held maximum ceramic tiles market share and is the biggest manufacturer and customer of ceramic-based tiles, displays indications of appearing as a dominant region during the forecast period.
Europe is projected to perceive reasonable growth in the future. The increasing investment by the consumers in replacement and renewal actions is one of the crucial motives accountable for the growth of the market in Europe.
North America is estimated to observe healthy growth in the market. The current trend of personalization and alteration will expand the demand for ceramic tiles in this region.
Competitive Landscape
Procurements Instigated by Critical Companies to Drive Market Growth
The leading players in the market continuously opt for efficient strategies to improve their brand value and promote the global market growth of the product with encountering least possible obstacles. One such effective strategy is procuring competitive companies and further safeguarding a profit for both the companies.
Industry Development
January 2021: RAK Ceramics unveiled its prime Flagship Showroom in Jeddah along with the third one in Saudi Arabia. The novel showroom intends to satisfy the surging demand in the region and will situate the brand as a luxury solution provider in Saudi Arabia.
List of Key Players Covered in the Ceramic Tiles Market Report