PUBLISHER: Grand View Research | PRODUCT CODE: 1405057
PUBLISHER: Grand View Research | PRODUCT CODE: 1405057
The global traditional ceramic market is expected to reach USD 200.53 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.1% over the forecast period. Rising investment in the construction of residential and non-residential buildings is expected to increase the demand for traditional ceramics across the forecast period.
Traditional ceramic products, such as tiles, including flooring, wall covering, roofing, facades, and decorative elements find diverse applications in residential and non-residential buildings. Offices, homes, and hotels favor ceramic tiles due to their durability, ease of maintenance, and ability to enhance the overall aesthetics of the space.
Additionally, restaurants worldwide increasingly incorporate modern architecture in their upgrades and new constructions, leading to a substantial demand for traditional ceramic products to achieve a visually appealing and sophisticated ambiance for their properties. For instance, in August 2022, Ras Al Khaimah Tourism Development Authority in the UAE announced that it is planning to increase hotel rooms to up to 12,747 across 50 hotels and resorts in the next five years.
Asia Pacific held a revenue share of over 39.0% of the global market in 2023. Governments of countries in the Asia Pacific are providing support to their artisans to increase their traditional ceramics production. For instance, the Gramodyog Vikas Yojana (GVY) scheme of the Government of India aims at increasing the income of artisans by enhancing their technical know-how by offering them skill development training.
The market is competitive and highly fragmented, which results in investments in innovations. For instance, in August 2023, Duravit AG announced its plans to introduce the world's first-ever climate-neutral ceramic facility in Quebec, Canada. The facility will produce ceramic sanitary products such as washbasins and closets, by making use of renewable energy. The electric roller kiln will run on hydropower, and the company intends to save 11 kilotons of carbon dioxide a year in comparison to a conventional factory.