Market Research Report
Ceramic Tiles Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
|Ceramic Tiles Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)|
Published: May 13, 2021
Mordor Intelligence Pvt Ltd
Content info: 120 Pages
Delivery time: 2-3 business days
Ceramic tiles market, which is one of the leading variants of the flooring market has suffered several setbacks during 2020 due to the sudden COVID-19 pandemic. India the second largest ceramic tiles product was one of the worst-hit markets due to the virus outbreak which resulted in a shortage of finished tiles in the market. However, the construction sector which is the key market for ceramic tiles has also been suffering due to the COVID-19 which in turn affecting the ceramic tiles market with revenue losses. Ceramic tiles are multipurpose products that have varied applications across different geographies and end-user industries. There are several driving factors for the growth in the market across the world. Most prominent is the increasing construction activities, supported by the growing need for housing. In the developing economies, like the countries in the Middle East and Asia-Pacific, rapid urbanization and rise in disposable incomes also contribute significantly to the market dynamics.
China, Japan, and India's construction business are experiencing robust growth owing to the growth in the Asia-Pacific and global market. Rising disposable income and high population, along with other factors are positively influencing the construction sector, which in turn, is driving the ceramic tiles market. Vendors make use of the advancements in digital printing technology, in order to provide ceramic tiles with a wide range of design aesthetics. The ceramics tiles market accounts for about 80% of the non-resilient flooring market. However, governmental regulations pertaining to the carbon emissions in the production of ceramic tiles hamper the market growth. Ceramic tiles are widely applicable in residential and commercial buildings, owing to their durability and crack resistant nature. Moreover, the protective coatings on ceramic tiles offer high water resistance, stain protection, and cleanup for the tile surface.
Expanding Construction Sector is Helping the Market to Record More Revenue
Demand for ceramic tile is driven by expanding construction sector across the regions. Commercial and residential construction is on an expansion path in the majority of countries. The residential segment which accounts for a greater share of the market is recording more transactions with both new home construction and the replacement and renovation construction. Though owing to the ongoing COVID-19 pandemic the construction sector is facing several challenges mainly the lack of investment, failure to finish the project on time, raw material shortage, lack of skilled labor, high operating costs, etc., the sector is slowly returning to the growth track. The trend is anticipated to continue in the forecast period and help the ceramic tiles to expand into a more niche market.
Asia-Pacific Region is Anticipated to Grow at Highest Rate
Asia-Pacific is the fastest-growing market and is expected to dominate the global ceramic tiles market throughout the forecast period. As stated, rapid industrialization and urbanization along with cost benefits are the prime reasons for the growth of the ceramic tiles market in the Asia-Pacific region. In terms of volume, China and India dominate the global ceramic tiles market. Also, the fact that encouraging government regulations and frameworks such as tax benefits and incentives have attracted many vital players to increase operation in Asia- Pacific. China and India as the most populated countries have given rise to more building and construction industries. This provides an impetus to the market for ceramic tiles in the region. Fast developing countries such as India, China, Japan, Indonesia, and Vietnam play a vital role in the ceramic tiles market in the Asia Pacific region.
The report covers major international players operating in the market studied. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.