Pune, Sept. 09, 2020 (GLOBE NEWSWIRE) -- According to a joint study published by Oxford Economics and Global Construction Perspectives, construction output volume will grow by 85% as 2030 ends. In terms of value, the construction sector worldwide will be worth USD 15.5 trillion by 2030, with China, India, and the US leading the way, accounting for 57% of this rise. The global ceramic tiles market size is projected to reach USD 82.83 billion by 2026, exhibiting a CAGR of 4.7% during the forecast period. Rapid growth in the global construction industry will augur well for this market in the near future, states Fortune Business Insights™ in its report, titled “Ceramic Tiles Market Size, Share and Industry Analysis, By Application Area (Floor, Walls, Others), By End-Use (Residential, Non-Residential), and Regional Forecast, 2019-2026”.
The major reason for the growth of the construction sector in India and China will be speedy urbanization along with rising incomes. Ceramic tiles form a crucial component of home décor and as housing demand in emerging economies skyrockets the demand for ceramic tiles is likely to grow as well in the coming years.
As per the report findings, the market value was USD 57.26 billion in 2018. The other highlights of the report include:
- Bird’s eye-view understanding of the industry trends and outlook;
- Microscopic study of all market segments;
- Comprehensive analysis of the market drivers and challenges; and
- Thorough research into the regional dynamics and competitive landscape of the market.
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Restraining Factors
COVID-19 Pandemic to Impede Market Growth
The sudden outbreak of the coronavirus pandemic has caused acute disruptions in the economic activities of nations and the ceramic tiles market growth will inevitably suffer from the looming crisis. Fear of catching the infection has forced laborers in the construction industry to stay away from construction sites.
For example, the Confederation of Real Estate Developers’ Associations of India (CREDAI) reported that at most sites, worker attendance is below 70%. The construction sector in India employs more than 8 million workers and their prolonged absence or refusal to work is set to gravely impact the economy, the CREDAI has further pointed out. In Europe, to take another example, the European International Contractors have stated that halting of production in China and Italy has choked supplies of construction materials, adding to the crisis created by the steep fall in demand for housing. Thus, at least for 2020, the prospects for the ceramic tiles market appear bleak.
Regional Analysis
High Consumption of Ceramic Tiles to Fuel the Market in Asia-Pacific
Asia-Pacific is home to some of the fastest-growing economies, mainly India and China, where the pace of urbanization is at an all-time high, making it the largest consumer of home décor materials such as ceramic tiles in the world. To meet the demand for housing in urban areas, construction activities are being undertaken aggressively, which bodes well for the regional.
With a market size of USD 4.00 billion in 2018, North America is poised to lead the ceramic tiles market share in the forecast period, mainly because of the rising demand for energy-efficient construction materials. In Europe, the market is expected to be driven by the growing investment by consumers in renovation activities, especially in the residential sector.
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Competitive Landscape
Key Players to Focus on Implementing Expansion Strategies
The market for ceramic tiles offers a plethora of expansion opportunities and major players are exploring avenues to broaden their business horizons. To that end, companies are launching new products and enhancing their market presence through new showrooms and projects. Some companies are taking to social media to sustain their brand presence among consumers during the on-going COVID-19 crisis.
List of the Leading Companies Profiled in the Global Ceramic Tiles Market Report are:
- Ceramic Industries Group
- Grupo Celima Trebol
- LASSELSBERGER Group
- Vitromex USA, Inc.
- Somany Ceramics
- Dynasty Ceramic Public Company Limited
- Kajaria Ceramics Limited
- Cerâmica Carmelo Fior
- SCG CERAMICS
- White Horse Ceramic
- Kale Group
- PT Arwana Citramulia Tbk
- Cersanit Group
- RAK CERAMICS
- MOHAWK INDUSTRIES INC.
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Ceramics Market Size, Share & Industry Analysis, By Type (Traditional, Advanced), By Application (Tiles, Sanitary Wares, Abrasives, Pottery, Bricks & Pipes, Others), By End-Use Industry (Building & Construction, Industrial, Medical, Others) and Regional Forecast, 2019-2026
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