Ceramic Tiles Market to Hit US$ 120 Bn in 2020; Poor Performance of Construction Sector in Covid-19 Pandemic Limits Growth, says Future Market Insights
Ceramic tile manufacturers are displaying increasing concern towards the application of eco-friendly materials and manufacturing processes to keep up with changing sustainability trends.
DUBAI, UAE / ACCESSWIRE / August 18, 2020 / The ceramic tiles market is anticipated to reach a massive valuation of US$ 120 billion in 2020, displaying promising growth prospects through 2030. However, the market is expected to go through a short-term downturn during the coronavirus pandemic, owing to major disruptions in supplies and stoppage or reduction of construction sector activities, owing to lockdown regulations.
“Governments are increasingly investing in low cost homes development projects, which is expected to bolster growth for the duration of the forecast period. Further, the changing consumer bias towards ceramic tiles in terms of aesthetics is a prominent factor projected to bolster demand in the long-term,” states the FMI analyst.
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Ceramic Tiles Market- Critical Takeaways
- Flooring applications of ceramic tiles continue to account for major revenue share supported by availability of wide-ranging aesthetic and textural options.
- Non-residential applications are rising at a rapid pace, supported by growing scope of decorative applications in commercial spaces.
- Asia Pacific is expected to reflect strong production and consumption of ceramic tiles, aided by easy availability of raw materials and growing investments into renovation activities.
Ceramic Tiles Market- Drivers
- Major government investments into public recreation spaces and utility infrastructure drives demand for ceramic tiles.
- Transition towards smart cities with multi-story residential buildings is generating lucrative opportunities.
Ceramic Tiles Market- Restraints
- Growing concerns about the environmental impact of producing ceramic tiles restrains market growth.
- Ceramic tiles are more prone to cracking to impact, which limits adoption rates.
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Coronavirus Impact on Ceramic Tiles Market
Nationwide lockdowns imposed by governments around the world during the coronavirus crisis has restrained activity in the construction industry. This in turn, is expected to adversely impact the ceramic tiles industry through 2020. The lockdowns have also restricted operations in the clay mining industry which is essential for ceramic tile production. However, with gradual relaxation on construction activities towards the end of the year, prospects for ceramic tile sales is likely to witness steady recovery. Maintaining inventory and competitive pricing are key strategies during the crisis period.
China Ceramics Co. Ltd., RAK Ceramics, Kajaria Ceramics, Crossville Inc., Mohawk Industries, Atlas Concorde, Gruppo Ceramiche Ricchetti, Saloni Ceramica, Florida Tile, and Porcelanosa Grupo are some of the leading players in the ceramic tiles market.
Manufacturers in the ceramic tiles market are increasingly displaying interest in pricing strategies and material and production process innovations with concerns to aesthetics to widen their portfolios.
For instance, Grespania has unveiled its patina collection of ceramic tiles developed to reflect metallic motifs. Roca Tile has released its Rockart collection of bespoke shape tiles to allow for a wider range of floor and wall layouts. Further, Natucer has revealed its customized D’autore ceramic tiles range which includes 3D textures such as bevels and ridges.
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About the Study
The study offers readers a comprehensive assessment of the Ceramic tiles market. Global, regional and national-level analysis of the latest trends influencing the ceramic tiles market is covered in this FMI report. The study provides insights according to product (floor, wall and others), and application (residential replacement, new residential, commercial, and others) in six regions (North America, Latin America, Europe, East Asia, South Asia & Pacific, and MEA).
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