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(EstateNewsWire.com, October 11, 2017 ) Market Scenario:
On the basis of region, Asia-Pacific accounted for the largest market share of 65.21% in 2016, with a market value of USD 73,218.6 Million and is projected to grow at the highest CAGR of 4.23% during the forecast period. The increasing number of supermarkets in the Asia-Pacific region and the growing demand for multipacks of various grocery products, are expected to boost the demand for Decorative Tiles products. The booming e-commerce market due to increasing internet penetration in the region, is also contributing to the growth of the market. Europe was the second-largest market in 2016, valued at USD 14,663.9 Million in 2016; it is projected to grow at a CAGR of 3.60%. The region accounts for increasing manufacturing of ceramic tiles as well as one of the leading consumers of the Decorative Tiles. As per ACIMAC, European Union held 9.9% of the world’s production of tiles in 2015.
North America Decorative Tile Market is governed by the declining commercial construction activities and moderately growing private construction. The North American market for tiles is highly dependent on the imports from other countries. Hence, North America decorative tile market is projected to grow at a CAGR of 3.44%.
On the basis of product, the market is segmented into Ceramic Tiles, Porcelain Tiles, Stone Tiles, and others. Ceramic Tiles accounted for the largest market share of 47.92% in 2016, with a market value of USD 53,805.1 Million and is projected to grow at CAGR of 3.98% during the forecast period. Ceramic is the most popular segment in the tiles industry worldwide. Ceramic tile is made up of sand, natural products, and clays and molded into shape. These have gained popularity mainly due to its easy mantainace, durability, and its scratch proof properties. Porcelain Tiles was the second-largest market in 2016, valued at USD 28,530.6 Million in 2016. Porcelain has certain properties which have resulted in the fastest growing market for this segment. Porcelain tiles has low water absorption rate, denser and more durable when compared to ceramic tiles. This fuels the demand for porcelain tiles in the residential and commercial construction and is expected to grow highest at 4.14% CAGR during the forecast period. Stone Tiles is projected to grow at a CAGR of 3.82%.
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Based on end-use, residential sector accounted for the largest market share of 57.69% in 2016, with a market value of USD 64,775.0 Million and is projected to grow at the highest CAGR of 4.37% during the forecast period. Continuously increasing private and residential construction due to increased disposable income and increased focus on the aesthetic values, driving the demand of the market. Commercial was the second-largest market in 2016, valued at USD 47,506.2 Million in 2016; it is projected to grow at a CAGR of 3.34%. The commercial segment includes office space, trading space, shopping malls, business centres, and other public spaces. The segment demands tiles for its flooring specifically than walls and other areas. The commercial complexes occupy vast area and expect heavy footfall. It is due to this reason that the floor tiles are given importance than others.
Decorative Tiles, made out of ceramic, porcelain, marble and stones are the tiles which are designed specifically to suit the construction type and theme. It is designed to add personality to the wall and floor and enhance the value of the construction in turn.
Asia-Pacific Region Dominates the Global Decorative Tiles Market:
On the basis of region, Asia-Pacific accounted for the largest market share of 65.21% in 2016, with a market value of USD 73,218.6 Million and is projected to grow at the highest CAGR of 4.23% during the forecast period. The increasing number of supermarkets in the Asia-Pacific region and the growing demand for multipacks of various grocery products, are expected to boost the demand for decorative tiles products. The booming e-commerce market due to increasing internet penetration in the region, is also contributing to the growth of the market. Europe was the second-largest market in 2016, valued at USD 14,663.9 Million in 2016; it is projected to grow at a CAGR of 3.60%. The region accounts for increasing manufacturing of ceramic tiles as well as one of the leading consumers of the decorative tiles. As per ACIMAC, European Union held 9.9% of the world’s production of tiles in 2015.
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