The global ceramic tiles market is riding a wave of robust demand from the residential and industrial sector. According to TMR analysts, rising demand from both the areas will help the market post 9.7% CAGR growth during 2018-2026. Moreover, rising construction activities, and lowered manufacturing costs in Asia Pacific will drive further gains for global players in the ceramic tiles market.
Based on applications, the ceramic tiles market report has been segmented into commercial, new residential, residential replacement, and industrial sectors. The lowered house-purchasing activity in North America, and rising attention towards home-replacement coupled with DIY trends will drive robust growth for the segment in the near future. The commercial segment in this application includes offices and sports complexes, wherein attractive, cost-effective, and heavy-duty hardened ceramic surfaces are expected to make a comeback due to rising demand for cost-effective solutions.
Construction Sector Promises New Gains as Infrastructure Development Grows
During 2018-2026, the infrastructure development across the world is expected to undergo major transformation. Countries like United States, China, and India are already committing heavy resources to infrastructure developments as the construction sector is expected to double by 2030. Moreover, the increasing global trade is also expected to result in further construction projects with more airports, train terminals, and other connectivity infrastructure takes precedence. Furthermore, growing urbanization globally, and increased residential constructions in emerging regions like Asia Pacific will drive significant gains to the ceramic tiles market during the forecast period. Alternative forms of cost-effective solutions like porcelain tiles and decreasing house ownerships trends in the US can be major hindrances to growth of the ceramic tiles market.
The End of Trade War Promises to Open Lucrative Opportunities
According to recent reports, China and the US have worked out a framework to allow US imports of Chinese cooked poultry, and a quality standard benchmark in place to safeguard public health information system. The two sides have worked out their differences in a first-negotiation to bring a potential end to the trade war. The end of China-US trade war can significantly boost prospects for players in the ceramic tiles market. US had imposed duties ranging from 114% to 350% on various ceramic tile products and China likewise. This impacted imports worth nearly $500 million from China to the US in 2018.
Moreover, it also resulted in diminishing quality of products in the market along with high-prices for flooring. The ailing housing market in the US witnessed significant increase in house-production costs which further put-off millennial buyers from investing in new homes. The rising demand from commercial and residential replacement will likely promise robust opportunities along with potential prospects of higher growth in new residential complexes.