January 22, 2020

Asia Pacific to Expand at 4.23% CAGR for Decorative Tiles

Decorative tiles are made from different materials such as ceramic, porcelain, marble, as well as, stone. These tiles are specifically designed to suit the construction theme. These tiles are used to enhance the value of the construction by adding personality to the wall or floor and adding depth to the interior design.

As per the report, Market Research Future (MRFR) has stated that the global decorative tiles market is likely to record a healthy CAGR of 4.23% during the forecast period. Various factors are likely to be responsible for the decorative tiles market growth. Governments in various countries have started announcing supportive initiatives to promote their construction sector. Further, an increase in the disposable income of the population in emerging economies is anticipated to contribute heavily to the rising investors and buyers of property. Moreover, lower down payments required to book homes has encouraged many homebuyers to apply for bank loans, in turn, elevating growth in the construction sector. However, even though many factors are propelling the demand for decorative tiles, some factors are posing as market restraints in the long run. One of the primary factors is the lack of experienced and trained workers in the decorative tiles domain.

Market Segmentation

MRFR segments the global decorative tiles market on the basis of product, end-use, application, and region. The global decorative tiles market is segmented into ceramic tiles, stone tiles, and porcelain tiles based on product. The ceramic tiles segment held the biggest market share of 47.92% in 2016 with a USD 53,805.1 million market value. The ceramic tiles segment is also projected to harness a 3.98% CAGR through the forecast period. Factors causative to the growth of the ceramic tiles segment include easy maintenance and high durability of the tiles. Also, ceramic tiles are scratch proof, encouraging a high adoption rate of the same. Porcelain tiles segment was the second largest market share, following the ceramic tiles segment, in 2016. During the same year, the porcelain tiles segment was valued at USD 28,530.6 million. Porcelain tiles boast a low water absorption rate, are denser and also have higher durability than ceramic tiles, fueling substantial growth to the segment. The porcelain tiles segment is estimated to garner the uppermost CAGR at 4.14% during the review period. Whereas, the stone tiles segment is anticipated to ascend at 3.82% CAGR by the end of 2023.

On the basis of application, the global decorative tiles market is segmented into floors and walls. The floors segment accounted for the biggest market share of 54.56% in 2016, holding a market value of USD 61,260.6 million. The floors segment is anticipated to grow at a CAGR of 4.42%, garnering the highest growth during the forecast period. Factors contributing to the growth of the floors segment include changing consumer preferences and rising aesthetic values in the private construction sector. The walls segment is estimated to grow at a CAGR of 3.46% during the forecast period. Tiles on walls are usually used for decorative and design enhancement purposes.

Based on end use, the decorative tiles market is segmented into residential and commercial the residential sector is anticipated to create the largest demand for decorative tiles during the forecast period. The residential segment was valued at USD 64,775 million in 2016, and it held a 57.69% market share for decorative tiles. It is also estimated to record a 4.37% CAGR during the forecast period. Factors contributing to the growth of the residential and private construction sector include the rising disposable incomes and an increasing focus on visually pleasing aesthetics. The commercial segment is anticipated to showcase a 3.34% CAGR during the review period. It was valued at USD 47,506.2 million in 2016.

Detailed Regional Analysis

The global decorative tiles market is geographically segmented into Asia Pacific, North America, Europe, and Rest of the World. Asia Pacific is assessed to grasp the largest market share and grow at the highest CAGR of 4.23% through the assessment period. With an increase in the number of supermarkets in Asia Pacific is anticipated to propel growth in the region. Europe is likely to grow at a CAGR of 3.60% during the review period. North America will witness a 3.44% CAGR during the forecast period.

Key Players

Some of the remarkable players in the global decorative tiles market include RAK Ceramics (UAE), The Siam Cement Public Company Limited (Thailand), Group Lamosa (Mexico), Roca Sanitario, S.A. (Spain), Panariagroup Industrie Ceramiche S.p.A (Italy), Gruppo Concorde S.p.A. (Italy), Mohawk Industries, Inc. (U.S.), Kajaria Ceramics Limited (India), Pamesa Cerámica SL (Spain), and Guangdong Dongpeng Ceramic Co., Ltd. (China).

Industry Update

March 2019: Rwanda Polytechnic has developed recycled tiles that are sustainable, in collaboration with Coldharbour Tile. These tiles are made from recycled plastic. Coldharbour Tile is a venture that uses high-density polyethylene to create these decorative tiles.