The residential segment is projected to dominate the ceramic tiles market through 2023. With the improvement in macroeconomic conditions globally, the demand for new constructions has increased, owing to which strong growth has been witnessed in new housing projects. Furthermore, factors such as a rise in renovation & remodeling activities and a rise in population & rapid urbanization are expected to drive the growth of the ceramic tiles market in the coming years. MarketsandMarkets projects that the global ceramic tiles market size will grow from USD 227.89 billion in 2018 to USD 320.07 billion by 2023 at a CAGR of 7.03%. Rapid industrialization and an increase in investments in the construction industry are expected to be the major drivers of the ceramic tiles market.
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On the basis of application, the market for ceramic tiles is segmented into floor, wall, roof, and others (ceiling and countertop). The floor segment is expected to be the fastest-growing segment of the ceramic tiles market from 2018 to 2023. Ceramic tiles are employed in the interior as well as the exterior flooring of buildings to meet the requirement of decoration or aesthetics. The application of ceramic tiles on floors ranges from bathrooms and kitchens in households to laboratories, restaurants, medical centers, shopping centers, schools, and government buildings. Their low cost and easy installation also contribute to their growing popularity in a range of residential and non-residential applications.
On the basis of construction type, the new construction segment is projected to be the fastest-growing segment from 2018 to 2023. The new construction segment dominated the ceramic tiles market due to the growing concerns about the rising carbon footprint in the environment, mainly due to the massive energy consumption by the building industry, which, in turn encourage governments across regions to roll out regulations against the use of non-eco-friendly construction materials and to ensure sustainable building practices. Installation of ceramic tiles in new constructions not only guarantees lesser energy consumption but also eliminates the need for frequent tile replacement. Also, installing tiles in new construction projects is more cost-effective than replacing the same later, as the total cost of the tile and labor required for installation has to be paid only once.
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Asia Pacific is projected to be the fastest-growing market in the global ceramic tiles industry, with China accounting for the largest market share in this region, followed by India. In terms of growth rate, Asia Pacific was followed by North America, Middle East & Africa, South America, and Europe. Increase in population, the rise in disposable income of the population, growth in new construction activities, and increase in investments in the residential and commercial sectors is expected to drive the demand for ceramic tiles in Asia Pacific.