Ceramic And Natural Stone Tiles Market To Witness A Growth In Revenue Of Us$ 550.75 Billion By 2031

(MENAFN- EIN Presswire)

CHICAGO, UNITED STATES, July 20, 2023/einpresswire.com / -- The global ceramic and natural stone tiles market is projected to reach USD 550.75 billion by 2031, from USD 361.60 billion in 2022, and is anticipated to register a CAGR of 5.4% from 2023 to 2031.

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The robustness and steady growth of the global ceramic and natural stone tile market are due to its distinguishing features. The rising residential and commercial infrastructure is a major driver of the market expansion. Recent years have seen increased sales owing to the expanding demand for these materials across several applications. Due to the growth of the building industry, emerging nations are the main consumers of ceramic and natural stone tiles.

The market is likely to witness robust growth due to strong economic and industrial development, population growth, and an increase in investments in the residential and commercial sectors. Due to the increasing number of single-family homes and the strength of the residential replacement, the market in the United States is likely to experience significant growth. The country's market is expected to rise owing to shifting consumer preferences, an increase in industrial and commercial construction, and a rebound in the residential construction industry.

The market is expected to grow due to the increase in construction activity, the quick expansion of the construction industry, and the increased need for high-quality, long-lasting building materials. For instance, the U.S. Census Bureau reports that from 2019 to 2021, 59% of homeowners completed home repair projects, a minor increase over the three years prior. According to the AIA's Firm Survey, 17.5% of 2020 billings were for residential work. The percentage will increase to 28% in the firm survey this year. As a result, the ceramic and natural tiles market will see an increase in demand.

Floor Tiles to Capture More Than 46% of Revenue in the Market

The floor tiles segment generated over 46% of the revenue share in the global market due to their widespread use and high level of demand. New building and renovation projects have a big impact on the market. The demand for floor tiles in the renovation industry is rising owing to the increased knowledge of and propensity for interior aesthetics. Homeowners are using ceramic and natural stone tiles to replace obsolete flooring materials, increasing the total value of their homes.

With a rising building industry, particularly in nations like China, India, and Indonesia, the Asia-Pacific region is also seeing an increase in the use of floor tiles. Megaprojects like the Belt and Road Initiative in China and the creation of new, smart cities in India both contribute to the rise in demand for ceramic and natural stone tiles.

Residential Segment to Capture More Than Half of the Revenue Share

The residential segment capture over 64% of sales for the ceramic and natural stone tiles market. The housing and remodeling boom has boosted the market. One of the main causes of the rise in market demand is the growing population. Additionally, the global population movement from rural to urban areas has increased the growth rate even more. According to the United Nations Population Division, the world's population will reach 9.5 billion by 2050, with at least 66.4% of people living in urban areas.

Asia Pacific to Attain Sales of US$ 169 Billion in the Ceramics and Natural Stone Tiles Market

Asia Pacific has demonstrated dominance in the global market with an astounding contribution of more than US$ 169 billion in 2022. China and India, the two largest contributors, have a substantial impact on this market development.

The market has benefited from the ongoing urbanization and industrialization processes in China, which have raised demand for residential, commercial, and industrial infrastructure. The demand for these materials has also increased as a result of the Chinese government's significant investment in public infrastructure, including airports, train stations, and public buildings. For instance, the Chinese government invested an anticipated $300 billion in infrastructure projects in 2022, with a sizable portion going toward the development of airports.

On the other hand, India has also made a sizable contribution to the supremacy of the Asia Pacific region in the market for ceramic and natural stone tiles. The market in the nation has been primarily driven by the escalating need for reasonably priced housing, government spending on infrastructure, and the rising demand for visually pleasing interiors in both the residential and commercial sectors. A huge rise from prior years, the Indian government invested over $88 billion in public infrastructure projects in 2022, demonstrating its commitment to developing the nation's infrastructure.

Competitors Landscape

Mohawk Industries Inc., Grupo Lamosa, Kajaria Ceramics Ltd., RAK Ceramics, and others are some of the leading companies in the global market for ceramic and natural stone tiles. To improve their market position and gain a competitive edge, key firms use a variety of methods, including alliances and mergers and acquisitions. R&D activities and the creation of eco-friendly products have increased as a result of strict environmental restrictions, and this is likely to improve manufacturers' market penetration.

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One of India's top tile manufacturers is Kajaria Ceramics. It is also ranked second among the biggest ceramics producers with a significant global presence. The company produced a large profit in FY22 with an Ebitda of 16.5%. The company's management guided 15-20% volume growth and 20-25% revenue growth in FY23 amid capacity expansion, acquisitions, and favorable market trends.

List of Prominent Players

.Mohawk Industries Inc. (USA)
.Grupo Lamosa (Mexico)
.Siam Cement Group (Thailand)
.RAK Ceramics (United Arab Emirates)
.Kajaria Ceramics Ltd. (India)
.Porcelanosa Grupo (Spain)
.H&R Johnson (India)
.Lixil Group Corporation (Japan)
.China Ceramics Co., Ltd. (China)
.Sincere Home Decor (China)
.Florim Ceramiche S.p.A. (Italy)
.Iris Ceramica Group (Italy)

Segmentation Outline

The global ceramics and natural stone tiles market segmentation focuses on Product Type, End-User, Sales Channel, and Region.

By Product Type
.Wall Tiles
.Quarry Tiles
.Mosaic Tiles
.Floor Tiles
.Others
By End Use
.Residential
.Commercial
.Industrial
.Recreational
By Sales Channel
.Offline
.Online
By Region
.North America
oThe U.S.
oCanada
oMexico
.Europe
.Western Europe
The UK
Germany
France
Italy
Spain
oRest of Western Europe
.Eastern Europe
Poland
Russia
oRest of Eastern Europe
.Asia Pacific
oChina
oIndia
oJapan
oSouth Korea
oAustralia & New Zealand
oASEAN
oRest of Asia Pacific
.Middle East & Africa
oUAE
oSaudi Arabia
oSouth Africa
oRest of MEA
.South America
oArgentina
oBrazil
oRest of South America

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