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Major ceramic tile market players include Ras Al Khaimah Ceramics, Mohawk Industries, Group Kajaria Ceramics, Siam Cement, Lamosa Grupo, Florida Tile, Crossville, China Ceramics and Ceramiche Atlas Concorde.
Selbyville, Delaware, November 9, 2021/PRNewswire/ - Global Market Insights Inc.'s latest research report states that by 2027, the market for ceramic tiles is expected to exceed $130 billion. Ceramic tiles are multifunctional products and have many uses. Applications in different regions and end-user industries. There are several drivers for global market growth, including the increase in construction activity, which has made a significant contribution to market dynamics, supported by growing housing demand, rapid urbanization and increasing disposable income in emerging economies in Asia Pacific and the Middle East.
According to usage, by 2027, the repair and refurbishment industry will grow at a compound annual growth rate of 5%. This is mainly driven by rising interest rates and soaring real estate costs. With the industrialization of developing countries and the rise of the global economy in developed countries, global residential property prices have risen rapidly in recent years. In the past few years, residential property prices have risen by 60%.
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Mortgage loans continue to fluctuate, making the application of mortgages unstable and becoming a challenge for EMI and budget management. People choose to spend on refurbishing houses instead of spending huge sums of money on new houses. In addition, the cost of refurbishing an old house purchased by oneself is much lower than buying a new one; therefore, people tend to renovate the old house according to their choice rather than plan a new house.
It is estimated that by 2027, the revenue of the institutional sector will exceed US$27 billion, an increase of more than 5%. More and more sports and healthcare facilities around the world may have a positive impact on the ceramic tile market. The Asia-Pacific region will drive industry growth for institutional applications. In recent years, population growth in the region has driven the demand for institutional infrastructure such as medical facilities, schools, and recreational facilities, which are expected to emerge during the forecast period. The establishment of institutions in this region will help the ceramic tile market achieve stronger growth.
By 2027, the North American ceramic tile market is expected to have a growth rate of approximately 4.3%. Ceramic tiles are widely used in the field of residential replacement. The recovery of the construction industry is expected to boost the demand for ceramic tiles in the region during the forecast period. Factors such as increasing use of inkjet technology for personalization and customization, renovation and modernization of old structures, and favorable government policies will drive the expansion of the North American market within the predicted time span.
Some of the main findings of the ceramic tile market report include:
Major players in the ceramic tile market include Crossville, Inc., China Ceramics Co., Ltd., Florida Tile Inc., Mohawk Industries Inc., Siam Cement Group, Saloni Ceramics and Ras Al Khaimah Ceramics.
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Global Market Insights Inc., headquartered in Delaware, is a global market research and consulting service provider, providing joint and customized research reports and growth consulting services. Our business intelligence and industry research reports provide customers with insightful insights and actionable market data designed and presented to help strategic decision-making. These detailed reports are designed through proprietary research methods and can be used in key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Source: Global Market Insights Inc.
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