Transparency Market Research, New York: Ceramic tiles are increasingly preferred in various residential replacement and other constriction activities in residential and industrial applications. Due to ease of maintenance and high aesthetics, ceramic tiles are becoming versatile as floor and wall tiles.
Analysts at TMR project the ceramic tiles market to clock CAGR of more than 9.0% between 2019 and 2027 and surpass US$ 180 Bn by 2027-end.
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Since the economic crisis of 2008, cost of raw materials such as kaolin, feldspar, bentonite, and silica sand have increased dramatically. This has severely hampered the profit margins. Also, these raw materials are utilized in several other applications. As a result of these two factors, most have passed on the rise in cost of these materials to the price of final products. Consequently, this has dampened the demand for ceramic tiles.
Another key hindering factor is the large production of CO2, increasing the footprint of the ceramic processing. Also, the processing causes emission of particulate matter that may be toxic for the environment. This has raised environmental concerns for manufacturers of ceramic tiles. Nevertheless, players are keenly focused on overcoming some of these constraints and are leveraging advances in ceramic tile manufacturing process.
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Among the various regions, Asia Pacific is anticipated to be a highly lucrative ceramic tiles market the assessment period. The regional market accounted for more than 60.0% of the global ceramic tiles market in 2018. China, India, and ASEAN are witnessing substantial consumption of ceramic floor tiles, especially in residential sector. The presence of numerous small- and large-scale manufacturers accounts for a high scope of opportunities in Asia Pacific.
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