The global tile market is estimated to grow at 9.2% CAGR through to 2019 and reach a total of US $112.32 billion by the end of 2019. Asia Pacific would continue to lead the world tile market in terms of demand, production and consumption and long with Europe, the region is expected to have control over 80% of the tile market. However West Africa is also emerging as a favorite destination for tile manufacturers given the low production costs and availability of raw materials.
Bangalore, India -- (ReleaseWire) -- 09/08/2015 --The worldwide ceramic tile market growth is estimated to be at CAGR of 9.2% and is projected to reach 92.78 billion square feet by 2015, fueled by the anticipated economic recovery in the medium term and the ensuing resurgence in construction activity aided by new product innovations.
More than 80% share of the global market is expected to be collectively controlled by the Asia-Pacific and European region. On the other hand, the US market is expected to see an erosion of market share.
In the longer term projections, the global ceramic tiles market is expected to reach US$112.32 billion by the end of 2019. The drivers for growth in this industry include easy availability of raw materials, rapid growth of the building and construction industry and increasing technological innovation in manufacturing ceramic tile. It is estimated that the overall market growth till 2019 would be a healthy CAGR of 9.2%.
The regions and the countries that are expected to do well in terms of growth include China and India and the developing economies such as Latin America and Africa.
Om the global scale, the demand for ceramic tiles is expected to be higher in Asia Pacific compared to North America, Europe, Latin America, and Rest of the World. In terms of production and consumption , Asia Pacific market is expected to be the fastest growing in the ceramic tile industry and is growing up into a key destination for several major players and manufacturers of ceramic tiles in the world.
Emergence of West Africa as a manufacturing hub for the ceramic industry is also expected to have a positive impact on the tile market. The drivers for this region are the low manufacturing cost when compared to countries of North America and Europe and the availability of raw materials.
The ceramic tile industry is an integral part of the construction industry. Both residential and commercial buildings use tiles and an increase in the construction activities coupled with enhanced product quality and innovation in products has led to the high demand for ceramic tiles across the globe. High per capita income and spending, growing economies, urbanization and the emergence of the new economies has fueled the rise in demand for residential and commercial tiles.
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