Technavio analysts forecast the global vitrified tiles market to grow at a CAGR of 4% during the forecast period, according to their latest report.
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Technavio has published a new report on the global vitrified tiles market from 2017-2021. (Graphic: Business Wire)
The research study covers the present scenario and growth prospects of the global vitrified tiles market for 2017-2021. By end-users, this market is segmented into residential and commercial sectors.
The global vitrified market occupies a majority share of 44% in the global ceramic tiles market. APAC is responsible for generating the maximum revenue for this market and will account for over 67% of the incremental growth through the forecast period.
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The growth of the construction industry, coupled with rising demand for new residential building in swiftly developing countries like India, China, Malaysia, and Indonesia is driving the market growth in APAC. The large-scale investments towards the construction and modernization of airports will further fuel the demand for vitrified tiles in the region.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global vitrified tiles market:
- Growth in construction sector
- Rise in home décor
- Increasing refurbishment activities
Growth in construction sector
“Construction of residential and non-residential buildings has a direct impact on the demand for vitrified tiles. They are frequently adopted as a more affordable alternative to marble and granite flooring. With the anticipated meteoric growth in global construction, there will be plenty of demand for vitrified tiles,” says Likhitha Bandla, one of the lead analysts at Technavio for construction research.
The population boom accompanied by the falling interest rates has propelled the housing market in various countries. Also, the construction of commercial structures is anticipated to grow moderately during the forecast period, driven by retailers of shopping centers that are adopting new strategies to compete with the booming e-commerce sector.
Rise in home décor
The home décor market is expected to grow steadily over the forecast period, driven by the need to enhance the appearance of interior and exterior spaces of a building to achieve a more aesthetically appealing look. Floor covering products such as tiles, stone, hardwood, carpets, and rugs account for nearly 30% of the market.
Vitrified tiles contribute significantly to the floor covering products segment, and the growth of the home décor market will have a direct impact on the demand for vitrified tiles. Additionally, home décor products items such as vitrified tiles are witnessing increased adoption among property holders looking to redesign their homes.
Increasing refurbishment activities
“To make maximum use of existing infrastructure, governments worldwide are focusing on refurbishing and restoring various buildings. These refurbishments are carried out at varying levels, ranging from simple retrofitting activities to renovation upgrades. These activities will call for the use of vitrified tiles to satisfy their flooring needs, as it is a long-lasting and affordable option,” says Likhitha.
The refurbishment market will be important throughout the next couple of years as the European market moves toward 2018 deadline where all buildings are required to have energy saving certifications to be deemed fit for tenancy. Also, the aging infrastructure in various advanced economies such as the US and the UK are anticipated to boost the demand for vitrified tiles further.
Browse Related Reports:
- Global Roofing Tiles Market 2016-2020
- Global Ceramic Tiles Market 2016-2020
- Global Flooring Market 2016-2020
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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