COVID-19 has had a severe impact on every country’s GDP. The nationwide lockdowns and the shutdown of non-essential industries have caused a downfall in the global economy. The falling demand from customers worldwide has led the world into a global recession and total recovery is not expected in the near future. Many construction projects and activities, including government infrastructure projects, which were initially running, came to a complete halt due to the imposition of lockdowns.
The construction industry, like many others, is labor-intensive. Mass unemployment in the construction industry led to widespread panic, leading laborers to return to their homelands to sit out the pandemic. Even after the easing of lockdowns restrictions in several countries, construction companies will work with reduced finances, labor, and working hours, which is further going to delay project deliveries. It is estimated that initially, government projects will resume operations; however, with the constraint of budgeted revenue, it will be difficult for even government to finance the big projects for the rest of the year. The impact of the slowdown of the construction industry was felt by the ceramic tiles industry as well. Apart from the shutdown of production facilities, the cancellation of several projects in the commercial and industrial construction sector will lead to the reduced demand for ceramic tiles in 2020.
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The ceramic tiles market is projected to grow from USD 207.7 billion in 2020 to USD 285.1 billion by 2025, at a CAGR of 6.5% during the forecast period. Growth in investments in the construction industry, coupled with a rise in the number of renovation & remodeling activities, further boost the growth of the market for ceramic tiles. The rise in demand from emerging economies and the growth of the organized retail sector create growth opportunities for the market.
The Asia Pacific is the most attractive market for ceramic tiles due to the rapid socio-economic development in the region. The increasing number of new housing units and huge investments in the infrastructural sector are fueling the demand for ceramic tile materials in this region. The growth of the ceramic tiles market in the APAC region is also driven by increasing demand for ceramic tiles in countries, such as China, India, Thailand, Indonesia, and Vietnam, due to the significant growth in the construction opportunities in these countries.
Key players operating in the ceramic tiles market include Mohawk Industries (US), Siam Cement Group (Thailand), Grupo Lamosa (Mexico), RAK Ceramics (UAE), Kajaria Ceramics (India), Grupo Cedasa (Brazil), Ceramica Carmelo Fior (Brazil), Pamesa Ceramica (Spain), Grupo Fragnani (Brazil), and STN Ceramica (Spain). These players have adopted various growth strategies to expand their global presence and increase their market share.
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