Ceramic Tiles Market size in GCC to grow by USD 2.43 billion from 2023 to 2028, Market size, Share, Growth report 2028, Technavio
NEW YORK, April 15, 2024 /PRNewswire/ -- The GCC ceramic tiles market is set for a significant upswing, with forecasts predicting a staggering increase of USD 2.43 billion by 2028. Key drivers fueling this growth include the burgeoning construction sector, propelled by government investments, and the rising trend of online retailing.
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Construction Sector Expansion:
The construction industry in the GCC region is experiencing rapid expansion, fueled by substantial government investments and efforts to diversify economies away from oil reliance. With over USD3 trillion worth of projects underway or in planning stages, the sector is witnessing a robust growth rate of over 5% year on year. Initiatives such as housing projects in Saudi Arabia, like Obhur Park and Mogan Village, are further boosting residential construction, contributing significantly to market growth.
Online Retailing Revolution:
The market is witnessing a transformative shift towards online retailing, driven by the increasing number of internet users in the region. E-commerce platforms are now offering a wide array of home building materials, including ceramic tiles, providing consumers with convenience and flexibility in purchasing. This trend is expected to propel market growth, with platforms like Wall and Tile and Mineral Tiles leading the charge.
Challenges Hindering Growth:
Despite the promising outlook, volatile raw material prices pose a significant challenge to market growth. Energy-intensive tile production coupled with fluctuating costs of materials like silica sand and kaolin present hurdles for industry players. Ensuring consistent availability of affordable power and fuel remains crucial for sustained growth.
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Market Segmentation:
The residential segment emerges as a major contributor to market growth, driven by significant construction activities in countries like Saudi Arabia and the UAE. Ceramic floor tiles dominate the market share, favored for their durability and versatility in design. Their use in high-traffic areas like halls, kitchens, and bathrooms further solidifies their position in the market.
Key Players:
Leading companies in the GCC ceramic tiles market, such as Al Anwar Ceramic Tile Co. SAOG and Al Khaleej Ceramics Co. L.L.C, are employing various strategies to enhance their market presence. These include strategic alliances, mergers and acquisitions, and product launches, reflecting a dynamic and competitive landscape.
Conclusion:
The GCC ceramic tiles market is on an upward trajectory, fueled by the construction boom and the increasing adoption of online retailing. While challenges such as volatile raw material prices persist, strategic initiatives by key players are expected to drive continued growth. With a focus on innovation and consumer preferences, the market is poised to witness substantial expansion in the forecast period, catering to the evolving needs of the building sector.
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Analyst Review
The ceramic tiles market in the Gulf Cooperation Council (GCC) countries is witnessing significant growth driven by various factors such as population growth, government schemes, and the rapid pace of urbanization. As the urban share of the population increases, so does the demand for housing and infrastructure, leading to a surge in construction activities across residential and commercial sectors.
Government initiatives, particularly in the realm of smart cities development, are playing a crucial role in shaping the ceramic tiles market in the GCC region. Schemes like the Real Estate Regulatory Authority (RERA) ensure transparency and accountability, further boosting investor confidence in the real estate sector. Additionally, economic expansion and disposable incomes are driving housing demand, particularly among the burgeoning middle class.
Technological advancements are revolutionizing the ceramic tiles industry, with companies like Asian Granito India Ltd. and Ceramica Saloni investing in innovative designs and production techniques. The emergence of e-commerce platforms and augmented reality (AR) tools is enhancing consumer experience and expanding market reach.
In response to growing environmental concerns, there is a rising demand for eco-friendly and energy-efficient products. Ceramic tiles with protective coatings are gaining popularity due to their durability and resistance to greenhouse gas emissions.
The GCC countries, with their robust road networks and investments in power-related infrastructures, provide a conducive environment for the ceramic tiles market to flourish. Moreover, the influx of foreign portfolio investments and the presence of key players like Blackstone are driving capacity expansion and capital expenditure in the sector.
The residential segment dominates the ceramic tiles market, with a significant focus on home renovation and remodeling activities. Glazed tiles, particularly in the bathroom and kitchen areas, are in high demand for their aesthetic appeal and germ-free properties.
In India, a major supplier to the GCC countries, factors such as urbanization, affordability, and beautification initiatives are fueling growth in the ceramic tiles market. With the introduction of new touchless and hygiene-centric products, the market is expected to witness further expansion, catering to the evolving needs of consumers.
Overall, the GCC countries present a lucrative landscape for the ceramic tiles industry, characterized by rising demand, technological innovation, and favorable government policies. As the region continues to urbanize and invest in infrastructure, the market is poised for sustained growth in the coming years.
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Market Overview
In the GCC countries, the Ceramic Tiles Market is experiencing significant growth, driven by factors such as rapid population expansion, government schemes promoting infrastructure development, and the emphasis on Smart Cities initiatives. Regulations like RERA (Real Estate Regulatory Authority) are shaping the housing sector, fueling remodeling activities and stimulating demand for ceramic tiles for both walls and floors. With urbanization on the rise, the urban share of the population is increasing, further boosting the market. Moreover, rising disposable incomes among the populace are facilitating investment in home improvement projects, including the use of ceramic tiles. This confluence of factors paints a promising picture for the ceramic tiles market in the GCC countries, poised for continued growth in the foreseeable future.
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About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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