The global vitrified tiles market is projected to be worth USD 796.3 Billion by 2030, registering a CAGR of 5.2% during the forecast period (2022 – 2030), The market was valued at USD 471.9 billion in 2021.
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Vitrified tiles market has been steadily growing in recent years, and this trend is likely to continue in the forecast future. The worldwide vitrified tiles market is largely driven by the construction industry’s rapid expansion, which includes high demand for luxury flooring tiles as one of the key growth reasons.
The vitrified tiles market is growing rapidly on the global platform. Vitrified tiles offer a durable, eco-friendly, energy-efficient, aesthetic, and waterproofing solution that gives flooring structures an appealing finish and extra life. Consumers pay more attention to adding aesthetic value to flooring, preferring low-maintenance products suitable to their needs.
Resultantly, vitrified tiles are widely used in residential, commercial, infrastructural, and industrial sectors worldwide. Increasing demand for vitrified tiles from the construction sectors across the globe boosts the market size. Rapid economic growth and urbanization are major driving forces behind significant market growth, increasing consumer purchasing power and changing lifestyles.
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There are many innovations in vitrified technologies as well as in tile materials. These tiles witness vast adoption in residential and commercial sectors, garnering higher volume traction. Increasing renovation and reconstruction projects in commercial buildings, such as hotels, restaurants, showrooms, retail stores, and office buildings, boost market size.
On the flip side, high manufacturing costs that increase the overall cost of vitrified tiles impede the market growth. Nevertheless, Advances in printing technologies such as digital printing, 3D printing, water jet technology, and anti-microbial glazing technology are estimated to support the market growth throughout the assessment period, opening attractive opportunities for the market players.
COVID 19 Impacts
The COVID 19 disruptions hit the construction and vitrified tiles industry severely. Industry players faced several major challenges, such as disrupted supply chains, logistic issues in delivering end products, and attracting workers from quarantines during coronavirus-driven lockdowns. However, the market is rapidly regaining its momentum. Further, the industry is projected to witness augmented market demand worldwide.
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Major Key Players In The Vitrified Tiles Market:
The Asia Pacific region dominates the global vitrified tiles market. Spectacular growth in the economy and the construction sector across the region drives the market growth. The region witnesses substantial expansion in the building sector, with the population surge and falling loan rates driving the housing market. Besides, rapid urbanization and industrialization, along with the changing lifestyle and consumer preference, drive regional market growth.
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North America stands second in the global vitrified tiles market, witnessing increasing construction projects. Additionally, other factors influencing the market rise include the growth in renovation projects and technological advancements, helping to develop novel properties in materials like high durability, hygiene, cost efficiency, and low maintenance.