Synthetic tiles are man-made floor and wall coverings that are widely popular interior and exterior construction material. Made from raw materials like plastic, rubber and cement, synthetic tiles are highly durable, waterproof and require very low maintenance. They come in a wide variety of emulating natural stones and woods.
The global Synthetic Tiles Market is estimated to be valued at US$ 22.13 billion in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Rapid urbanization in developing countries across Asia, Africa, and Latin America has propelled the demand for durable and low maintenance construction materials like synthetic tiles. As the number of people migrating from rural to urban areas is increasing at a fast pace, the demand for housing and infrastructure is growing exponentially. Synthetic tiles are a preferred choice for flooring and wall coverings in residential as well as commercial construction due to their waterproof and easy to clean nature. Their aesthetic looks coupled with multiple formats like glazed ceramic synthetic tiles for wet areas and luxury vinyl tiles resembling wood, stone etc. for different rooms have increased their adoption. Furthermore, synthetic tiles are eco-friendly and contain recycled content making them sustainable. This rapidly growing urbanization trend is expected to continue driving demand for synthetic tiles market over the forecast period.
SWOT Analysis
Strength: Synthetic tiles are water and stain-resistant, making them easy to clean and maintain. They are durable and can withstand heavy foot traffic.
Weakness: Synthetic tiles are not as environmentally friendly as natural materials like wood or stone. They are also more prone to scratches and cracking compared to ceramic tiles.
Opportunity: Growing construction industry worldwide is driving demand for flooring materials like synthetic tiles. Rapid urbanization is also increasing residential and commercial construction.
Threats: Fluctuations in raw material prices can impact the costs of synthetic tiles. Strict environmental regulations around plastic use may also affect the market.
Key Takeaways
The Global Synthetic Tiles Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for synthetic tiles is projected to reach US$ 22.13 Bn by 2023 with a CAGR of 5.3% during the forecast period.
Regional analysis: Asia Pacific currently dominates the synthetic tiles market and is expected to maintain its leading position throughout the forecast period. Rapid growth of the construction industry in countries like China and India is driving demand. Growing population and rising disposable incomes are also increasing residential construction in the region.
Key players analysis: Key players operating in the synthetic tiles market are Siemens, GE, Voith, ANDRITZ, Toshiba, Harbin Electric, BHEL, Hitachi, Kirloskar, and Ansaldo Energia. These companies are focusing on new product launches and investments to strengthen their market positions. For instance, Siemens launched a new line of polyvinyl chloride (PVC) tiles in 2020 to cater to commercial applications like offices and retail spaces.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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