by Synthetic tiles are man-made tiles that are used as an alternative to natural stones and ceramic tiles in construction applications. Synthetic tiles are durable, cost-effective and require very low maintenance. Being waterproof and stain-resistant, synthetic tiles are preferable for applications in bathrooms, pools, and other wet areas. Their scratch-resistant and non-porous properties make them suitable for high traffic areas. The tiles are available in a wide variety of styles and designs that mimic natural stones and ceramic to suit any decor. Their flexibility allows for easy installation and removal without much damage.
The global Synthetic Tiles Market is estimated to be valued at US$ 22.13 Bn 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:
The rising construction of residential and commercial buildings is one of the major trends bolstering the demand for synthetic tiles. According to the Global Construction 2030 report, the global construction output is projected to grow by 85% to US$ 15.5 trillion by 2030. Rapid urbanization accompanied by rising consumer spending on homes is propelling residential construction in developing nations. Furthermore, the commercial real estate sector is growing owing to increasing foreign investments into real estate. The growth in construction activities generates high demand for durable, cost-effective, and low maintenance flooring solutions like synthetic tiles. Innovation in designs and development of green synthetic tiles made from recycled polyvinyl chloride (PVC) is another key trend witnessed in the market.
Porter’s Analysis
Threat of new entrants: The threat is moderate as barriers to entry are high due to the already strong presence of established players and high initial capital requirement for setting up a manufacturing facility.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of substitutes and standardized nature of the product.
Bargaining power of suppliers: The bargaining power of suppliers is low because raw materials used in manufacturing synthetic tiles are commoditized and available from multiple suppliers.
Threat of new substitutes: The threat is high from substitute products like ceramic tiles and natural stones.
Competitive rivalry: The competition in the market is high among existing players.
Key Takeaways
The Global Synthetic Tiles Market Size is expected to witness high growth over the forecast period. Regionally, Asia Pacific dominates the market currently due to growing construction activities in countries like China and India.
Regional analysis: Asia Pacific holds the maximum share of the global synthetic tiles market currently and is expected to maintain its leading position over the forecast period as well due to rising population, rapid urbanization, and increasing disposable incomes in countries like China and India leading to growth in construction activities.
Key players: Key players operating in the synthetic tiles market are Siemens, GE, Voith, ANDRITZ, Toshiba, Harbin Electric, BHEL, Hitachi, Kirloskar, and Ansaldo Energia. Key players are focusing on new product launches and expansion activities to strengthen their market presence.
*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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