Greater expansions for Indian Ceramic Tiles Market: 13% CAGR
- charanjitaark
- Jul 18, 2019
- 2 min read
Wall tiles make it to 50% of India's total ceramic market share. Floor tiles come second in the list of largest market share with its contribution of 23% which is then followed by vitrified tiles and industrial tiles. India’s Ceramic tiles market value of worth INR 250 billion.
With a robust expansion and India Ceramic Tiles Market forecast accounts for a CAGR of around 13%, India Ceramic Tiles market is expected to reach INR 501.70 billion by the end of 2023.
The tax rates in India were revised and went down to ~18% from ~28%. There was a slight decrease in the cost of finished ceramic tiles products. This eventually led to an increase in the sales of the product, whereby the growth of the industry picked up.
There are around 16 major players in the industry which account for ~40% of the Indian tile industry.
Export and import:
As per India Ceramic Tiles Market research report, the industry saw an increase in the export from the last few years where Mexico and Saudi Arabia were the targeted markets for exports.
However, the Indian market also observed imports of the tiles from countries such as Italy, China, and Spain.
What are the growth drivers of the market?
The government of India has started increasing the spending on the infrastructure projects which has benefitted the demand for residential and commercial buildings.
Sectors such as healthcare, education or IT demand more space requirements and hence encouraging India’s real estate markets. This has boosted the demand for ceramic tiles market in the urban areas.
Along with the new projects, even the replacement market is expecting greater demand for the ceramic tiles in India, witnessing stronger growth in the next few years.
Market Challenges:
The production cost in the ceramic market is taking new heights which have become a major obstacle in the market growth path. The appreciation of the dollar against the rupee has had its negative impact on the CNG, thereby affecting the manufacturing of ceramic tiles.
Category: Construction
Contact Details:
Aarkstore Enterprise 24/7 Online Support: +91 9987295242 | contact@aarkstore.com
Comments