New York City, NY -- (SBWire) -- 02/22/2023 --INFRASTRUCTURE DEVELOPMENTS IN EMERGING ECONOMIES TO DRIVE THE MARKET AT OVER 2.5%
The global construction industry is witnessing major growth, particularly due to major infrastructure development in emerging countries. According to a report by Deloitte, the global construction industry was valued at US$ 7.28 trillion in 2021 and is predicted to reach US$14.41 trillion by 2030, with an estimated annual growth rate of 2.5%. Glass tiles are a vital construction material. Most of the growth is expected to come from emerging countries of the Asia-Pacific, such as China and India.
The commercial sector will witness significant growth on the back of new projects in the Middle East and Asia-Pacific. A report released by Frank Knight LLP, a real estate management consultancy, predicted stable and sustainable growth for the Indian commercial real estate market. A joint report by Colliers and Qdesq forecasts that the adoption of office space will exceed 60 million square feet in Indian metro and non-metro cities by 2023.
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RESIDENTIAL REAL ESTATE SEES A DOWNTURN IN DEVELOPED MARKETS LIKE US & UK
The global residential real estate market is witnessing sluggish growth due to lower capacity utilization due to the relentless increase in housing prices. The IMF Housing Watch has estimated a real housing price increase of 2-25% across various developing and developed markets. A 2022 report by Credit Suisse has documented a downturn in residential property investments in developed markets such as U.S. and UK.
One of the major challenges for the global market is the high cost of glass tiles. Depending on various factors, the average price of ceramic tiles ranges from US$1 to US$ 25 per square foot, whereas glass tiles can range from US$ 10 to US$ 45 per square foot. The relatively high cost of glass tile makes it extremely uneconomical for major projects, as contractors prefer slightly cheaper alternatives due to tighter margins.
CHINA AND INDIA EMERGE AS DREAM DESTINATION FOR MARKET EXPANSION
The emerging markets of Asia-Pacific will witness the largest demand for glass tiles in the coming years. India's rapidly developing economy and booming real estate and infrastructure sector have created the potential for rapid growth and many international brands are expanding to the Indian market. The brands are launching new products and expanding local production to capture a sizeable share of the growing market. In September 2022, the Italian brand Sicis launched its Vetrite collection of glass tiles in the Indian market. China is a major emerging economy with the single largest share of the global construction industry.
According to a Deloitte industry report, China accounted for 32% of the global market in 2020. The ongoing energy crisis in Europe offers a major opportunity for the Chinese market since many European glass tile manufacturers are looking to relocate to China.
MERGERS AND PRODUCTION EXPANSIONS ON THE RISE AMONG MARKET LEADERS
The major players in the global glass tiles market are expanding to new markets and raising capital for further expansion. Mohawk Industries Inc. is an American manufacturer of tiles and flooring products for commercial and residential applications. The company primarily operates in the North American and European markets. In January 2023, Raymond James & Associates acquired a US$ 4.19 million stake in the company. Saint Gobain is a French multinational company that develops and manufactures various high-performance construction materials. The company is expanding its presence in emerging markets to reduce dependence on China. For instance, in March 2022, Saint Gobain launched three production facilities for glass tiles and other glass products at Sriperumbudur near Chennai, India.
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GLOBAL GLASS TILE MARKET REPORT SCOPE
1. By Product Type
a. Matte-finished Glass Tiles
b. Smooth Glass Tiles
2. By End User
a. Commercial
b. Residential
3. By Manufacturing Process
a. Sintered Tiles
b. Cast Tiles
c. Smalti Tiles
d. Etched Glass Tiles
e. Others (Fused Tiles, Slumping Tiles)
4. By Region
a. North America
i. The U.S.
ii. Canada
iii. Mexico
b. Europe
i. Germany
ii. UK
iii. France
iv. Italy
v. Spain
vi. Rest of Europe
c. South America
i. Brazil
ii. Argentina
iii. Rest of South America
d. Asia-Pacific
i. China
ii. India
iii. Japan
iv. South Korea
v. Rest of Asia-Pacific
e. Middle East and Africa
Global Glass Tile Market Research Report (2023-2030) – Market Trends, Size, Shares and Competitive Intelligence : DataM Intelligence
The latest 2023 report on global glass tiles by DataM Intelligence analyses the market shares, size, recent trends, future market outlook, and competitive intelligence. Glass tiles usage in internal and external facing of buildings is on the rise. Demand from commercial and, residential in ‘Asia Pasific’ is booming. The competitive rivalry intensifies with Hirsch Glass Corp, Bellavita Tile, Crossville, and others active in the market.