The GCC Ceramic Tiles Market size is expected to reach USD 14.2 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.9% from 2020 to 2028. Some of the prominent players in this industry are RAK Ceramics, Porcelanosa Dubai, Al Jawadah Ceramics and Forsan Ceramics. Increasing infrastructure development activities in the GCC countries to spur the transformation into non-oil economies is expected to drive the market.
GCC is one of the most active construction markets in the world with a market revenue of over USD 2.4 trillion in 2020 and more than 22,000 ongoing projects across countries such as the UAE, Saudi Arabia, Qatar, Bahrain, Kuwait, and Oman. This is expected to lead to an increase in the demand for ceramic tiles, primarily in the residential and commercial complexes, including housing, hotels, malls, educational institutions, healthcare facilities, and cinema halls.
Key market players are exporting their products to other GCC nations and other parts of the globe, to increase their geographical presence and expand their business to other parts of the world. For instance, in 2019, Saudi Ceramics signed a Murabaha financing agreement with the International Islamic Trade Finance Corporation (ITFC), worth USD 32 million. The agreement was part of the export finance promotion initiative taken by the Saudi Export Development Authority.
Related Press Release@ GCC Ceramic Tiles Market Report
GCC Ceramic Tiles Market Report Highlights
- The porcelain tiles segment accounted for the largest revenue share valued at USD 4.7 billion in 2020 on account of a harder and denser structure as compared to other tiles and better scratch-resistant properties as compared to glazed ceramic tiles
- The wall tile application segment is expected to witness a notable revenue-based CAGR of 8.9% from 2020 to 2028, owing to the rapidly rising demand for wall tiling patterns for decoration in living and commercial spaces
- The residential end-use segment is expected to witness the fastest revenue-based CAGR of 9.1% from 2020 to 2028 on account of rapidly rising residential construction activities in the GCC economies due to favorable financial policies
- Saudi Arabia dominated the market and accounted for revenue share valued at USD 2.9 billion in 2020 and is expected to witness notable growth over the forecast period on account of continued investment by the government in infrastructure projects
- New entrants in the market are introducing new ceramic flooring products with enhanced durability and strength. Such players are either acquired by the existing well-established players or they continue their penetration in the market and create strong competition
