by The synthetic tiles market comprises tiles made from man-made materials such as wood plastic composites, polyvinyl chloride, cement, and other resins. Synthetic tiles offer various advantages over traditional clay tiles like lightweight construction, durability, ease of installation, and low maintenance. Rise in infrastructure and construction projects, remodeling activities, and growing demand for eco-friendly building materials are fueling the demand for synthetic tiles globally.
The Global synthetic tiles market is estimated to be valued at US$ 25.5 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Synthetic Tiles Market are Tamco Building Products, Trex company Inc, Meghani group, Beologic, Seven Trust, UFP Industries Inc, Fiberson LLC, Axion International, Polyplank AB, TimberTech, Universal forests Products, and Josef Ehrler GmbH & Co KG. Synthetic tiles are durable, waterproof and require low maintenance which is increasing its demand for residential as well as commercial construction. Major players are focusing on new product launches and expansion strategies to capitalize on opportunities in emerging markets such as Asia Pacific and Latin America.
Market Key Trends
One of the key trends gaining traction in the synthetic tiles market is growing popularity of luxury vinyl tiles. Luxury vinyl tiles closely mimic the look of ceramic, stone, or hardwood but are more durable and waterproof. Advantages like scratch, stain and impact resistance along with variety of designs and textures available are fueling sales of luxury vinyl tiles globally. Manufacturers are launching innovative luxurious vinyl tile collections with ultra-realistic wood grains and stone patterns increasing their appeal for high-end homes and commercial spaces.
Porter’s Analysis
Threat of new entrants: New players in the Synthetic Tiles Market et need to cope up with huge capital requirements and established distribution channels of existing players. Bargaining power of buyers: Buyers have high bargaining power regarding price and quality in the synthetic tiles market due to availability of substitutes. Bargaining power of suppliers: Suppliers of raw materials for synthetic tiles production have low bargaining power due to availability of substitutes. Threat of new substitutes: Substitutes like clay tiles and concrete tiles pose high threat to the synthetic tiles market. Competitive rivalry: Intense competition among existing players to capture more market share.
Geographical regions concentration: North America holds the major share of the global synthetic tiles market, followed by Europe and Asia Pacific. The demand is high in the United States due to high affordability and sustainability concerns.
Fastest growing region: Synthetic Tiles Market Regional Analysis
Asia Pacific is expected to witness the highest CAGR in the global synthetic tiles market during the forecast period. This is attributed to rapid urbanization and infrastructure development activities in emerging economies of the region such as India and China.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
