Synthetic tiles are cost-efficient and eco-friendly flooring materials that replicate the authentic look of natural products such as wood, ceramic, marble, and granite without compromising on durability. With properties such as water resistance, scratch resistance, anti-slip, and easy maintenance, synthetic tiles are increasingly being used in both residential and commercial spaces. 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 Opportunity:
Growing popularity of eco-friendly flooring solutions among consumers and builders is expected to drive the demand for synthetic tiles over the forecast period. Consumers are increasingly preferring flooring materials that do not harm the environment during the production process as well as in usage. Synthetic tiles involve lower carbon footprint during manufacturing as compared to natural materials and do not require high maintenance efforts. With rising environmental awareness, synthetic tiles are poised to gain traction across both remodeling and new construction activities. The material is durable and resilient to wear and tear, thereby helping builders and facility managers reduce maintenance and replacement costs over the lifetime of the flooring installation. This is expected to further fuel the adoption of synthetic tiles globally.
Porter’s Analysis
Threat of new entrants: The Synthetic Tiles Market requires high initial capital investment and established brand loyalty which makes it difficult for new companies to enter this market. However, the market is growing at a steady pace presenting opportunities.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of several options and price sensitivity. Buyers can negotiate on price and quality.
Bargaining power of suppliers: Major suppliers have significant influence due to their established experience, production capabilities and brand acceptance. Suppliers can influence prices.
Threat of new substitutes: Alternative flooring materials like marble, hardwood pose threat. However, synthetic tiles offer durability and maintenance advantages over substitutes.
Competitive rivalry: The market is fragmented with global and local players. Intense competition exists based on product quality, features, design and pricing.
SWOT Analysis
Strength: Durability, water and stain resistance, ease of maintenance, various design options, growing popularity.
Weakness: Perceived as inferior to natural materials, non-biodegradable, requires skilled labor for installation.
Opportunity: Rising construction activities, real estate boom, increasing consumer preference for easy to clean floors.
Threats: Fluctuating raw material prices, substitutes like vinyl & laminate flooring, economic slowdowns.
Key Takeaways
The Global Synthetic Tiles Market Size is expected to witness high growth supported by rising residential and commercial construction activities across major economies. The largest and fastest growing regional market is expected to be Asia Pacific with China, India and other Southeast Asian countries expected to drive volume gains. Growing urbanization, rising disposable incomes and changing lifestyles are influencing construction and renovation activities in the region positively.
Regional analysis for Europe comprises Germany, France and UK holding major shares of the regional synthetic tiles market. Presence of established players and high consumer preference for aesthetic flooring drive the European synthetic tiles industry. Stringent environmental regulations regarding material usage act as a minor restraint for growth.
Key players operating in the Synthetic Tiles market are Siemens, GE, Voith, ANDRITZ, Toshiba, Harbin Electric, BHEL, Hitachi, Kirloskar, Ansaldo Energia. Siemens and GE collectively hold over 35% of the global market share.
For More Insights, Read: https://www.newswirestats.com/synthetic-tiles-market-demand-growth-and-regional-outlook-by-2030/
