NEW YORK, Feb. 19, 2024 /PRNewswire/ — The global ceramic tiles market in GCC is expected to grow by USD 2.43 billion from 2021 to 2026, at a CAGR of 6.8% as per the latest market report by Technavio. One of the key factors driving the market growth is the expanding construction sector. The construction industry in the region is rapidly growing, driven mostly by government-backed investments. In addition, oil-based economies are quickly diversifying their economies to minimize their reliance on oil. Furthermore, the market is particularly volatile due to fluctuations in oil prices. Moreover, with increased investment in construction, various other businesses, such as banking, hospitality, and tourism, are also thriving. For instance, over USD 3 trillion worth of projects are now under development or in the design and planning stages, according to estimates. In addition, despite regional political upheaval that has shaken investor confidence, the construction industry is rising at a rate of more than 5% year on year (YoY). Therefore, such factors are positively impacting the GCC ceramic tiles market. Hence, such factors are driving the regional market growth during the forecast period. To know about the contribution of each segment – View the sample report in MINUTES
The residential sector is poised for substantial expansion in the coming forecast period, particularly in Saudi Arabia and the UAE. Saudi Arabia, boasting the GCC’s most rapidly growing construction industry, presents lucrative opportunities owing to its immense wealth and robust market. Initiatives such as those announced by the Saudi Ministry of Housing are anticipated to propel residential application segment growth. Notably, recent projects like Obhur Park and Mogan Village in Jeddah, launched in collaboration with the private sector, underscore the industry’s momentum. With carefully orchestrated residential ventures worth billions, the sector is driving overall market growth, making it a prime focus for B2B players seeking strategic partnerships and business opportunities. https://www.technavio.com/report/report/ceramic-tiles-market-industry-in-gcc-analysis
- A key factor shaping the market growth is the increasing online retailing of ceramic tiles.
- Volatile raw material prices of ceramic tiles are one of the key challenges hindering market growth Download a sample now!
Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
Al Anwar Ceramic Tile Co. SAOG: The company offers ceramic tiles such as ceramic floor tiles, ceramic outdoor floor tiles, ceramic wall tiles, ceramic elevation wall tiles, and others.
The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including: Al Khaleej Ceramics Co. L.L.C, Al Maha Ceramics., Arabian Tile Co Ltd., ARABIAN-CERAMICS.COM, Ceramica Cleopatra Group, Kajaria Ceramics Ltd., Meraki Ceramics, Nesma Orbit, NI Cermaics, PORCELANOSA Grupo AIE, Porcellan, RAK Ceramics PJSC, Riyadh Ceramics, Sanipex Group, Saudi Ceramic Co., Skytouch Ceramic Pvt. Ltd., SOKHOOR AL ARAB, Alpha Tiles, and Future Ceramics. Download a sample now!
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