Ceramic and Porcelain Tiles Market to Expand at a 6.4% CAGR from 2016 to 2024
MRRSE has added a new research report on the "Ceramic and Porcelain Tiles Market - Morocco Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024" to its collection.
Albany, NY -- (SBWire) -- 01/20/2017 --Morocco Ceramic and Porcelain Tiles, Bathroom Materials, and Furniture and Accessories Market: Snapshot
The construction industry, which is mainly concentrated in cities such as Casablanca, Tangier, Fez, Agadir, Rabat, and Marrakech, is one of the major contributors to Morocco's GDP. The growth of this sector goes hand in hand with the rising GDP of the country and is likely to expand at a moderate to high rate in the next few years owing to the surge in tourism and favorable government policies.
Tiles form a key component of residential and commercial flooring. Typically, ceramic tiles of low grade and cement tiles are produced locally in Morocco, while high-quality porcelain tiles and tiles of other materials are imported from neighboring countries. The growth of the tourism sector and the changing consumer preference for modern, high-cost porcelain tiles are driving the ceramic and porcelain tiles, bathroom materials, and furniture and accessories market in Morocco.
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The market is expected to rise from a valuation of US$1.5 bn in 2015 to US$2.7 bn by 2024. The ceramic and porcelain tiles market, in particular, is estimated to expand at a 6.4% CAGR from 2016 to 2024.
Growing Sense of Aesthetics among Consumers Driving Demand for Porcelain Tiles and Accessories
In terms of revenue, full-body porcelain tiles held the leading share in the Morocco ceramic and porcelain tiles market, accounting for more than 30% in 2015. The segment is anticipated to continue its dominance during the forecast period due to the steady growth in the construction industry. In terms of volume, ceramic floor tiles hold a significant share in the market owing to their inherent characteristics and economical nature. Thin tiles, forming one of the most lucrative segments, is projected to play a pivotal role in the Morocco construction sector, especially in commercial construction.
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Baths and sanitary ware is one of the key segments of the bathroom furniture and accessories market in Morocco and accounted for a share of more than 55% in 2015. Consumers are increasingly preferring imported sanitary ware products due to the rising influence of foreign players from Turkey, Spain, Italy, and the Middle East and the shifting trend toward aesthetic and exclusive brands. Ongoing development in the construction industry is also expected to propel the baths and sanitary ware market during the forecast period.
The bathroom materials market in Morocco includes ceramic, porcelain, and natural stone. In terms of revenue, ceramic held more than 40% in 2015, emerging as the leading material segment. However, the growing preference for an aesthetic outlook has been driving the demand for porcelain materials and this segment is likely to gain much traction in the bathroom materials market in the coming years.
Casablanca Surges Ahead in terms of Revenue; to Retain Lead through 2024
Casablanca led the ceramic and porcelain tiles, bathroom materials, and furniture and accessories market in Morocco. In terms of revenue, Casablanca held a share of more than 30% in 2015. Casablanca is the economic capital and leading financial hub of Morocco. Major industrial facilities and the headquarters of several Moroccan and international companies are based in Casablanca. The increasing demand for affordable housing within the middle-class population and the rising efforts of the Ministry of Housing and Urban Policy (MHU) to develop social and residential housing are likely to fuel the residential construction sector. This, in turn, is estimated to boost the Casablanca ceramic and porcelain tiles, bathroom materials, and furniture and accessories market during the forecast period.
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The Casablanca market is followed by Agadir and Tangier. A rise in the number of construction projects in these cities is estimated to be the key driving factor during the forecast period. A significant expansion in the construction industry in other cities such as Rabat, Fez, and Marrakech is projected propel the ceramic and porcelain tiles, bathroom materials, and furniture and accessories market in Morocco.
Major players operating in the Morocco ceramic and porcelain tiles, bathroom materials, and furniture and accessories market include Roca Sanitario, S.A., Jaquar, CERA Sanitaryware Limited, Kohler Co., Grohe AG, HSIL Hindware, Hansgrohe Group, Kajaria Ceramics Limited, Duravit, S.B.S. Porcher, Supercerame, Porcelanosa, Marazzi, NG Kütahya Seramik, Jacob Delafon, Creavit, and RAK Ceramics.
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