Synthetic Tiles Market Growth Accelerated by Sustainable Materials Adoption
Synthetic Tiles Market |
Synthetic Tiles are durable, water-resistant, and require low maintenance. They are widely used in residential and commercial construction for roofing and flooring applications. The key advantages of synthetic tiles include sustainability, durability, cost-effectiveness and variety of styles. As more consumers demand eco-friendly construction materials, adoption of recycled and recyclable synthetic tiles has accelerated.
The global
Synthetic Tiles Market is estimated to be valued at US$ 25.5 Bn in 2023 and is
expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031, as
highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased focus on sustainable construction practices is one of the key
factors driving the growth of synthetic tiles market. Many leading tile
manufacturers have launched product lines made from recycled plastics and other
sustainable materials. For example, Trex company Inc offers a variety of
decking and railing products made from 95% recycled wood and plastic.
Similarly, Fiberson LLC produces synthetic floor tiles containing over 90%
recycled materials. The availability of such eco-friendly offerings has boosted
the sales of synthetic tiles as more homeowners and builders emphasize on green
building solutions.
Segment
Analysis
The global synthetic tiles market is dominated by vinyl synthetic tiles
segment. Vinyl tiles offer the advantage of durability, affordability and ease
of maintenance. Vinyl tiles replicate the aesthetics of wood and stone floors
at a much lower price point making them a popular choice for residential as
well as commercial applications.
Key Takeaways
Global
Synthetic Tiles Market Size is expected to witness high growth.
The North America region currently dominates the synthetic
tiles market owing to high disposable incomes and growing construction
activities in the USA and Canada. However, Asia Pacific synthetic tiles market
is projected to witness the highest CAGR over the forecast period with China,
India and other Southeast Asian countries expected to drive the demand.
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