Market Trends of Glass Tiles Industry
This section covers the major market trends shaping the Glass Tiles Market according to our research experts:
Increasing Demand for Commercial Sector
- Glass tiles are used in the commercial sector, in high story buildings, multi-unit livings, hospitals, shopping malls, sports complexes, and a wide variety of other buildings. This is majorly because of the high durability and good aesthetics provided by glass tiles.
- The commercial construction industry is expected to witness a steady growth in near future, with a majority of the growth expected to be witnessed in the developing economies, such as India, China, Brazil, and Mexico.
- China is also leading in the growth in the construction of high-rise buildings, in the global scenario. The total number of skyscrapers expected to be completed by the end of 2018 in the country is likely to exhibit a growth of 60%.
- In addition, Mexico's commercial sector continued to receive strong capital investment, both from foreign and domestic sectors, thus, driving new constructions, which in turn, increased the consumption of glass tiles in the country, during the forecast period.
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United States to Dominate the North America Region
- Glass tiles are a growing trend in the country’s construction industry. With the growing trend of multi-family buildings, and the rise in migration to cities, the US Census Bureau has been providing more permits for the construction of new residential buildings. For instance, in 2015, 41% of the permits were issued for construction of multi-family residence, by the US Census Bureau.
- The residential construction sector in the country is projected to grow by 6% in 2018, with construction for single families increasing by 9%. Geographically, the southern region of the country is expected to experience the highest growth, of nearly 6%, followed by the West, the Midwest, and Northeast regions.
- The non-residential construction sector, which grew by 2% in 2017, is estimated to grow by 4%, with public building construction and educational building construction estimated to grow by 6% in 2018. Healthcare construction is also expected to increase by around 5%, followed by industrial construction at 4%.
- Furthermore, glass tiles are becoming popular in the hospitality sector due to their aesthetic look. The demand for residential and commercial buildings is providing opportunities for the glass tiles market, as they are durable, and provide an aesthetic look in overall construction.
- All thefactors are likey to increase the demand for the market.
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