The GCC tiles market is expected to grow at a compound annual growth rate of more than 10-12 percent until 2020, driven by increasing demand in the residential and hospitality sectors, according to a report by Frost & Sullivan.
With more than 10,000 projects under construction or in the design and planning stage in the GCC, the tiles market is one of the fastest growing segments of the building materials market, according to the report. The UAE, which is preparing to host World Expo in 2020, is the most active construction market in the region, along with the Kingdom of Saudi Arabia.
The GCC market for tiles was estimated at more than 450 million to 500 million sq. m in 2014, out of which as much as 70 percent of demand was for ceramic tiles, Frost & Sullivan said. The region imports almost 40 percent of its total demand, with China, Spain, Italy, Egypt and India being the largest suppliers of tiles to the GCC.
"The GCC tile market is one of the most dynamic in the world, with the large-scale construction projects we are seeing here in the region leading to equally large-scale demand for quality building materials," said Vibha Sawhney, Senior Architect & Interior Designer, Head of Hospitality Design Division, Modo Milano Consultancy JLT.
"The increasing importance of residential development in the construction mix and the desire for high-quality products is also influencing demand. With the region home to a large number of high-net worth individuals, there is a natural desire to deliver high standards and this is benefiting the regional tile market. "