Tuesday, December 5, 2017

GCC ceramic tiles market set for solid growth

The ceramic tiles market in the GCC region is poised for solid growth, thanks to key factors such as urbanisation; new construction activities in housing, infrastructure, and hospitality; proliferation of high net worth individuals (HNI); and a demand for quality and cost-effective products which are fuelling the growth, according to a report.

In a vastly untapped market, opportunities exist in building local manufacturing or increasing multinational brand representation, said Frost & Sullivan, a growth partnership company, in its report entitled 'Opportunities in the GCC Ceramic Tiles Market, Forecast to 2020.'

Strong supply chains that cater to bespoke demands and provide reverse feedback and intelligence on trends are key to success, stated the report which analyses growth opportunities, challenges, drivers, restraints, and technology trends impacting the market.

"The GCC is home to a large number of HNI, making it a natural choice for luxury and high-quality products. Tiles and construction materials are no exception," remarked Nideshna Naidu, the Homes and Buildings Team Consultant at Frost & Sullivan.

“The market’s key characteristics include fast-changing business and distribution models, a significant focus on marketing and promotional activities, and increased need for product innovation, differentiation, and customization to meet evolving customer requirements,” she noted.

"As the market progresses, participants will be faced with several challenges, including competition from low-cost tiles from India and China, penetration of substitute products, changing customer preferences, and high raw material and power costs. Nevertheless, the market presents vast untapped opportunities," he added.

Naidu pointed out that manufacturers and importers must focus on developing strong supply chains that can cater to the bespoke demands with agility, and provide reverse feedback and intelligence on how trends are evolving.

"This will be particularly useful in catering to high-growth segments like commercial, hospitality and residential, as well as satisfying Gen-Y buyers," she added.-TradeArabia News Service

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