The Global "Glass Tiles Market" is expected to grow at a high CAGR during the forecasting period (2022-2029).
Glass tiles are used for the internal and external facing of buildings and for producing decorative and artistic glass mosaics. Glass tiles are pieces of glass formed into consistent shapes. In recent years, glass tiles have become popular for both field and accent tiles. This trend can be attributed to recent technological breakthroughs and the tiles’ inherent properties, particularly their potential to impart intense color and reflect light and their imperviousness to water. The glass tile introduces complexities to the installer. Since glass is more rigid than ceramic or porcelain tile, glass tiles break more readily under the duress of substrate shifts.
Rising FDI in the real estate sector, particularly in the Asia Pacific, and Quick growth in the construction industry worldwide are the major driving factors for the market's growth. As one of the fastest-growing economies in the world, India’s real estate sector is booming. With the growth in the economy, property prices are rising. Investors predict that the consumption-driven growth of the Indian economy is translating into rising demand for homes, shopping malls, multiplexes, and luxury hotels. The majority of the real estate developed in India, almost 80% is residential space, and the rest comprise offices, shopping malls, hotels, and hospitals.
China, an important investment destination and a source of investment recorded an increase in percentage in FDI outflows in recent years, with the Government's support. Although economic growth in China has shown signs of moderation, and despite rising wages making labor costs more expensive, investor confidence in that country’s economy remains strong. For instance, The Ministry of Commerce of China estimated that 40,000 new enterprises were invested in China, mostly Hong Kong, China, Singapore, and Japan.
The glass tiles market is segmented into matte-finished glass tiles and smooth glass tiles by Product Type. The gTherket size by matte-finished glass tiles was worth USD YY million, and smooth glass tiles by Product Type to reach USD YY million by 2026, at a high CAGR forecast period.
By End User, the glass tiles market is segmented into Commercial and, Residential. The global glass tiles market size by commercial segment was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a high CAGR during the forecast period.
By Manufacturing Process, the market is divided into sintered tiles, cast tiles, smalti tiles, etched glass tiles, and others. Others include fused tiles and slumping tiles. The global glass tiles market size by smalti tiles segment was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a high CAGR during the forecast period. Smalti is traditional hand-cut mosaic glass that has a different look and feels from molded tile. This is the glass to use to reproduce antique mosaic art, icons or make modern interpretations of classical designs.
Smalti is made by mixing molten glass with metal oxides for color in a furnace. The molten mixture can also be topped with gold leaf, followed by a thin glass film to protect against tarnishing. They are used and found in many traditional and historical places. For instance, Traditional smalti tiles are still found today in many European churches and ornamental objects; the method is also used by some present-day artisans, both in installations and fine art.
The Asia Pacific glass tiles market size was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a high CAGR during the forecast period. The Asia Pacific is expected to grab a major market share in the forecast period due to high construction activities, particularly in countries like India and China. The infrastructure sector is a key driver for the Indian economy. The sector is highly responsible for propelling India’s overall development and enjoys intense focus from the Government for initiating policies that would ensure the time-bound creation of world-class infrastructure in the country.
India has a requirement of investment worth USD 777.73 billion in infrastructure by 2022 to have sustainable development. India is witnessing significant interest from international investors in the infrastructure space. Some key investments in the sector are., in 2018, the infrastructure sector in India witnessed private equity and venture capital investments worth USD 1.97 billion. Adding to this, In June 2018, the Asian Infrastructure Investment Bank (AIIB) has announced a USD 200 million investment into the National Investment & Infrastructure Fund (NIIF). Furthermore, the Indian infrastructure sector witnessed 91 M&A deals worth USD 5.4 billion in 2017. All these investment factors in Asia Pacific countries like India and China will play a crucial role in the market's growth.
The Glass Tiles market is competitive with a crucial role in the market's growth players, including Hirsch Glass Corp, Bellavita Tile, Crossville, Arizona Tile, Fireclay Tile, Sonoma Tilemakers, American Olean, Daltile, Saint Gobain and Susan Jablon.
In January 2018, Oceanside Glass and Tile and Vetrazzo announced their Collaboration on product recycling. Product placement projects will showcase the natural pairing of handmade glass tiles and countertop surfaces from recycled glass.
SGG COOL-LITE XTREME 50/22 II was launched, a high-performance solar control glass with the unique positioning of being the most selective triple silver product.
Elon Musk of Tesla launches stylish solar roof tiles that generate electricity to be stored in a battery for future use. The solar roof will be offered in four styles: Textured Glass Tile, Slate Glass Tile, Tuscan Glass Tile, and Smooth Glass Tile.
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