Market Trends of Saudi Arabia Ceramic Tiles Industry
Hospitality Industry is Driving the Market
The hospitality industry in Saudi Arabia is emerging significantly owing to the construction of the holy Islamic shrines, Mecca and Medina, witnessing millions of pilgrims every year. In addition, the government is increasingly spending on construction activities to accommodate these pilgrims and religious tourists. The increasing oil prices are bringing in more revenue for the government, and hence, the government is able to spend more on construction activities. The growing hospitality industry will require the construction of new travel facilities such as airports, railways, and roadways or remodeling of the existing facilities. As a result, the rising investments by the governments in the ongoing construction activities will further drive the ceramic tiles market in Saudi Arabia.
Residential Segment is Driving the Demand for Market
An increase in remodeling activities is estimated to boost product demand in the residential segment of the ceramic tiles market during the forecast period. Consumers are spending massively increasing wall and floor appearance, which will be a prime factor fuelling product demand for the residential segment in the coming years. The growth of the market can be attributed to the growing consumption of residential buildings owing to their durability and low price.
Due to rising population growth rates, the demand for residential buildings has increased, due to which energy consumption is increasing, which gives rise to the emission of greenhouse gases. Therefore, to ensure the country's long-term development, Saudi Arabia is promoting environmentally friendly solutions in the housing sector. As a result of the increased construction, demand for building materials such as ceramic tiles is also increasing.
