This story was originally published in Remodeling.
Demand for decorative tile in flooring applications is projected to increase 2.3% annually to 3.5 billion square feet in 2023, according to a forecast from The Freedonia Group. Overall demand for decorative tile is forecast to expand 2.4% per year to 4.1 billion square feet.
Rising personal incomes will allow more homeowners to undertake kitchen and bathroom renovation projects and new bathroom addition projects, driving market growth for decorative tile use in flooring applications. Growth for the overall decorative tile market will be driven by commercial improvement and repair spending, according to The Freedonia Group.
The Cleveland-based research firm says porcelain tile will see the fastest growth rate over the next four years. Growth for porcelain tile demand will be spurred by the material’s durability, wear and slip resistance, and aesthetic qualities. The material can mimic the look of natural stone or hardwood planks and can provide a textured surface— an element seen as attractive to many homeowners.
The full study, Decorative Tile, is available for $5,300 from The Freedonia Group.
This story was originally published in Remodeling.