New ceramic tile cost could double in five years
New ceramic tiles, which are being sold in Europe and Asia, are becoming a cheaper way to decorate your home.
In the next five years, they could cost $2,000, the company’s CEO, Richard Boulton, said Wednesday at the Global Ceramic Industry Conference in Beijing.
The average price of a 1-inch ceramic tile for an area that measures more than 20 square feet could double, Boultons prediction is based on estimates of how much it would cost to purchase the same tile for $2 in a typical U.S. neighborhood.
The company expects that the ceramic tile market will hit $10 billion in 2019, with annual revenue reaching $8 billion, he said.
Boulons company, Ceramic Tile Group, is one of the biggest players in the ceramic tiles market.
Its ceramic tile tiles are being used in the construction of high-end apartments and condos, as well as on roads and bridges in Europe.
It recently completed the first phase of a project in China to install tiles on bridges.
The ceramic tiles have been used to decorating roads in the U.K. for more than a decade, according to Bloomberg.
It also has a ceramic tile in Japan that was used in a promotional video for a high-speed train line.
The cost of the new ceramic tiles could increase even further as demand grows and supply is stretched, Boultons prediction is borne out by recent research from the International Ceramic Research Institute.
Ceramic tiles are already being used to make more expensive tile for restaurants, movie theaters, and other venues in the United States.
In a research paper released earlier this year, ICRI said that the market is poised to grow to more than $50 billion by 2023, up from $14 billion in 2018.
A ceramic tile could also become a way for businesses to reduce their carbon footprint, with the average cost of a piece of ceramic tile dropping from $1,200 to $1.00 per square foot, according the ICRIC study.