Comprehensive analysis of factors that drive and restrict the growth of the market is provided.
Eco-friendly Tiles Market was valued at $17,160 million in 2016, and is projected to reach at $37,753 million by 2023, growing at a CAGR of 11.9% from 2017 to 2023. Tile industry witnesses an increase in the use of recyclable materials for the manufacture of eco-friendly tiles.
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These tiles have been a part of green or sustainable chemistry in last decade owing to stringent environmental regulations, growth in popularity of green building standards, and rise in consumer awareness for sustainable products. Eco-friendly tiles have been widely used across the world due to its better durability and low maintenance as compared to traditional tiles.
Environmental issues being one of the hot topic around the world, eco-friendly tiles help to reduce impact on environment as there is less energy consumed in the manufacturing of the eco-friendly tiles. Moreover, use of solar power and wind power in manufacturing process of eco-friendly tiles has further minimized the adverse effect on the environment.
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Environmental awareness and stringent environmental regulations imposed by government bodies drive the eco-friendly tiles market. Moreover, growth in number of end-user industries due the durability and low maintenance of the eco-friendly tiles fuels the market.
However, the high cost of eco-friendly tiles restrains the market growth. Use of renewable source of energy in powering the equipment that is used in the production of eco-friendly tiles has led to large production of tiles with minimal damage to the nature.
This large production increases the opportunity for future market growth.
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