Comprehensive analysis of factors that drive and restrict the growth of the market is provided.
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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.
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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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