摘要：The objective of this article is the study of the economic feasibility of an industrial venture in the area of Civil Engineering Construction, specifically the production of ceramic tiles. Given its multiple product types and various applications in construction, this sector has shown a recent remarkable development, which leads to an increased level of investment both in quantity and quality of the products. Moreover, due to the high production levels in Brazil and its significant importance in the international scenario, the study examines the worldwide market sector, highlighting the participation of all major producers, consumers and exporters. The methodology of the work has involved research into the specialized literature and related sites, data from trade associations, technical and cost data for a particular project, and methods of economic evaluation of projects. At the concluding section, a hypothetical, but technically detailed, case study is made regarding a small ceramic tile industry in the State of São Paulo. The study has examined various scenarios of prices, and the financing has considered either equity or long-term debt, but has assumed a required rate of return of 15%. The case study arrived to several conclusions. One is that the feasibility of the project is uncertain, depending on higher market prices; another is that debt financing improves dramatically its feasibility, and, finally, accepting a lower rate of return would favor the feasibility of the project.↓Este artigo tem como objetivo estudar a viabilidade econômica de um empreendimento industrial na área da construção civil, mais especificamente a de revestimentos cerâmicos. Diante de seus múltiplos tipos de produtos e variadas aplicações na construção, esse setor vem mostrando um excepcional desenvolvimento, o que induz a um crescente nível de investimentos, tanto na quantidade como na qualidade dos produtos. Por outro lado, devido à elevada produção do Brasil e sua significativa importância no cenário internacional, o estudo examina o mercado mundial do setor, destacando a participação dos principais países produtores, consumidores e exportadores. A metodologia do trabalho envolveu a pesquisa sobre a literatura disponível, sites correlatos, dados das associações de classe, dados tecnológicos e de custos para um determinado empreendimento e métodos de avaliação econômica de projetos. Na parte final do trabalho é feito um estudo de caso hipotético de análise de viabilidade econômica, com utilização ou não de financiamento a longo prazo, de uma pequena indústria de revestimentos cerâmicos em um pólo industrial no Estado de São Paulo, segundo diversos cenários de preço de venda posto fábrica e um dado retorno exigido de 15%. O estudo de caso conclui que a viabilidade do projeto é incerta, dependendo de preços de mercado mais elevados; conclui também que os financiamentos melhoram fortemente a viabilidade desses projetos, assim como a aceitação de uma taxa de retorno inferior tenderia a viabilizar este investimento.
其他摘要：The objective of this article is the study of the economic feasibility of an industrial venture in the area of Civil Engineering Construction, specifically the production of ceramic tiles. Given its multiple product types and various applications in construction, this sector has shown a recent remarkable development, which leads to an increased level of investment both in quantity and quality of the products. Moreover, due to the high production levels in Brazil and its significant importance in the international scenario, the study examines the worldwide market sector, highlighting the participation of all major producers, consumers and exporters. The methodology of the work has involved research into the specialized literature and related sites, data from trade associations, technical and cost data for a particular project, and methods of economic evaluation of projects. At the concluding section, a hypothetical, but technically detailed, case study is made regarding a small ceramic tile industry in the State of São Paulo. The study has examined various scenarios of prices, and the financing has considered either equity or long-term debt, but has assumed a required rate of return of 15%. The case study arrived to several conclusions. One is that the feasibility of the project is uncertain, depending on higher market prices; another is that debt financing improves dramatically its feasibility, and, finally, accepting a lower rate of return would favor the feasibility of the project.
