Market Research Future (MRFR), in its newly published research report, asserts that the global ceiling tiles market is thriving and slated to grow exponentially over the review period, recording a substantial market valuation and a healthy 8.2% CAGR in the forecast period.
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Drivers and Restraints
Increased consumption in Asia is considered one of the driving factors responsible for the growth of the ceiling markets. The market is projected to be driven by increasing commercial construction activities such as office complexes, institutional buildings, and healthcare facilities across the globe.
The growing demand for the product with changing consumer lifestyle, growing disposable income, and the need for thermal and acoustic insulation are likely to fuel the growth in application industries. Furthermore, the availability of innovative construction solutions that are durable and require low maintenance is expected to impact the growth favorably. Rising awareness concerning the use of eco-friendly building materials is estimated to propel the green retrofit or renovation activities of existing activities in the construction sector in developed countries from North America and Europe. In addition to this, increasing the adoption of recycling and reuse knowhows by major market players is expected to drive market growth.
the global market for ceiling tiles has been segmented on the basis of installation types, products, and applications. On the basis of product, the global ceiling tiles market has been segmented as mineral wool, metal, gypsum, wood, and others. Among commodities, mineral wool accounted for the largest market share.
Based on installation type, the global ceiling tiles market has been segmented as a drop-in, and glue up. In glue-up, ceiling tiles are attached precisely to the ceiling surface using adhesive.
On the basis of applications, the global ceiling tiles market has been bifurcated as residential and non-residential. Non-residential is slated to lead the application segment of the market and is anticipated to grow at the fastest CAGR during the review period.
The geographical analysis of the global market has been conducted in four major regions, including Europe, the Asia Pacific, North America, and the rest of the world (Latin America, the Middle East, and Africa).
North America region has accounted for the most significant market share in 2016, followed by Europe and the Asia Pacific. The escalating demand for low maintenance building products is fueling the growth of the market in the North America region. The U.S. is the most substantial contributor in global as well as the North America ceiling tiles market. steady development in commercial and residential structures in the U.S. is anticipated to fuel the demand for the market in the region. Moreover, consumer preference for green buildings and sustained investments in commercial real estate, have also had a positive impact on the expansion of the market. Europe is assessed as the second-largest market for ceiling tiles owing to the Rising repair and rehabilitation activities of existing infrastructure, which have considerable potential for the market in the future.
Asia Pacific is slated to grow at the highest CAGR during the forecast period. China, Japan, India, and Singapore are the primary market in the Asia Pacific region. The growing residential and non-residential construction activities in the region is fueling the growth of the market. Furthermore, growing awareness about green construction among consumers is also projected to offer enormous opportunities for market growth. In the rest of the world, the Middle East and Africa region are expected to contribute significantly during the assessment period, mainly due to the changing lifestyle and development of the hotels. This is a result of the growing government initiatives related to the tourism industry in these regions.
The major market players operating in the global market as identified by MRFR are Knauf (Germany), Armstrong World Industries, Inc. (U.S.), Grenzebach BSH GmbH (Germany), USG Corporation (U.S.), Rockfon (U.S.), Saint Gobain S.A. (France), Decorative Ceiling Tiles, Inc. (U.S.), SAS International (U.K.), VANS Gypsum Pvt Ltd (India), Odenwald Faserplattenwerk GmbH (Germany), Burgess CEP (U.K.)., Hunter Douglas (The Netherlands), and The ReWall Company, LLC (U.S.).
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