Wilmington, Delaware, United States, March 21, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – TMR's global ceiling tiles market report sheds light on the ongoing industry trends and provides intrusive insights into the market. According to market research, the global market was valued at US$ 34.9 Bn in 2020 and is estimated to reach US$ 75 Bn by the end of 2031.
Ceiling tiles are widely used in the construction industry to provide an attractive ambiance to constructed structures. These tiles are prominently used in suspensions, workplaces, network frameworks, and transport terminals.
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According to the market forecast by TMR, increase in applications of ceiling tiles in residential and commercial projects is projected to accelerate market growth during the forecast period from 2021 to 2031. Ceiling tiles contribute to enhancing visual appeal and can be installed with ease. These factors are propelling the global ceiling tiles market.
Ceiling tiles are widely used in residential setups in dining spaces, living rooms, bedrooms, kitchens, basements, and washrooms. These are available in various colors and sizes, and can be customized according to requirements. The utility aspect of ceiling tiles has created significant opportunities in the global industry.
Consumer inclination toward advanced and innovative solutions is expected to bolster industry growth. Market participants are focusing on meeting ISO standards and prefer to adhere to consumer expectations. This has led to increase in manufacturing capacities to produce renewable and sustainable raw materials, which in turn is likely to accelerate market development.
Ceiling Tiles Market: Growth Drivers
- Rise in popularity of innovative acoustic solutions has expanded the scope of growth for prominent players. This will lead to increase in the manufacturing of appealing products, which, in turn, is expected to augment the ceiling tiles market.
- Significant investment in research & development activities to create innovative product ranges as per consumer demand is likely to bolster the ceiling tiles market
- Data-driven decisions to innovate novel production technologies are augmenting the ceiling tiles business
- Rapid urbanization has increased the need for residential and commercial setups, which is projected to propel the global ceiling tiles market
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Key Findings of Ceiling Tiles Market
- The non-residential segment is expected to witness robust growth during the forecast period owing to rise in demand for ceiling tiles in commercial, residential, and other segments. Usage of ceiling tiles in different settings such as libraries, offices, theaters, auditoriums, shopping complexes, and hospitals is increasing due to characteristics such as sound blocking, sound absorption, and attractive look. Hence, increase in demand for ceiling tiles is likely to bolster market growth.
- Interior decorators and architects are adopting ceiling tiles in various designs to enhance aesthetic appeal. Production and sales of ceiling tiles have increased due to rise in demand in the construction industry.
- Growth of the mineral wool segment can be ascribed to surge in demand in the production of ceiling tiles, which are further used in several applications in commercial, residential, and non-residential segments. Mineral wool has gained consumer attention due to its remarkable properties such as noise reduction. This aspect has made it popular in business and commercial spaces.
- The metal segment is likely to generate substantial revenue due to characteristics such as sustainability and durability. Additionally, consumer preference for eco-friendly materials has increased demand for metal ceiling tiles, which comprise steel, aluminum, and tin.
Ceiling Tiles Market: Competitive Analysis
Key players operating in the ceiling tiles markets are striving to expand market presence. Rise in focus on research & development activities has led to novel innovative products, which is projected to bolster business expansion.
Government initiatives to promote environment-friendly construction materials have led to increase in production of sustainable ceiling tiles. This, in turn, is propelling the ceiling tiles market. Companies are focusing on manufacturing stylish and classy product ranges. Diversification of products has increased the scope of market expansion.
Companies are engaging in strategic alliances, joint ventures, mergers, acquisitions, and startups for business expansion. Furthermore, novel product launches and initiatives to promote these products through advertisement campaigns and social media platforms offer lucrative opportunities in the ceiling tiles market.
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Major players in the global market include
- MADA GYPSUM
- Knauf
- SAS International
- Odenwald Faserplattenwerk GmbH
- ROCKFON
- Saint Gobain S.A
- USG Corporation
- New Ceiling Tiles
- Techno Ceiling Products
- Sun Armstrong World Industries, Inc.
Ceiling Tiles Market: Segmentation
Product Type
- Mineral Wool
- Metal
- Gypsum
Application
- Residential
- Non-residential
- Industrial
- Commercial
- Hospitality
- Institutional
- Commercial
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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