New York, NY, June 19, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Ceiling Tiles Market By Product Type (Mineral Wool, Metal, Gypsum, and Others), By Application (Commercial, Healthcare, Educational, Industrial, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2024”. According to the report, global ceiling tiles market was valued at approximately USD 25.45 billion in 2017 and is expected to generate revenue of around USD 50.93 billion by the end of 2024, growing at a CAGR of around 10.8% between 2018 and 2024.
The global ceiling tiles market is anticipated to witness substantial growth over the forecast period on account of increasing demand from the construction industry. Ceiling tiles play an important role in enhancing the acoustics of a building and improving its thermal insulation. They are secondary ceilings attached to an existing ceiling. The growing construction industry and the growing demand for recyclable products are predicted to drive the ceiling tiles market growth over the forecast period. The products used in the production of the ceiling tiles are returned to the manufacturer after use, for recycling. Furthermore, urbanization and population explosion is expected to boost the construction activities across the globe creating opportunities for the ceiling tiles market. However, fluctuation in prices of raw materials used in the manufacturing of ceiling tiles is expected to curb the growth of the ceiling tiles market.
Browse through 29 Tables & 19 Figures spread over 110 Pages and in-depth TOC on "Global Ceiling Tiles Market Size & Share 2017: By Type, Industry Demand, Growth Analysis, and Forecast, 2024”.
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Mineral wool segment dominated the ceiling tiles market in 2017. They are used in various commercial buildings such as hospitals, offices, and retail stores owing to its high fiber tensile strength. They readily absorb moisture and odors. Gypsum accounts for the second largest market share and is expected to grow during the forecast period.
Commercial segment emerged as the leading application segment by accounting for most of the global market share in terms of revenue and is expected to witness significant growth within the forecast period. The industrial segment accounted for the second largest market share. Ceiling tiles used in the commercial sectors offers sound control properties and easy access to ducts. In the healthcare sector, the ceiling tiles used are washable and bacteria resistant. These factors are expected to increase the demand for ceiling tiles, thereby aiding in the growth of the ceiling tiles market.
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North America witnessed substantial growth and accounted for major revenue share in 2017 in the ceiling tiles market. This trend is expected to continue over the forecast period owing to major demand from the construction industry in the U.S. In the North American region, the U.S., in particular, dominates the global construction market. The rising construction activities are expected to drive the demand for ceiling tiles in the region. In addition, demand for sustainable growth is expected to boost the demand further. Ceiling tiles are returned to the manufacturer after use for recycling. This gives an environmental as well as a financial advantage to the manufacturers. Major players in the construction industry have been increasing the adoption rate of ceiling tiles in their projects due to its reasonable pricing and effective usage. This is expected to further drive the industry growth.
Europe accounted for the second largest market share following North America. The region is expected to witness growth on account of growing demand from healthcare industry and commercial buildings industry. In addition, growing GDP of various countries, increasing disposable income of people, improving the standard of living, and demand for better designs and aesthetics are expected to drive ceiling tiles market growth in the region.
Browse the full "Ceiling Tiles Market By Product Type (Mineral Wool, Metal, Gypsum, and Others), By Application (Commercial, Healthcare, Educational, Industrial, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2024" report at https://www.zionmarketresearch.com/report/ceiling-tiles-market
The Asia Pacific is predicted to be the fastest growing regional segment for the global ceiling tiles market over the forecast timeframe. Rapidly growing population base and urbanization in countries such as China and India are expected to escalate construction activities in the region over the forecast period. Moreover, investment in infrastructure in the emerging economies is expected to increase the demand for ceiling tiles. Furthermore, demand for indoor environment quality buildings and affordability of ceiling tiles is expected to augment the market growth.
Latin America ceiling tiles market is expected to witness significant growth over the forecast period due to increasing demand from educational and healthcare industry. Furthermore, rising population levels are expected to increase the construction activities thus increasing the demand for ceiling tiles.
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The Middle East and Africa witnessed lucrative growth owing to the increasing investment in the construction industry. Recently improved educational and healthcare facilities in Africa have increased demand for ceiling tiles in the region. Globalization and a heavy influx of expatriates in the Middle East, mostly in countries such as UAE, Oman, and Qatar have increased demand for infrastructure development to aid tourist activities. These developments are anticipated to drive the global ceiling tiles market growth over the forecast timeframe.
Some of the industry players operating in the ceiling tiles market are SAS International, ROCKFON, Armstrong World Industries, Inc., Grenzebach BSH GmbH, Saint-Gobain S.A., Odenwald Faserplattenwerk GmbH, USG Corporation, and Knauf, among others.
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This report segments the global ceiling tiles market as follows:
Global Ceiling Tiles Market: Type Analysis
- Mineral wool
- Metal
- Gypsum
- Others
Global Ceiling Tiles Market: Application Analysis
- Commercial
- Healthcare
- Educational
- Industrial
- Others
Global Ceiling Tiles Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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