New York, June 18, 2021 (GLOBE NEWSWIRE) -- Ceiling Tiles Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Ceiling Tiles Market Research Report By Product, By Installation Type, By Application and By Region - Forecast till 2027” The market size was estimated at USD 5.53 billion in 2020 and is projected to reach USD 10.8 billion by 2027, at a compounded annual growth rate (CAGR) of 8.4% from 2021 to 2027.
Market Analysis
Growth in the commercial construction industry, led by the development of new office complexes, institutional buildings, healthcare facilities, and malls around the world, is likely to boost the market. The market is predicted to grow in response to rising demand for acoustic and thermal insulation, increased disposable income in developing nations, and shifting consumer preferences toward the aesthetics of the house and office structures. Over the projection period, the use of sustainable and creative construction solutions incorporating the use of eco-friendly materials for ceilings, floors, and walls is predicted to boost market dynamics.
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Several big and small-scale raw material providers for mineral fibers, metals, gypsum, fiberglass, plastics, and wood are present in the market. Backward and forward integration tactics are being utilized by manufacturers to acquire control over the quality of raw materials used to make tiles, as well as to increase their customer reach by controlling distribution networks.
Green building practices are expected to be promoted by raising awareness of the use of eco-friendly construction materials in industrialized countries such as North America and Europe, as well as key developing countries such as the Asia Pacific. Furthermore, increased acceptance of reuse and recycling of construction materials by key companies is likely to drive market growth in the future years.
The prominent players in the worldwide ceiling tiles market include –
- Armstrong World Industries Inc. (U.S.)
- USG Corporation (U.S.)
- Knauf (Germany)
- Grenzebach BSH GmbH (Germany)
- Hunter Douglas (The Netherlands)
- Rockfon (U.S.)
- SAS International (U.K.)
- Decorative Ceiling Tiles Inc. (U.S.)
- OdenwaldFaserplattenwerk GmbH (Germany)
- Burgess CEP (U.K.).
- VANS Gypsum Pvt Ltd (India)
- Saint Gobain S.A. (France)
- The ReWall Company LLC (U.S.)
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COVID-19 Impact on the Global Ceiling Tiles Market
The market saw severe decline in demand during the COVID-19 pandemic crisis when construction activity worldwide came to a standstill.
Market Segmentation
For the purpose of this study, the worldwide ceiling tiles market has been divided based on products, installation types and applications.
On the basis of product, the worldwide ceiling tiles market has been segmented as mineral wool, metal, gypsum, wood and others. Among these, mineral wool captured the largest market share. Mineral wool involves fibers derived from slag, rock, and glass wool, offers noise reduction properties and is often employed in commercial spaces that are exposed to noisy surroundings. Gypsum is the market's second-largest product type. Recently, new eco-friendly gypsum-based construction materials have emerged, which are likely to increase the demand for gypsum products.
Based on installation type, the worldwide ceiling tiles market has been segmented into glue up and drop in. In glue up, ceiling tiles are affixed directly to the ceiling surface using adhesive.
Based on applications, the worldwide ceiling tiles market has been segmented as residential and non-residential. Non-residential applications dominate the market and are predicted to grow at the fastest CAGR during the projected period. Ceiling tiles are used in a variety of sub-applications within the non-residential construction areas like corporate offices, retail & grocery stores, healthcare centers, and educational institutions. They can also be installed in cafeterias, hotels, gyms, and airport terminals. Although non-residential applications are likely to make a substantial contribution throughout the forecast period, the residential sector makes a substantial contribution to the market.
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Regional Analysis
Geographically, the worldwide ceiling tiles market has been divided into four major regions of North America, Europe, Asia Pacific and the Rest of the World.
North America had the greatest market share, followed by Europe and the Asia Pacific. The growing demand for low-maintenance building products is propelling the market in North America. The United States is the biggest contributor to the worldwide and North American ceiling tile market. Strong growth in residential and commercial structures in the United States is expected to stimulate market demand in the region. Furthermore, consumer demand for green buildings and ongoing investments in commercial real estate has had a favorable impact on market growth.
Europe is the second-largest market for ceiling tiles. Increased repair and rehabilitation of existing infrastructure have great market potential in the future.
During the forecast period, Asia Pacific is predicted to develop at the fastest CAGR. The Asia Pacific region's biggest markets include China, Japan, India, and Singapore. The region's growing residential and non-residential development activities are propelling the industry forward. Furthermore, rising consumer awareness of green construction is projected to open up new avenues for market expansion.
The Middle East region is predicted to contribute significantly to the rest of the world during the projection period, owing to changing lifestyles and hotel growth. This is due to increased government initiatives aimed at the tourism industry in these regions.
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Segmentation of Market covered in the research:
Information Report, By Product (Mineral Wool, Metal, Gypsum, Wood and Others), By Installation Type (Drop In, and Glue Up), By Application (Residential and Non-residential) and By Region (North America, Europe, Asia-Pacific, and Rest of the World)
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