At 6.5% CAGR, Global Ceiling Tiles Market Size & Share Predicted to Reach USD 12.44 Billion by 2026: Facts & Factors
New York, NY, April 05, 2021 (GLOBE NEWSWIRE) — Facts and Factors have published a new research report titled “Ceiling Tiles Market By Type (Gypsum, Metal, and Mineral Fiber), By Property Type (Acoustic, and Non-Acoustic), By End User (Residential, and Non-Residential): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026” .
“As per the recent research study report, the global Ceiling Tiles Market size & share will increase from USD 8.01 Billion in 2019 and is expected to reach USD 12.44 Billion by 2026. The global Ceiling Tiles Market is expected to grow at a compound annual growth rate (CAGR) of 6.5% from 2020 to 2026”.
Fabrics used to cover ceilings are highly lightweight. They are commonly built to improve the aesthetics and acoustics of rooms. They have thermal insulation. It is used extensively for the interior design of a room and noise control. The most widely used material for this type of tiles is mineral fiber, gypsum, and few metals. Commercial buildings are suitable for this industry, which require longevity, strength as well as good aesthetics, and ceiling tiles. Apart from the industrial market, this tile type has also been used for home refurbishment and expansion in the residential sector.
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Key Questions Answered in this Report
1) What were the pre and post-business impacts of COVID-19 on the Ceiling Tiles Market?
2) What is the market size, share of the Ceiling Tiles Market?
3) Who are the top market players in Ceiling Tiles Market?
4) What will be the future market of the Ceiling Tiles Market?
Industry Major Market Players
- Armstrong World Industries
- Hunter Douglas
- SAS International
- AWI Licensing LLC
- Saint-Gobain Gyproc
- Odenwald Faserplattenwerk GmbH
- USG Corporation
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Tiles are used mostly in offices, department outlets, schools, restaurants, hospitals, multiplexes, home theatres, auditoriums, etc., in the commercial field. Office structures need power, stability, and good aesthetic value ceilings and tend to the above needs with the ceiling tiles used in this industry. The most common styles of ceiling tiles are drop ceilings tiles and planks in office buildings. During 2019, the global building industry expanded by about 3%. Because of the rapidly growing worldwide service sector, commercial construction contributes significantly to this development. In areas such as the United States, Asia Pacific, and the Middle East and Africa, the building industry, hospitality, and the IT business are facing major national and international investments. The Instance project is predicted to see positive growth in construction investment in the United States in 2018, increasing by 6.28% from the previous year. Different multinationals have explored new or extension venture prospects in these areas. In such areas, Malaysia, India, Saudi Arabia, China, Vietnam, Indonesia, and The United Arab Emirates are some of the most enticing countries that have such investment. The foregoing possibilities and industry investments drive company construction, which further drives the demand for ceiling tiles.
Increasing Demand for Ceiling Tiles from the Construction Industry
Market increase in trade construction, led by new office centres, institutions, health care facilities, and centres worldwide, is projected to boost the market. The need for acoustic and thermal isolation, growing disposable income in the developed world, and increasing customer tastes for home and office buildings are projected to accelerate business growth. In the timeframe under which the business conditions are projected to benefit from utilizing sustainable and modern building solutions, which include the use of environmentally friendly materials for floors, ceilings, and walls.
The growth of the US market is expected to be powered by the launch of several new commercial building projects across the world, such as offices, sanitary facilities, schools, airports, and hotels. In addition, improvements in user tastes in commercial spatial designs and patterns are expected for indoor soundproofing to facilitate the country’s use of mineral wool-based ceiling tiles.
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Several large and small material suppliers for mineral fibers, gypsum, metals, plastics, fiberglass, and wood have been strongly present on the market. The producers follow retro- and forward-looking convergence techniques so that they monitor the cost of raw materials used for producing tiles and also extend their consumer scope across distribution networks.
Due to investment by many companies in the construction of high-fire resistance ceiling tiles, the industry is expected to be experiencing significant growth. The rising developments in the healthy design of housing, commercial and industrial buildings can be due to this.
In the commercial, automotive, and other sectors, the increased emphasis on interior and outdoor decorations are rising the supply-demand curve for roof tiles worldwide. As demand grows, ceiling tile producers thrive due to rapid progress in the housing and manufacturing industries. Although demand for laminated ceiling tiles has increased for ceiling tile manufacturers, demand from residential, industry, hospitality, and other sectors will grow rapidly over the coming years, thereby increasing fuel sales.
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Global Ceiling Tiles Market: Segmentation
Based on the type, the global ceiling tiles market is segregated into gypsum, metal, and mineral fiber. Mineral wool, which includes cast mineral fiber, fiberglass, and wet felt, was the most profitable product category in 2020, accounting for more than 40% of sales. This is due to superior properties such as reduced weight, sound absorption, recyclability, and thermal insulation, which have led to increased product use in a variety of end-use industries. Tin, aluminum, and steel are the most widely used metals in manufacturing, and they come in a variety of colors and have a clean, high-tech, and crisp interior display. Powder-coated metal ceiling tiles have a better finish and are more corrosion resistant, which will fuel demand over the forecast period. Gypsum accounted for a significant portion of sales in 2020 and is predicted to grow at a lucrative growth rate over the forecast period. This is due to the various advantages offered by these tiles, including ease of installation, reduced structural weight, and ease of repair and maintenance. These tiles are commonly used for architectural function enhancement in many modern office complexes in the United States. Rapidly growing demand for various types of ceiling tiles is expected to place additional strain on materials such as gypsum, and mineral wool. In the coming years, the demand for ceiling tiles made of other materials such as wood, polycarbonate, and PVC is expected to stabilize, lowering the consumption rate of widely used materials.
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North America Region Dominates the Global Ceiling Tiles Market
North America is the largest ceiling tile market sector due to technical advances in the region and the rising need for acoustic insulation in the region. Because of customer tastes for new building materials and increased demand for soundproofing and decorative interiors in the business sector, the United States has become the leading region. Europe is yet another area that strives for substantial growth on the market for ceilings tiles accredited to simple installation solutions, proven construction industry presence, and strict government policies on emissions pollution.
In the Asia-Pacific area, the ceiling tile market is rising at the fastest growth rate. The demand for ceiling tiles is estimated to grow in the coming years as a result of rising investments in residential and commercial construction in countries such as India, China, the Philippines, Vietnam, and Indonesia. Currently, China is in the process of creating or preparing several construction projects at airports. This includes the International airport of Beijing Capital, the international airport of Chengdu Shuangliu, Guangzhour Baiyun, etc. In addition, in the next 10 years, the Government has launched massive infrastructure plans to move 250 million residents to its new megacities. It is anticipated that India will increase commercial buildings to USD 120.5 billion in government investment targets for 27 industrial clusters.
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The global ceiling tiles market is segmented as follows:
- Mineral Fiber
By Property Type
By End User:
KEY REPORT POINTERS & HIGHLIGHTS:
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