Transparency Market Research states that the global ceiling tiles market is diversified with the presence of several large, medium, and small-sized companies. The leading four players held a share of 33.9% in the global market in 2015. Armstrong World Industries, Inc., Saint-Gobain S.A., USG Corporation, and Knauf have been domination the global market with their unwavering winning strategies. The consistent product innovation and technological improvements in products have been the underlying strategic principles for the success of these top four players. Companies are expected to focus on developing environmentally sustainable products in the coming years to maintain a competitive edge over others.
According to the research report, the global ceiling tiles market is estimated to be worth US$51.3 bn by the end of 2024 as compared to US$21.6 bn in 2015. During the forecast years of 2016 and 2024, the global ceiling tiles market is expected to expand at a CAGR of 10.1%.
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Mineral Wool Ceiling Tiles to Pave Way for Global Market during Forecast Period
The global market will be led by North America in the coming years. Analysts predict that the North America ceiling tiles market is expected to acquire a share of 31.8% by 2024. Amongst the various products, the mineral wool segment is expected to show soaring profits as the segment is anticipated to expand at a CAGR of 10.2% during the forecast period. The demand for mineral wool ceiling tiles is anticipated to catapult due to new construction projects in developing economies and in developed economies of North America as well.
Cost and Design Advantages Augment Demand for Ceiling Tiles
The rapid pace industrialization and urbanization have triggered construction activities across the globe. The growing investments in infrastructural development in emerging economies of Asia Pacific and South America are expected to boost the construction activities in the coming few years. These factors are directly responsible the soaring demand for ceiling tiles as these tiles are cost effective and offer several advantages. Ceiling tiles provide the best acoustics and thermal insulation. Owing to these reasons, ceiling tiles are being used in several low-cost accommodations that are being designed by the lower-income categories.
The demand for ceiling tiles is also being fueled due to the rising GDPs of several nations, increasing disposable incomes, improving standard of living, and demand for better designs and aesthetics. Today, ceiling tiles are being used in residential, non-residential, and industrial spaces due to their recyclable properties. The advantage of reducing the carbon footprint by adopting these tiles has made several governments opt for these tiles instead of conventional ones. Out of various types of ceiling tiles, the mineral wool ceiling tiles are expected to garner significant attention as they exhibit low cost to landfill. Thus, they offer a sustainable solution to waste management as compared to other products.
Substitutes Challenge Uptake of Ceiling Tiles
The global ceiling tiles market faces tough challenges that are projected to restrain its growth in the coming years. Researchers have identified at availability of substitutes to ceiling tiles such as asphalt and mortar are expected to hamper the growth of global market. Furthermore, the market is also expected to be challenged by the fluctuation in prices of raw materials.
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For instance, prices of gypsum and mineral wool have been on persistent rise since 2012, which has negative impacted the cost of ceiling tiles. The volatility of raw materials and the final product is expected to restrain the global market in the coming years.
The review is based on Transparency Market Research’s report, titled “Ceiling Tiles Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The ceiling tiles market has been divided into the following segments:
Ceiling Tiles Market – Product Analysis
- Mineral Wool
Ceiling Tiles Market – Application Analysis
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