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.
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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%.
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.
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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
- Metal
- Gypsum
- Others
Ceiling Tiles Market – Application Analysis
- Residential
- Non-residential
- Hospitality
- Commercial
- Institutional
- Industrial
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