DALLAS, Aug. 15, 2019 /PRNewswire/ -- According to a new market report published by Lucintel, the future of the mineral fiber ceiling market looks promising with opportunities in commercial and residential sectors. The mineral fiber ceiling market is expected to reach an estimated $4,754.4 million by 2024 with a CAGR of 3.8% from 2019 to 2024. The major drivers for this market are renovation activities of existing residential, commercial spaces, and construction of new facilities due to improving economic conditions.
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In this market, different types of mineral fiber ceiling such as wet felt mineral fibers, stone wool mineral fibers, and glass wool mineral fibers are used as material. Lucintel forecasts that the wet felt is expected to remain the largest material type over the forecast period due to its efficient thermal insulation and sound absorption properties. Lucintel predicts that the glass wool mineral fiber is expected to witness the highest growth during the forecast period because of its lower material and maintenance cost.
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Asia Pacific is expected to remain the largest region and witness the highest growth over the forecast period due to increasing urbanization, growing awareness to promote lower energy consumption, and the development of new cities and commercial hubs in this region.
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Emerging trends which have a direct impact on the dynamics of the mineral fiber ceiling tiles industry include increasing usage of printed mineral fiber ceiling tiles and increasing usage of antimicrobial agents in mineral fiber ceiling tiles.
Lucintel, a leading market research firm has analyzed growth opportunities in the mineral fiber ceiling market by application, material, end use, profile type, color type, and region has compiled a comprehensive research report entitled "Growth Opportunities in the Mineral Fiber Ceiling Market 2019-2024: Trends, Forecast, and Opportunity Analysis."
The Lucintel report serves as a catalyst for growth strategy by providing comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the mineral fiber ceiling market by application, material, end use, profile type, color type, and region.
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