The global ceiling tiles market size is expected to reach USD 9.91 billion by 2025
NEW YORK, Oct. 28, 2019 /PRNewswire/ --
Ceiling Tiles Market Size, Share & Trends Analysis Report By Product (Mineral Wool, Metal, Gypsum), By Application (Non-Residential, Residential, Industrial), And Segment Forecasts, 2019 - 2025
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The global ceiling tiles market size is expected to reach USD 9.91 billion by 2025 It is anticipated to expand at a CAGR of 9.3% during the forecast period. The positive growth trends in the commercial construction sector across the globe are expected to play a vital role in creating ample scope for the consumption of building materials thereby driving the market growth.
Ceiling tiles are utilized primarily for providing better acoustic insulation to interior constructions.The raw materials such as mineral wool, metal, and gypsum have significant noise reduction coefficient and they are light in weight and environment-friendly; which makes them favorable for use in ceiling systems.
This factor is projected to drive the product demand in the forthcoming years.
The market participants supply ceiling tiles through different distribution channels including direct supply, wholesale or bulk selling, third-party supply contracts, and through online portals. The major players are expected to be benefited from third-party agreements, by obtaining access to the regional distribution and marketing networks.
Rising demand for decorative interiors and exterior in the construction sector has urged the use of advanced designing and printing technologies in the building materials market. Innovation in an enhancement of aesthetics of non-residential buildings is expected to create new avenues for research and development in terms of providing improved visual effects and finishing of ceilings.
Environmental concerns regarding waste generation are expected to create the need for inventions in recycling and reuse technologies in the ceiling tiles market. Recycling of waste mineral tiles has boosted sustainable development in the industry and has minimized the dumping of ceiling tiles in landfills primarily in developed economies of North America and Europe.
Further key findings from the report suggest:
• Mineral wool ceiling tiles include wet felt, cast mineral fiber as well as fiberglass and accounted for 42.2% of the market share in terms of revenue in 2018 on account of superior performance and recyclability of the product
• Metal-based segment is expected to register a CAGR of 9.4% from 2019 to 2025 and is expected to be the second fastest growing segment on account of extensive product portfolio manufactured using steel, aluminum, and tin offering high durability products
• Non-residential application segment accounted for 92.1% of the revenue share in 2018 as these products are majorly used in offices, retail stores, institutes, healthcare, and hospitality sector to improve aesthetics as well as to offer acoustic insulation
• The product demand primarily from offices is expected to register the highest CAGR 9.7% from non-residential application segment on account of increasing construction of new office spaces across the globe
• North America accounted for 33.9% of revenue share in 2018 on account of high adoption of the tiles to improve aesthetics and thermal and acoustic insulation in non-residential buildings primarily offices, institutes, and commercial spaces
• The ceiling tiles market is highly fragmented in nature with the presence of global and regional players. The major players implement various strategies such as acquisitions of business assets of raw material providers, product upgrades, and accessing global distribution network.
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