Recyclability of Ceiling Tiles to Fuel Adoption in Construction Industry
Ceiling tiles are predominantly being used for improving the acoustics of a building and enhancing its thermal insulation. The demand for these panels or tiles has been soaring as they offer excellent sound absorption qualities and are known to be lightweight construction materials. The market for ceiling tiles is expected to witness an upsurge in the coming years as the raw materials used for manufacturing them can be completely recycled. This factor has been identified as a key market driver in a time when the world is looking at sustainable materials to reduce the carbon footprint. According to the research report by Transparency Market Research, the global ceiling tiles market was valued at US$21.6 bn in 2015 and is projected to reach a valuation of US$51.3 bn by the end of 2024. During the forecast years of 2016 and 2024, the global market is expected to expand at a CAGR of 10.1%.
Affordability Wins Ceiling Tiles Newer Markets
Ceiling tiles are an integral part of the construction industry, which is growing at a relentless pace all across the world. The demand for various types of ceiling tiles is projected to continue in the coming years due to growing number residential and commercial projects. The industrial sector is also showing promise of growth as economies are strengthening. The demand for construction of residential projects is remarkably high due to the improving GDPs, rising disposable incomes, changing standard of living, demand for better structural reliability, and better aesthetic design. Builders have also been increasing the adoption of ceiling tiles in their projects due to their affordable pricing and effective usage. Ceiling tiles have played a crucial role in shaping the market for affordable homes. Owing to these reasons developing countries are poised to witness a significant demand for low-cost ceiling tiles in the near future. Ceiling tiles are extensively being used in offices, hotels, transportation terminals, retail stores, hospitals as suspension, building perimeter, and drywall grid systems.
Booming Construction Industry Promises Good Growth Rate
In terms of regions, the global ceiling tiles market is segmented into Asia Pacific, North America, Europe, the Middle East and Africa, and Rest of the World. Analysts state that North America holds a dominant share in the global market, which is closely being followed by Europe. Asia Pacific is expected to be an emerging market during the forecast period. The emerging economies of Asia Pacific such as China and India are expected to augment the demand for ceiling tiles as the construction and building industry gains momentum. The report states that Europe held a significant share in the overall market in 2015 due to booming building and construction activities it the region. In all of the aforementioned regions, urbanization and population explosion will boost construction activities for new projects that will create lucrative opportunities for ceiling tiles. The rising investment in infrastructure and construction in the Middle East and Africa will also prove to be beneficial to the global market.
Some of the leading players operating in the global ceiling tiles market are Armstrong World Industries, Inc., New Ceiling Tiles, LLC, Saint-Gobain S.A., SAS International, USG Corporation, Knauf, Techno Ceiling Products, ROCKFON, MADA GYPSUM, and Odenwald Faserplattenwerk GmbH. Presently, USG Corporation and Armstrong World Industries hold a dominant share in North America ceiling tiles market, while Europe is being dominated by players such as Knauf and Saint-Gobain S.A.
Global Ceiling Tiles Market: Snapshot
Ceiling tiles, also known as ceiling panels, are sound absorbing and lightweight construction materials which are used to cover a ceiling area. These lightweight tiles are used in the interior of buildings, placed in an aluminum grid for the primary purpose of enhancing the acoustics of a room, besides providing thermal insulation. Different types of ceiling tiles are manufactured in the industry such as mineral wool ceiling tiles, metal ceiling tiles and gypsum ceiling tiles. Based on application ceiling tiles are employed in residential, non-residential and industrial application.
The report estimates and forecasts the ceiling tiles market on the global, regional, and country levels. The study provides forecast between 2016 and 2024 based on volume (million square meters) and revenue (US$ Mn) with 2015 as the base year. The report comprises an exhaustive value chain analysis for each of the product segments. It provides a comprehensive view of the market. The study includes drivers and restraints for the ceiling tiles market along with their impact on demand during the forecast period. The study also provides key market indicators affecting the growth of the market. The report analyzes opportunities in the ceiling tiles market on the global and regional level. Furthermore, the report analyzes substitutes of ceiling tiles. It also provides the global average price trend analysis.
The report includes Porter’s Five Forces Model to determine the degree of competition in the ceiling tiles market. The report comprises a qualitative write-up on market attractiveness analysis, wherein product, application and countries have been analyzed based on attractiveness for each region. Growth rate, market size, raw material availability, profit margin, impact strength, technology, competition, and other factors (such as environmental and legal) have been evaluated in order to derive the general attractiveness of the market.
Global Ceiling Tiles Market: Segmentation
The study provides a comprehensive view of the ceiling tiles market by dividing it into product, application and geography. In terms of product, the ceiling tiles market has been segmented into mineral wool, metal, gypsum and others. In terms of application, the ceiling tiles market has been segmented into residential, non-residential and industrial. The non-residential segment has been further bifurcated into hospitality, commercial and institutional. Application segments have been analyzed based on historic, present, and future trends, and the market has been estimated in terms of volume (million square meters) and revenue (US$ Mn) between 2016 and 2024.
Global Ceiling Tiles Market: Scope
In-depth interviews and discussions with wide range of key opinion leaders and industry participants were conducted to compile this research report. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. Key players’ product literature, annual reports, press releases, and relevant documents were reviewed for competitive analysis and market understanding. This helped in validating and strengthening secondary research findings. Primary research further helped in developing the analysis team’s expertise and market understanding.
Secondary research sources that were typically referred to include, but were not limited to company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings. Other sources such as internal and external proprietary databases, statistical databases and market reports, news articles, national government documents, and webcasts specific to companies operating in the market have also been referred for the report.
Global Ceiling Tiles Market: Geographical Outlook
Regional segmentation includes the current and forecast demand for ceiling tiles in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). Additionally, the report comprises country-level analysis in terms of volume and revenue for product and application segments. Key countries such as the U.S., Canada, Mexico, Germany, France, the U.K., Spain, Italy, India, China, South Africa, and Brazil have been included in the study. Market segmentation includes demand for individual product and application in all the regions and countries.
Key Players Mentioned in this Report are:
The report covers detailed competitive outlook that includes market share and profiles of key players operating in the global market. Key players profiled in the report include Armstrong World Industries, Inc., New Ceiling Tiles, LLC, Saint-Gobain S.A., SAS International, USG Corporation, Knauf, Techno Ceiling Products, ROCKFON, MADA GYPSUM, and Odenwald Faserplattenwerk GmbH. Company profiles include attributes such as company overview, number of employees, brand overview, key competitors, business overview, business strategies, recent/key developments, acquisitions, and financial overview (wherever applicable).
The ceiling tiles market has been divided into the following segments:
Ceiling Tiles Market – Product Analysis
- Mineral Wool
Ceiling Tiles Market – Application Analysis
Ceiling Tiles Market – Regional Analysis
- Rest of Europe
- Rest of Asia Pacific (APAC)
- Rest of Latin America (LATAM)
Middle East & Africa
- South Africa
- Rest of Middle East & Africa (MEA)