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