The global ceiling tiles market was USD 6.19 billion in 2020. The market is projected to grow from USD 6.58 billion in 2021 to USD 10.97 billion in 2028 at a CAGR of 7.6% during the 2021-2028 period. This information is published by Fortune Business Insights™ in its report titled, “Ceiling Tiles Market, 2021-2028.”As per our analysts, as these tiles are chiefly utilized in residential and commercial construction applications such as restaurants, retail shops, workplaces, medical establishments, and hospitals, the growth is attributable to increasing construction and infrastructure activities as the population continues to grow with each passing day. Therefore, the development in construction actions is propelling the demand for these tiles.
On the basis of material type, the global market is segregated into mineral wool, metal, gypsum, and others. In terms of region, the global market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
By application, the market is classified into residential and non-residential.
The non-residential segment was the bigger application for ceiling tiles. In this application section, the tiles are utilized in medical facilities, educational establishments, retail shops, and corporate agencies. The development in construction deeds owing to the increasing urbanization and governmental infrastructure plans is resulting in augmented ceiling tiles demand.
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Drivers and Restraints
Surging Inclination towards Green Construction to Generate Growth Prospects
Real estate investors and financiers are influencing and hastening the emphasis on green buildings investment. This pooled with customer concerns towards contamination and carbon dioxide secretions is generating opportunities for eco-friendly construction, which is navigating the demand for ecological products. As per a report published byIFC, Green Buildings signify one of the biggest global financing beginnings in the upcoming years and is appraised to be US$ 24.7 trillion by 2030.
The developing market metropolises of East Asia, the Pacific, and South Asia are the foremost investment aptitudes with USD 17.8 trillion value. Besides, corporations are implementing a decarbonization policy for creating zero-carbon structures and revolutionizing materials to further back up the programs for maintainable construction resolutions. Therefore, the escalating popular trend of eco-friendly construction is generating opportunities and is likely to bolster the ceiling tiles market growth in the near future.
Rising Shift of People towards Urban Cities to Help Asia Pacific Lead
Asia Pacific held the maximum ceiling tiles market share and was worthUSD 2.30 billion in 2020. Asia Pacific was responsible for the uppermost value in the global market during the mentioned timeframe. The growth of this region can be accredited to commercial expansion and a growing population. Most of the populace in the region are shifting to urban cities and areas on account ofindustrial sector growth. This has produced great product demand from both marketable and housing applications.
North America is expected to have considerable growth for the period 2021 to 2028,owing to increasing refurbishing happenings in the region. Customers are centeringtheir attention towards refining the living circumstances through revamps, therefore resulting in high product application. Moreover, technological development in the region is further backing up firms in presenting supportable suspended tiles offerings to please the customers.
Europe is projected to have substantial growth as a consequence of rising construction activities for infrastructure expansion. This coupled with complimentary guidelines from the European government to advance the medical and healthcare organizations, is further augmenting the demand forthese tiles.
List of Key Players Covered in the Ceiling Tiles Market Report
- Armstrong World Industries (U.S.)
- ROCKWOOL International A/S (Denmark)
- KnaufGips KG (Germany)
- Saint - Gobain Gyproc (France)
- USG Corporation (U.S.)
- CertainTeed (U.S.)
- OdenwaldFaserplattenwerk GmbH (Germany)
- SAS International (UK)
- Georgia-Pacific (U.S.)
- Hunter Douglas (Netherlands)
- Other Key Players
Establishment of Novel Production Units by Major Companies to Fortify their Positions
Few of the major players in the market include Armstrong World Industries, ROCKWOOL International A/S, Knauf Gips KG, and Saint-Gobain Gyproc. Armstrong World Industries offers an extensive selection of keys in residential and commercial usages for ceiling, walls, and floor. Furthermore, ROCKWOOL International A/S delivers diverse ranges such as mineral wool, metal, wood, and many others. Businesses that are reported have implemented policies such as refining global existence through capability extensionand novel product improvement for acquiring competitive benefit in the global market.
December 2020: Armstrong World Industries, Inc. broadcasted the procurement of Arktura, LLC, which is a designer and fabricator of walls, ceilings, panels, and porticos. This acquisition is likely to further reinforce the collection of architectural forte solutions and design competencies throughout the enterprise.