Albany, NY -- (SBWire) -- 05/21/2018 --The global ceiling tiles market is characterized by the presence of a large number of small, medium, and large companies. In 2015 the top four companies, Armstrong World Industries Inc., Saint-Gobain S.A., USG Corporation, and Knauf accounted for 33.9% of the total market. The main factor leading these companies to the top four status is their constant efforts directed towords product innovation. The use of technology for enhancing existing product line is another factor which is leading these companies to dominate the global ceiling tiles market. Another important strategy which prominent companies within the market is employing is the use and development of eco-friendly and sustainable products, says Transparency Market Research (TMR) in its latest report on global ceiling tiles market.
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According to TMR, the global ceiling tiles market will be worth US$51.3 bn by the end of 2024. On the basis of application, the residential and commercial sectors are unexpected to continue to hold significant shares in the market. The improving GDP, improving standard of living, increasing disposable income, and a demand for advanced and improved structural reliability are some of the factors pushing the growth of the residential project sector within the global ceiling tiles market. In addition to this, the demand for aesthetic designs will also help push the growth of the residential sector. TMR also identifies the industrial sector as a promising application area in the years to come within the ceiling tiles market. On the basis of product, it is expected that the mineral wool segment will witness a remarkable growth and exhibit a 10.2% CAGR from 2016 to 2024, driven by a high demand for environmentally sustainable products in new construction undertakings in both developed and developing countries. Mineral wool ceiling tiles offers a sustainable waste management solution as compared to other products which is behind its increased demand.
Population Explosion and Urbanization Behind Growth of Ceiling Tiles Market Across Regions
On the basis of geography, North America is leading in the ceiling tiles market and Europe will be the second largest regional market for ceiling tiles. On the other hand, Asia Pacific is anticipated to emerge as the most promising market for ceiling tiles between 2016 and 2024. With the construction industry burgeoning in countries such as India and China, the building industry is gaining a fast momentum in Asia Pacific which in turn will favor the ceiling tiles market in the region. Urbanization and population explosion are two factors which are common to all the 3 aforementioned region's success in the ceiling tiles market. It is also expected that there will be an increase in the investment in the construction and infrastructure sector in the Middle East and Africa, which is expected to further fuel the growth of the ceiling tiles market.
Benefits Such As Thermal Insulation and Acoustics to Fuel Adoption of Ceiling Tiles
With the rapid industrialization and urbanization, infrastructure and construction activities have received a huge impetus all across the globe. Investments for the development of infrastructure in emerging nations of Asia Pacific and South America have boosted the growth of the ceiling tiles Market. The demand for ceiling tiles is also increasing on account of the various advantages it offers in terms of thermal insulation and acoustics. Ceiling tiles are also witnessing high demand on account of its suitability for the building of low-cost accommodations. One of the most important factors today which is responsible for the growing demand of ceiling tiles is the fact that they reduce carbon footprint and help towards eco-friendly and sustainable construction.
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Continuously Rising Cost of Mineral Wool and Gypsum to Impact Price of Ceiling Tiles
Some of the factors which are expected to challenge the demand for ceiling tiles include the availability of alternatives are substitutes such as mortar and asphalt, and volatility in the pricing of the raw materials. For instance, the cost of gypsum and mineral wool is increasing continuously and this in turn is increasing the cost of ceiling tiles.
The review presented is based on the findings of a report by Transparency Market Research, titled "Ceiling Tiles Market (Product - Mineral Wool, Metal, and Gypsum; Application - Residential, Non-residential, Industrial, Hospitality, Commercial, and Institutional) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.
Global Ceiling Tiles Market: Sustainable Waste Management Solution to Drive Demand for Mineral Wool Ceiling Tiles Growth During 2016-2024