Ceiling Tiles (Mineral Wool, Metal, Gypsum and Others) Market for Residential, Non-residential (Hospitality, Commercial, and Institutional); and Industrial Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023
Albany, NY -- (SBWIRE) -- 12/10/2015 -- Transparency Market Research has released a new market report titled "Ceiling Tiles (Mineral Wool, Metal, Gypsum and Others) Market for Residential, Non-residential (Hospitality, Commercial, and Institutional); and Industrial Applications – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015–2023." According to the report, the global ceiling tiles market was valued at US$ 19.19 Bn in 2014 and is projected to reach US$ 42.04 Bn by 2023, expanding at a CAGR of 9.1% between 2015 and 2023.
Ceiling tiles are secondary ceilings that are suspended below an existing ceiling. These tiles offer an inexpensive way to add beauty and appeal when designing a building's interior. Ceiling tiles were traditionally placed above wooden ceiling beams. Roof tiles were then placed on top of these beams. However, modern ceiling tiles are flush-mounted on to the ceiling surface or installed as drop ceilings. The ceiling tiles market offers several advantages; for instance, raw materials used in the manufacture of these tiles can be recycled. Wastes of certain raw materials such as mineral fiber are generally considered as "off-spec" mineral fiber products, generated by manufacturers of mineral or glass. These products that are derived from waste materials do not meet the standard or specific requirements. These waste materials are generally used in the production of ceiling tiles.
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In terms of volume, North America was the largest market for ceiling tiles in 2014 followed by Europe, Asia Pacific, Middle East & Africa, and Latin America. Demand for ceiling tiles in North America has been significantly high due to presence of the vast construction industry in the region, particularly in the U.S. The ceiling tiles market in Europe is estimated to witness relatively moderate growth due to slow yet steady recovery of the region from the economic slowdown. Increase in income levels and favorable government policies in countries in the Middle East such as the UAE have promised an optimistic future for the residential construction market in the region, thereby boosting demand for ceiling tiles.
Demand for ceiling tiles in Asia Pacific is due to significant growth in construction activities, particularly in China and India. Various factors such as miniaturization and demand for lightweight building construction materials in certain applications such as commercial and residential sectors have also contributed to growth of the ceiling tiles market. In addition, developed economies, such as Japan, use ceiling solutions such as gypsum, metal, and mineral wool ceiling tiles in various sectors of the residential application segment. Hence, demand for ceiling tiles is expected to rise at an above-average rate in the region in the next few years.
The market is highly differentiated; there is presence of numerous large and medium material companies across the globe. Key players in the market include Armstrong World Industries, Inc., ROCKFON, Saint-Gobain S.A, Grenzebach BSH GmbH, Odenwald Faserplattenwerk GmbH, SAS International, USG Corporation, and Knauf.
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The report segments the global ceiling tiles market as follows:
Ceiling Tiles Market – Product Segment Analysis
- Mineral Wool
- Others (Wood, Plastic, etc.)
Ceiling Tiles Market – Application Analysis
- Hospitality (Restaurants, Hotels, etc.)
- Commercial (Offices, Shopping Plazas, etc.)
- Institutional (Hospital, Educational Institutes, etc.)
- Industrial (Factories, Warehouses, etc.)
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)
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