Albany, NY -- (SBWIRE) -- 07/02/2014 -- According to a new report published by Transparency Market Research "Ceiling Tiles (Mineral Wool, Metal, Gypsum and Others) Market for Commercial, Healthcare, Educational, Industrial and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019" the global demand for ceiling tiles was valued at USD 14.78 billion in 2012 and is expected to reach USD 28.62 billion in 2019, growing at a CAGR of 9.9% from 2013 to 2019. In terms of volume, the global demand for ceiling tiles was 983.7 million square meters in 2012.
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Increasing demand for ceiling tiles due to the growth of the construction industry is expected to be one of the major factors driving the demand for ceiling tiles over the next few years. In addition, financial benefits of waste management of ceiling tiles such as reduction of carbon content in the manufacturing process are also expected to contribute to the growth of the market. However, fluctuating prices of certain energy sources such as crude oil which also serves as a vital raw material in ceiling tiles is expected to hamper the growth of the market. Increasing use of ceiling tiles in green building projects as pro-environmental solutions for building materials are expected to provide new opportunities for the growth of the market in the next few years.
Mineral wool was the most widely consumed ceiling tile product and accounted for over 40% of the market share in 2012. Owing to its significant use in different commercial and educational applications such as retail stores, hospitals, schools and offices among others, mineral wool ceiling tiles have been the preferred choice of ceiling solutions due to their high performance and quality in conjunction to fire safety, thermal insulation and noise level reduction. Gypsum ceiling tiles are gaining importance and are anticipated to witness the fastest growth over the next few years owing to its biodegradable property. Growing demand for eco-friendly building materials with the increasing popularity for green buildings is expected to be a significant factor in driving the market for gypsum ceiling tiles.
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Demand for ceiling tiles was highest from the commercial segment in 2012. The commercial ceiling tiles industry has remained a vital part of the economy despite being negatively impacted by the global economic downturn in 2008-09. Furthermore, the commercial segment is expected to witness the fastest growth due to rapid urbanization, particularly in emerging economies of Asia Pacific and Latin America. The segment is anticipated to grow at a CAGR of 10.0%, from 2013 to 2019. Industrial was the second largest application segment of the ceiling tiles market in the same year. Rising construction activities in offices, conference rooms, testing and R&D labs coupled with growing industrialization are some of the major factors which are expected to drive the industrial infrastructure in emerging economies of China and India.
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North America was the largest market for ceiling tiles and was valued at USD 5.75 billion in 2012 due to the presence of a vast construction industry in the region, particularly in the U.S. Europe trails behind North America where high demand from current and emerging applications, modernization and development of infrastructure is driving the demand for ceiling tiles. Future market growth is expected to be from Asia Pacific due to significant growth of the construction activities in various commercial and healthcare applications, particularly in China and India.
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