Albany, NY -- (SBWire) -- 11/06/2017 --As per the report by TMR, the global ceiling tiles market is projected to reach a valuation of US$51.3 bn until the end of 2024, considerably up from its evaluated value of US$21.6 bn in 2015. The global ceiling tiles market is expected to rise at a CAGR of 10.1% for the forecast period between 2016 and 2024.

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North America is expected to lead amongst other key regional segments in the ceiling tiles market. The region is expected to hold a share of 31.8% by the end of 2024. In terms of product, the segment of mineral wool is expected to display substantial growth expanding at a CAGR of 10.2% between 2016 and 2024. The growth of this segment is mainly because of environmentally sustainable new construction undertakings in developed as well as developing economies.

In terms of regions, the global ceiling tiles market is segmented into Asia Pacific, North America, Europe, the Middle East and Africa, and Rest of the World. Analysts state that North America holds a dominant share in the global market, which is closely being followed by Europe. Asia Pacific is expected to be an emerging market during the forecast period. The emerging economies of Asia Pacific such as China and India are expected to augment the demand for ceiling tiles as the construction and building industry gains momentum. The report states that Europe held a significant share in the overall market in 2015 due to booming building and construction activities it the region. In all of the aforementioned regions, urbanization and population explosion will boost construction activities for new projects that will create lucrative opportunities for ceiling tiles. The rising investment in infrastructure and construction in the Middle East and Africa will also prove to be beneficial to the global market.

Some of the leading players operating in the global ceiling tiles market are Armstrong World Industries, Inc., New Ceiling Tiles, LLC, Saint-Gobain S.A., SAS International, USG Corporation, Knauf, Techno Ceiling Products, ROCKFON, MADA GYPSUM, and Odenwald Faserplattenwerk GmbH. Presently, USG Corporation and Armstrong World Industries hold a dominant share in North America ceiling tiles market, while Europe is being dominated by players such as Knauf and Saint-Gobain S.A.

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