Ceiling Tiles Market size is set for expansion with 7.17% CAGR over the forecast period
The comprehensive research analysis on 2020 Ceiling Tiles Market outlook till 2026 is based on statistics, economic and emerging trends. The urbanization progress in emerging economies, growing GDP in developed nations are amidst major factors shaping the Ceiling Tiles Market value.
The demands for ceiling tiles from the construction industry with increased stipulate for green construction and lesser carbon footprints in the manufacturing ceiling tiles are strong market trends.
Further, the rising demand for the Ceiling Tiles with changing consumer lifestyle, increasing disposable income, and demand for thermal and acoustic insulation are expected to drive the ceiling tiles market growth. For instance, in August 2020, American Tin Ceilings introduced the acoustic tin ceiling panels as an affordable solution to solve noise as well as to provide aesthetic approach.
However, fluctuating costs of raw materials and the unpredictable pace of construction projects which are dependent on seasonal patterns pose a challenge to the global ceiling tiles market growth.
Emerging market segments positively impact on Ceiling Tiles market growth
Ceiling tiles showcase extensive use across commercial and industrial sectors as against their lesser use in residential buildings and houses, on the contrary ceiling tiles made of metal, plastic, and wood hold market share for decorative purposes in homes.
Strong growth in commercial building construction activity across the globe with the revival of commercial construction sector is expected to increase the consumption of building materials.
The increasing applicability of mineral fiber ceiling tiles, owing to their superior properties, is projected to drive the growth of the mineral fiber segment of the ceiling tiles market. Further, Gypsum ceiling tiles are strongly penetrating market through the construction sector with aesthetic appeal across commercial & residential construction domain.
The advent of Green Building Projects is among the major market trend
Ongoing pursue of green cities is projecting potential market opportunity with the strong commercialization of green and natural derived construction materials. As such eco-construction projects worldwide are inclining towards recycled and sustainable products in the construction of buildings.
The growing financial and environmental benefits of waste management of ceiling tiles leads to the strong demand for recycled ceiling tiles. Ceiling tiles from the renovation and demolition projects are used in the manufacture of new tiles.
Accordingly, 98% post-industrial recycled tiles, with improved environmentally, economically, and socially preferable life cycle are capturing major market volumes. In addition to their application in continuous ceilings, these recycled tiles have strong demand as efficient solution for acoustical ceiling clouds, canopies, baffles, and blades.
Further, sustainable materials for green, acoustic, and commercial ceiling panel designs with LEED certification (Leadership in Energy and Environmental Design) for green buildings construction are driving the market growth.
Ceiling tiles market overview across key regional players
North America is showcasing large consumption of ceiling tiles driven by ongoing expansion of building & construction industry and presence of well-established ceiling tiles manufacturers.
Technological breakthrough in ceiling tiles productions as well as the rising need for acoustic insulation has played a vital role in increased adoption of ceiling tiles across Europe and other strong economic regions.
In addition, APAC is also pacing ceiling tiles market growth over impacting factors such as growth in GDP and growing urbanization. Accordingly, CREDAI NATCON 2020 report India is projected to have a USD 9 trillion economic opportunity by 2030 with annual spending on infrastructure touching 7-8% of its GDP.
Further, the spree of construction activities for green buildings across South East Asia is surging the market growth. For instance, National Research Foundation Singapore is funding GBIC, which has supported a total of 32 green construction projects.
Ongoing product and technological innovations across key players boosts market value
Technological innovations of product portfolio along with compliance to environmental regulations and customer satisfaction are essential toward gaining a competitive edge in the market.
As such key players of ceiling tiles market are approaching towards ground breaking production of ceiling tiles with non-toxic raw materials and recycling of post-consumer ceiling tiles.
Irrespective of mineral wood, metal, gypsum, other raw materials, key vendors are expanding product portfolio to cater the demand for biodegradable, durability and environment friendly ceiling tiles. In addition, clean-room certified gypsum ceiling tiles are rapidly emerging as a new product entrant to promote ceiling tiles in healthcare facilities.
Accordingly, GREENGUARD certified products meet stringent chemical emissions requirements, such as being screened for more than 10,000 volatile organic compounds (VOCs).
Top key vendors of ceiling tiles market include Armstrong World Industries, USG Corporation, Hunter Douglas, SAS International, CertainTeed, Rockfon, Odenwald Faser platen werk GmbH, Knauf, Saint-Gobain Gyproc, and Georgia-Pacific are frontier players impacting market growth.