Albany, NY, March 15, 2016 (GLOBE NEWSWIRE) -- According to the research report, the global ceiling tiles market was valued at US$19.19 Billion in 2014 and is projected to reach US$42.04 Billion by 2023, expanding at a CAGR of 9.10% between 2015 and 2023.
Ceiling tiles are widely used in various applications such as residential, non-residential (including hospitality, commercial, and institutional), and industrial. In terms of volume, the non-residential segment accounted for over 65% of the global ceiling tiles market in 2014. Demand for ceiling tiles is largely driven by expansion of the non-residential market in emerging economies of Asia Pacific and Latin America. Ceiling tiles are not popular for usage in residential applications; however, they are used in a wide range of residential applications in certain countries in Asia Pacific such as Japan. Additionally, demand for ceiling tiles is estimated to rise significantly in residential applications during the forecast period owing to increase in construction of shopping malls and residential buildings in emerging regions of Africa and the Middle East.
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In terms of volume, mineral wool accounted for more than 40% of the global ceiling tiles market in 2014. Mineral wool ceiling tiles are the preferred choice and are available with different installation systems and surfaces. They are chosen due to their high performance and quality in terms of fire safety, thermal insulation, noise level reduction, and noise insulation. Gypsum ceiling tiles are also widely used in the construction industry. They are significantly used due to several factors such as high water vapor/humidity resistance, better performance under variety of temperatures, and low cost. These are preferred over other ceiling tiles due to their eco-friendly and biodegradable nature. Other types of ceiling tiles made from wood and plastics are also manufactured in the industry.
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Based on region, the global ceiling tiles market has been segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. North America held over 30% share of the ceiling tiles market in terms of volume and was the largest market for ceiling tiles in 2014. Various types of ceiling tile solutions are used in North America comprising different segments such as offices, hotels, and educational institutes. Out of these, mineral wool ceiling tiles are the primary choice of products due to their high quality and performance in relation to thermal insulation, noise level reduction, and fire safety. Furthermore, North America, particularly the U.S., currently dominates the global construction market where ceiling tiles are used in major quantities. On account of these factors, surge in demand for ceiling tiles in North America is expected to continue during the next few years.
Rising demand for ceiling tiles led by growth in construction industry coupled with financial and environmental benefits of waste management of ceiling tiles is projected to drive the ceiling tiles market in the next few years. However, fluctuation in prices of sources of energy could hamper the market growth. Ceiling tiles have also shown prospective application in green buildings. Companies such as Armstrong World Industries, Inc. and Masonite International Corporation have collaborated to develop brochures to help specify and design ceiling systems that support green building projects as well as demonstrate environmental leadership.
The ceiling tiles market is highly diversified; there is presence of large and medium ceiling tile manufacturing companies across the globe. Key players operating in the market include Armstrong World Industries, Inc., ROCKFON, Saint-Gobain S.A., Grenzebach BSH GmbH, OdenwaldFaserplattenwerk GmbH, SAS International, USG Corporation, and Knauf. Companies are using strategic acquisition to expand their product portfolio and increase their market share. In October 2013, The ROCKWOOL Group acquired the U.S.-based metal panels and ceiling systems manufacturer, Chicago Metallic Company (CMC). The acquisition has enabled ROCKFON to offer comprehensive ceiling systems to its global markets.
The ceiling tiles market is highly diversified; there is presence of various large and medium material companies across the globe. Key players in the market include Armstrong World Industries Inc., Saint-Gobain S.A, OdenwaldFaserplattenwerk GmbH, USG Corporation, ROCKFON, Grenzebach BSH GmbH, SAS International, and Knauf.
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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