LOS ANGELES, April 22, 2021 (GLOBE NEWSWIRE) -- The Global Ceiling Tiles Market is expected to grow at a CAGR of around 6.3% from 2020 to 2027 and reach the market value of over US$ 18.6 Bn by 2027.
Asia Pacific to dominate the global ceiling market in the forecast period
The ceiling tile market was dominated by the Asia-Pacific region. With increased investment in residential and commercial construction in countries such as India, China, the Philippines, Vietnam, and Indonesia, the market for ceiling tiles is expected to grow in the coming years. Furthermore, in India, the government's US$ 120.5 Bn investment target for developing 27 industrial clusters is expected to boost commercial construction in the country. The Indonesian government announced plans to invest approximately US$ 450 Bn in the construction sector by 2021, with the goal of increasing residential construction in the country. As a result, the aforementioned investments and planned projects in different nations are driving construction activities in the region that is expected to drive demand for ceiling tiles in the region over the forecast period.
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Market Dynamics
The market is expected to grow in response to rising demand for acoustic and thermal insulation, rising disposable income in developing countries, and shifting consumer preferences toward the aesthetics of home and office buildings. Over the forecast period, the use of sustainable and innovative construction solutions involving the use of eco-friendly materials for ceilings, floors, and walls is expected to benefit market dynamics. The growth of the ceiling tiles market is hampered by the product's high raw material costs. Furthermore, the availability of various substitutes in the market for ceiling tiles is a factor limiting market growth. Asphalt and mortar tiles are two alternatives to the product that is impeding market growth. Asphalt tile is one of the most affordable types of used tiles on the market. Besides these reasons, the cost of installing ceiling tiles is also high because it necessitates the use of professional contractors.
Segmental Analysis
The global ceiling tiles market is segmented based on product and application. Product is segmented as mineral wool, metal, gypsum, and others. By application, the market is segmented as non-residential, residential, and industrial.
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Based on product, the mineral wool segment is expected to dominate the market during the forecast period. Cast mineral fiber, wet felt, and fiberglass are all part of the mineral wool segment. The material's excellent performance characteristics, such as acoustic and thermal insulation, recyclability, and light weight, have increased its demand in the ceiling tile market. In terms of application, the non-residential segment is expected to dominate the market in the coming years. Ceiling tiles are primarily used in non-residential applications, with a minor share in residential applications. It is primarily used in commercial settings such as retail, healthcare, and hospitality.
They are also used in medical corridors, corridors, operating rooms, and diagnostic and clinic centers. These tiles are used to enhance the aesthetics and interior design of commercial buildings, as well as to provide improved thermal and acoustic insulation. Some of the leading competitors are Armstrong World Industries, Inc., USG Corporation, Hunter Douglas N.V., SAS International, CertainTeed, Rockfon, Odenwald Faserplattenwerk GmbH, Knauf Gips KG, Saint-Gobain Gyproc, Georgia-Pacific LLC, and among others.
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Some of the key observations regarding the ceiling tiles industry include:
- In January 2021, Saint-Gobain Gyproc announced the launching of its first manufacturing facility for ceiling tiles at Jhagadia, Gujarat. Spread across over 21,000 square feet area, the unit is strategically located to service the market of gypsum ceiling tiles across India, helping minimize its carbon footprint and turnaround time for material availability. With this plant, Saint-Gobain India Pvt Ltd – Gyproc also aims to play a crucial part in the Indian Government’s initiative, ‘Make in India’, and reduce the dependence on markets like China to import cheap ceiling tiles.
- In November 2017, USG Corporation announced the acquisition of Ceilings Plus. The addition of Ceilings Plus is expected to further expand USG’s product portfolio, accelerate innovation and enhance the presence in the high-growth Specialty Ceilings market.
- In July 2018, CertainTeed Corporation announced entering into an official agreement with Hunter Douglas' North American ceilings business. Hunter Douglas is a business working in window coverings and is also a major manufacturer of architectural products. Its North American ceilings business manufactures architectural ceilings and soffit systems with operations in Norcross, Georgia, and Denver, Colorado, and has 100 employees.
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