LONDON, Aug. 09, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the ceiling tile market, the increase in construction is significantly contributing to the growth of the ceiling tile market going forward. Construction is the process of building, altering, repairing, remodeling, improving, or demolishing any structure. The rise of high-end apartments, houses, and skyscrapers in developing countries is driving the growth of premium ceiling tiles. For instance, according to Oxford Economics, a UK-based company that provides global economic forecasting, the volume of construction output is expected to grow by 85% by 2030. The major countries contributing to this growth are China, India, and the USA. Therefore, the increase in construction is driving the growth of the ceiling tile market.
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The global ceiling tile market size is expected to grow from $6.67 billion in 2021 to $7.47 billion in 2022 at a compound annual growth rate (CAGR) of 12.1%. The global ceiling tile industry growth is expected to reach $10.36 billion in 2026 at a CAGR of 8.5%.
As per the ceiling tile market outlook, product innovations have emerged as the key trend gaining popularity in the market. Companies manufacturing ceiling tiles are developing innovative products to strengthen their positions in the market. For instance, in October 2020, USG Boral, a Singapore-based company manufacturing ceiling tiles, launched SHEETROCK standard plasterboard. These boards are certified as trusted brands and are also the winners of several international awards. Sheetrock is unique from other plasterboards and is produced with high-quality precision, offering performance systems developed with advanced research.
Major players in the ceiling tile market are Rockwool International A/S, USG Corporation, Hunter Douglas N.V., SAS International, Odenwald Faserplattenwerk GmbH, Knauf Gips KG, Saint Gobain India Pvt. Ltd, Byucksan, KET Ceilings, AWI Licensing LLC, New Ceiling Tiles LLC, CertainTeed, HIL Limited, and Rockfon LLC.
The global ceiling tile market analysis is segmented by installation into surface mount, drop or suspended; by material type into mineral wool, metal, gypsum, others; by form into laminated, fissured, patterned, plain, textured, coffered; by application into residential, commercial, industrial, institutional.
Asia-Pacific was the largest region in the ceiling tile market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global ceiling tile market during the forecast period. The regions covered in the global ceiling tile industry overview are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Ceiling Tile Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide ceiling tile market overviews, ceiling tile market analyze and forecast market size and growth for the whole market, ceiling tile market segments and geographies, ceiling tile market trends, ceiling tile market drivers, ceiling tile market restraints, ceiling tile market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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