Ceiling Tiles Market witness stellar growth at 10% CAGR over 2031

High net worth income of consumers in developed economies, along with spurring renovation activities, would contribute substantially to overall market performance, projects a new Future Market Insights (FMI) study. The global ceiling tiles market will witness stellar growth at 10% CAGR over the forecast period (2021-2031). Sales of ceiling tiles are projected to inflate at an unprecedented rate on the back of soaring demand from building & construction industry.

A major trend gripping the ceiling tiles landscape is the drive towards attaining sustainability in construction. The advent of green buildings is a notable development in this regard, with key players emphasizing on attributes including sustainably sourced raw material as well as using recycled substances to manufacture their products. For instance, Celiume Tiles use 75% less raw material during the manufacturing process, and produces 98% post-industrial recycled tiles.

"Consumers have greater predilection for environmentally-friendly ceiling tiles. Leading global producers are thus focused on manufacturing low-VOC (volatile organic compounds) ceiling tiles. Low maintenance of ceiling tiles will be an important booster to market growth," concludes the FMI report.

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Will Green Building Construction Pave Way for Future Growth?

As global concern over environmental sustainability mounts, the global housing industry is increasingly tilting towards green buildings, prompting major players to introduce appropriate product lines. Players such as Ceilume are actively participating in introducing solutions for green buildings. To achieve this objective, the company has introduced a new line of tiles made from 98% post-industrial recycled tin, copper, bronze and cherry wood finishes.

Key Takeaways of Ceiling Tiles Market Study

Non-residential construction sector will remain the leading end-use area for ceiling tiles through 2029.
Sustainable ceiling tiles will gain paramount importance through the course of forecast period.
North America ceiling tiles market accounts for more than 31% revenue share.
The ceiling tiles market in Asia Pacific is set to exhibit noteworthy growth during the projection period.

Ceiling Tiles Market - Top Growth Drivers

- Green retrofit activities are fueling the growth of ceiling tiles market, particularly in developed countries.
- Consumers' inclination towards green label products is surging the demand for ceiling tiles emitting low VOCs during production.
- Soaring demand for aesthetic, soundproof interiors is stimulating the demand for ceiling tiles.
- Stringent regulatory requirements against particulate emissions continue to underpin the global ceiling tiles market growth.
- Ongoing rapid industrialization is supplementing the demand for ceiling tiles in emerging markets.

Ceiling Tiles Market - Key Restraints

- Relatively high cost of installation is hindering the growth of ceiling tiles market.
- Gaining substantial market share is challenging for market leaders in view of highly competitive landscape.

Competition Landscape of Ceiling Tiles Market

FMI's comprehensive study covers prominent players of highly-competitive ceiling tiles market. Some of the industry leaders profiled in this report include, but are not limited to, Grenzebach BSH GmbH, Burgess CEP, Decorative Ceiling Tiles, Hyderabad Industries Limited (HIL), Armstrong World Industries, Rockfon, New Ceiling Tiles, and Byucksan Corporation. Market leaders continue to employ multifaceted strategies including product development, contracts and agreements along with growth-oriented expansion strategies for bolstering their credibility.

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More about the Report

This Future Market Insights study of 200 pages offers actionable insights on the ceiling tiles market. The market analysis is based on material type (steel, wood, mineral fibre/gypsum, polyvinyl chloride, fibre glass and aluminum), application (residential, commercial, hospitality, industrial and institutional), installation type (drop/suspended and surface mount), form (textured, patterned, plain, coffered, laminated, fissured) across five regions (North America, Latin America, Europe, Asia Pacific, Middle East & Africa).

How is the Global Construction Industry Catalyzing Ceiling Tiles Adoption?

The global construction industry is projected to expand at a growth rate of 4.2% annually until 2023, with prolific expansion opportunities across the residential, non-residential and infrastructure projects sectors respectively, according to a World Bank publication. As urbanization expands amid a bolstering global population, urban housing projects are experiencing a significant incline.

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About FMI

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.