Ceiling Tiles Market - Positive Long-Term Growth Outlook By 2024

The global ceiling tiles market features a diversified competitive landscape owing to the presence of a large number of small-medium-, and large-scale companies, with the leading four companies collectively accounting for a meagre 34% of the entire market in 2015, observes a recent report by Transparency Market Research. Mirroring the competitive dynamics of a typical fragmented marketplace, cost pressures, need to bring in products with innovative features and designs, and technological advancements in manufacturing processes are key for market players to excel and strengthen their positions in the market.

Companies can be seen focusing on the development of environmentally viable products to exploit the growth potential of the ‘go-green’ trend in the construction sector of late. Leading vendors such as Saint-Gobain, Armstrong World Industries, USG Corporation, and Knauf already boast a variety of products that rank high on the environment sustainability metric. Many more companies in the market are expected to follow suit in the next few years, delivering products that have least harmful impact on the environment.

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Transparency Market Research states that the global ceiling tiles market will exhibit a promising 10.1% CAGR from 2016 to 2024, rising from a valuation of US$21.6 bn in 2015 to US$51.3 bn by 2024.

North America to Continue to Take Massive Chunk of Share in Global Market

In terms of product type, the global ceiling tiles market is presently witnessing the trend towards the increased use of mineral wool. The segment of mineral wool ceiling tiles is expected to witness a promising 10.2% CAGR over the report’s forecast period, continuing to remain one of the key choice of the construction sector across developing and developing economies. In terms of geography, the market is expected to be driven by the vast rise in demand across North America. The regional market is expected to occupy a massive 31.8% of the global ceiling tiles market by 2024, chiefly owing to rising numbers of new construction projects in the region.

Rapid Pace of Industrialization and Urbanization to Catapult Demand

The market for ceiling tiles is expected to gain increased traction owing to rising demand from the construction sector across developing economies boasting industrialization and urbanization at a promising pace. The vast rise in investment aimed at the development of public infrastructure in countries such as India and China are expected to make the Asia Pacific ceiling tiles market a highly lucrative one in the next few years, acting as one of the primary forces driving the global market.

The high level of thermal and acoustic insulation provided by ceiling tiles make them useful for low-cost construction projects. High recyclability quotient of several metal- and mineral-based ceiling tiles are making their use compelling for environmentally sustainable construction projects, persuading government bodies to ramp up efforts to raise awareness regarding their increased use.

Threat of Easily Available Substitutes to Hinder Uptake of Ceiling Tiles

The global ceiling tiles market is expected to witness stiff competition from easily available and relatively economical substitutes to ceiling tiles, such as mortar and asphalt. Additionally, the market is also expected to bear the brunt of fluctuating raw material prices, which have a severe impact on the overall final cost of cleaning tiles.

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This release was published on openPR.