Global Ceiling Tiles Market is Expected To Grow USD 30.0 Billion in 2020
Zion Research has published a new report titled “Ceiling Tiles (Mineral Wool, Metal, Gypsum and Others) Market for Commercial, Healthcare, Educational, Industrial and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast 2014 – 2020”. According to the report, the global ceiling tiles market was valued at USD 14.8 billion in 2014 and is expected to reach USD 30.0 billion by 2020, growing at a CAGR of around 9% between 2015 and 2020. In terms of volume, global ceiling tiles market stood at 990 million tons in 2014.
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Ceiling tiles, also known as ceiling panels are lightweight construction materials which are used to cover a ceiling area. These lightweight tiles are used in the interior of buildings, placed in an aluminum grid. Ceiling tiles provide tiny thermal insulation but are usually designed to improve the acoustics of a room. Ceiling tiles made up of mineral fiber are prevalent in the market. However, some other materials are also used in production of ceiling tiles include fiberglass. Gypsum and mineral wool are the key raw materials used in the manufacture of ceiling tiles. Ceiling tiles are generally useful in retail store, offices, hospitals, building perimeter, drywall grid systems, hotels and transportation terminals.
Strong growth of building & construction industry across the world has been remained major driving force for the ceiling tiles market. Construction is major application market for the ceiling tiles. The demand for construction in housing as well as commercial sector is growing due to several factors which include urbanization, rising per-capita income and spending and GDP growth among others. Revival in global economy coupled with increased construction activity in Asia Pacific region is expected to propel demand for the ceiling tiles during the forecast period. Another significant demand driver is associated with the logistics of waste management such as the reduced carbon impacts regarding waste material transports and extraction/processing of raw materials to manufacture new ceiling tiles. Ceiling tiles manufacturing process consumes vast amount of energy. Energy requirement for the manufacturing of ceiling tiles is mainly generated using crude oil. Continuously fluctuating crude oil prices is expected to present major challenge for the manufacturers of the ceiling tiles.
Mineral wool, metals, gypsum and others are the key product segments of the ceiling tiles market. The global ceiling tiles market was dominated by the mineral wool product segment with around 40% share of the total market in 2014. Mineral wool ceiling tiles are most widely used across different end application markets such as retail stores, hospitals, schools and offices. Gypsum is the second largest product segment of the ceiling tiles market and is expected to exhibit fastest growth rate during the forecast period.
Ceiling tile market is segmented based on its applications such as commercial, healthcare, educational, industrial and others. With around one third shares, commercial segment accounted for the largest share of the global ceiling tiles market in 2014. It is also expected to be one of the fastest growing end application market ceiling tiles. Ceiling tiles market was led by North America with large share in volume consumption. Asia Pacific is expected to post rapid CAGR owing rising construction activity in the region.
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Some of the key industry participants in Ceiling tiles market include Knauf, Armstrong Worldwide Industries Inc., OdenwaldFaserplattenwerk GmbH (OWA), LLC, Saint Gobain SA, ROCKFON , Chicago Metallic Corporation, Shandong Huamei Building Materials Co., Ltd., Foshan Ron Building Material Trading Co., Ltd., Haining Shamrock Import & Export Co., Ltd., HainingChaodi Plastic Co. Ltd., Guangzhou Tital Commerce Co. Ltd. and SAS International.
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