New York City, NY: Jun 19, 2019 – Published via (Wired Release) – Ceiling tiles, also known as ceiling panels, are placed in aluminum framework to cover the ceiling area. Ceiling tiles are lightweight and are excellent sound absorbers. Also, ceiling tiles provide thermal insulation and fire insulation and are widely used inside the room to reduce noise and to decorate inner section of room. Gypsum, mineral fiber, and metals are common raw materials used for manufacturing ceiling tiles.
The first five-year cumulative revenue (2017–2021) is projected to be US$ 26,258.1 Mn, which is expected to increase rather significantly over the latter part of the five-year forecast period. The global ceiling tiles market is estimated to value US$ 4,228.6 Mn, and is projected to register a CAGR of over 7% in terms of value during forecast period 2017–2026.
Increasing demand for ceiling tiles from residential, commercial, industrial and other sectors is a major factor driving growth of the global ceiling tiles market. Development of innovative buildings designs, and availability of variety of ceiling tiles in different textures, size, and colors is expected to boost growth of the global ceiling tiles market.
Ceiling tiles are manufactured as a single unit through which provides easy installation, which allows construction companies to reduce their labor costs. Ceiling tiles also offer high insulation properties with low thickness. These are additional factors expected to drive growth of the global ceiling tiles market.
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Global Ceiling Tiles Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global ceiling tiles market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global ceiling tiles market is expected to expand at a CAGR of 7.6% during the forecast period.
Global Ceiling Tiles Market: Segmental Snapshot
The market report has been segmented on the basis of product type, application, and region. The product type segment includes mineral wool, metal, gypsum, and others. Application segment includes residential, commercial, and industrial. The regions covered in the analysis are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
By product type: Gypsum ceiling tiles segment is estimated to register a CAGR of over 7.9%, thereby accounting for highest revenue share among the product type segments.
By application: Residential segment is estimated to account for highest revenue share among the application segments, registering a CAGR of over 7.5% over the forecast period.
By region: The market in Asia Pacific accounted for highest revenue share in the global ceiling tiles market in 2016, and is expected to record highest CAGR of over 8.1% between 2017 and 2026.
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Global Ceiling Tiles Market: Competitive Analysis
The research report on the global ceiling tiles market includes profiles of major companies such as Knauf Gips KG, Armstrong World Industries, Inc., Compagnie de Saint-Gobain S.A., USG Corporation, SAS International, Odenwald Faserplattenwerk GmbH, Shandong Huamei building materials Co., Ltd., Burgess CEP, Hunter Douglas NV, and Rockwool International A/S.
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