The global ceiling tiles market is expected to reach USD 10.08 billion by 2025, growing at a CAGR of 9.5%, according to a new report by Grand View Research, Inc. Increasing construction of office spaces worldwide is likely to boost the usage of building materials including mineral wool, metal, and gypsum panels by the end of 2025.
Rise in the working population group, since the past few years has led to an increased construction spending in key Asia Pacific countries including China, Vietnam, Bangladesh, Singapore, India, Thailand, and Malaysia. Construction of new offices across the globe is estimated to peak in the future.
This scenario is likely to reflect in developing countries including China, Russia, and India. Furthermore, currently rising foreign investments coupled with government initiatives in these countries is projected to boost the construction of business centers and IT parks in the recent future. These factors are considered to influence the consumption of construction materials including ceiling tiles and hence boost their market growth.
Emerging regions especially Latin America and Middle East & Africa are expected to depict above average industry growth owing to development of the hotel sector as a result of increasing government initiatives regarding the tourism industry in these regions.
Further key findings from the report suggest:
- In terms of revenue, the residential segment is expected to rise at a CAGR of 9.4% over the forecast period. This application segment constituted a revenue share of 4.6% in 2016.
- Technological breakthrough in the field of low VOC panels and recyclable tiles is estimated to offer lucrative growth prospects in the industry by the end of 2025. Furthermore, development of three dimensional ceiling tiles is another important milestone that is expected to open new avenues in the industry.
- Companies are aiming at achieving optimum business growth through fully integrating their business operations across the product value chain. For instance, USG Corporation is engaged in manufacturing ceiling tiles as well as its precursor gypsum board and has strong distribution network.
- In June 2017, Armstrong Ceiling Solutions launched a new range of ceiling tiles under the New Dune eVo brand name. These tiles are 100% recyclable and exhibit well improved aesthetics and acoustic performance.
- In April 2014, the Rockfon North America, a ROCKWOOL International subsidiary achieved the UL Environment’s GREENGUARD Gold certification for its low VOC products. This has enhanced the market position of the company as a key sustainable player in the past years.