The global ceiling tiles market is expected to increase at a CAGR of 8.5% during the forecast period, which was expected to be just about 4% as per pre-covid research conclusions. Many construction projects that were halted owing to covid-19 have resumed, compelling the market to expand at a strong rate during the forecast period of 2023 to 2030. The growth of office complexes, institutional buildings, and healthcare facilities will drive the industry in the future years. Increased disposable income in developing nations, demand for thermal and acoustic insulation, and consumer attention to office and home aesthetics are all expected to boost product demand and market growth. Over the projection period, the use of modern and sustainable construction solutions with eco-friendly flooring, ceilings, and walls is likely to drive the market.
Get the complete report from https://www.acutemarketreports.com/report/ceiling-tiles-market
The Construction Management Association of America says the construction business boosts the U.S. economy. This sector employs 700,000,000 and produces $1.3 trillion in infrastructure annually. The European Construction Industry Federation (FIEC) found that the principal construction activities in Europe in 2019 were civil engineering (18.8%), non-residential (31.6%), new housebuilding (21.6%), and rehabilitation and maintenance (28%). This market is driven by the construction of hospitals and clinics, office buildings, educational institutions, and industrial complexes. Demand for ceiling tiles is expanding because customers want more thermal insulation and greater aesthetics, and their disposable budgets are rising. The growing commercial sector and use of tiles to improve office building aesthetics also drive market growth.
The use of conventional materials is expected to be influenced by the growing use of environmentally friendly tiles certified as per green building requirements for low levels of volatile organic compounds (VOCs). Well-known manufacturers are releasing new product lines that produce minimal VOCs and don't contain asbestos. Growing awareness of ecologically friendly building materials is expected to promote green retrofit or renovation operations in North America and Europe. Key organizations in the region are embracing recyclable and reusable technologies, which will fuel market growth over the forecast period.
Real estate financiers and investors shape and drive the trend toward green financing. This, along with customer worries about pollution and CO2 emissions, creates opportunities for ecologically friendly buildings, enhancing the need for a sustainable product. Green buildings might be worth $24.7 trillion by 2030, according to a report by the IFC. South Asia, East Asia, and the Pacific have 17,8 trillion USD in investment potential. Businesses are embracing a decarbonization plan to develop zero-carbon buildings and inventing materials to help with environmentally friendly construction. The trend toward ecologically conscious building practices is opening up the possibility for ceiling tiles.
The Asia Pacific, the Middle East, Africa, and South America are expected to boost the global market for ceiling tiles. Due to rising industrialization and R&D investments, these markets account for most ceiling tile demand. Fast industrialization in these economies has led to a rapid expansion of the building and infrastructure industries, which has increased the demand for ceiling tiles. The shift of firms to these locations for raw materials and cheap labour, along with rising manufacturing activity and industrial bases, is expected to boost ceiling tile demand. This is because they have more raw materials. An expanding population, rising disposable incomes, and greater demand for infrastructure-related services are expected to drive market growth.
The biggest challenge in the ceiling tile market is lowering production and installation costs. Due to their exorbitant cost, the use of ceiling tiles is limited to few homes. Due to their lack of popularity. Installation is expensive because of the suspension system, hanger wire, wall moldings, and clips. All of these components are required for a square, level, and stable installation, adding to the cost. If installation parts can be made cheaper, the home market could grow.
Mineral wool accounted for over 40% of global market value. This sector led the market in 2021. Lightweight and thermally insulating, it's the appropriate material for ceiling tiles in institutions and workplaces. These tiles are steel and aluminium. The material's sturdiness, durability, and long shelf life are driving the expansion of the business as a whole. These ceiling tiles are popular due to their acoustic and aesthetic benefits. Gypsum used to make ceiling tiles, had the second-largest revenue share in 2021, and is expected to grow rapidly from 2023 to 2030. During the predicted period, the gypsum category will expand the most. Gypsum tiles are easy to reinstall and fix. Various end-use sectors prefer the product to improve the appearance of structures. Others include plastic, wood, and composite tile. Customer preferences on the sort of material to use for the ceiling to increase the aesthetic appeal of the area fuel the ceiling tiles market. The acoustics category dominated the market in 2021 and is predicted to expand the fastest from 2023 to 2030. The ability of ceiling tiles to minimize sound transmission is driving the market growth.
Non-residential applications accounted for 92% of market revenue in 2021. Strong growth in commercial building construction worldwide and a comeback in the non-residential construction industry in the U.S. are expected to boost building material consumption, boosting the market growth. Most ceiling tiles are used in business environments. These environments include retail, hospitality, and healthcare, as well as hallways, operating rooms, clinics, and diagnostic centres. These materials are used in non-residential buildings to boost acoustic and thermal insulation, as well as interior and building aesthetics. Residential applications are projected to drive market expansion due to growing construction spending on remodelling and repair. Residential applications make up a large part of building spending. Demand for ceiling tiles is expected to expand due to global residential building construction and rural-to-urban migration in developing countries. Increased development of green buildings in North America and Europe is expected to boost demand for eco-friendly, lightweight ceiling tiles. Due to stricter VOC laws and regulations for construction materials, the use of low VOC ceiling tiles is expected to increase in application industries throughout the study period.
North America led the market in 2021 with a 35% revenue share due to increased product usage in various industries. The requirement for acoustic insulation and recent technological advancements have expanded the region's use of ceiling tiles. This was attributed to a high level of discretionary spending among consumers, shifting consumer behaviour, and more options for soundproofing and decorating commercial complexes. Over the projection period, the growth of single-family homes will drive the sector. According to the Harvard Kennedy School's State of the Nation's Housing 2020 report, new development restarted by July 2020 at a 1.5-million-unit annual pace and remained constant in August and September. Single-family house starts climbed to 1.1 million annually, up 22% from 2019. These rising trends increase expenditure on interior décor, including ceilings, which increases the demand for ceiling tiles.
Europe contributed substantially to market revenues in 2021. Innovative and sustainable construction solutions, simple installation methods, a well-established construction sector, and strict particulate pollution rules are driving the market, increasing product demand in the region. German manufacturers are adhering to international requirements to produce high-performance mineral ceiling tiles. Conforming to ISO quality standards and environmental management processes bolsters its reputation. Ceiling tile companies want the best system safety and service quality. ISO standards ensure mineral ceiling tiles' quality and safety.
Accelerating industrialization and rising consumer disposable income will make the Asia Pacific the fastest-growing market between 2023 and 2030. Increasing population, urbanisation, and renovations in Southeast Asia are expected to drive product demand in the region. Given China's rapid urbanisation, the ceiling tile market has vast growth potential. Moreover, half of China's population lives in cities, and more than 100 cities have at least 1 million residents. Shanghai and Shenzhen, once peaceful fishing towns, are today busy megacities. A spate of urban infrastructure projects may also boost the ceiling tile business. The Intercity Railway along the Yangtze River in Jiangsu (US$ 34.3 billion), the Intercity Rail Network in Eastern Guangdong (US$ 14.8 billion), and the Beijing Airport Expansion are all huge projects. Shanghai's rail expansion will cost $44.2 billion. Regional firms dominate China's ceiling tile business. Dalian Superego Hongye Building Materials Co. Ltd., Shijiazhuang Shenghaowei Building Material Co. Ltd., TAISHAN GYPSUM CO. LTD., Zhejiang Xinwei Decorative Material Co. Ltd., and Shanghai Royal Imp&Exp Co. Ltd. are some examples. These enterprises drive local demand for ceiling tiles.
The market is characterized by a significant number of players offering a wide range of products, thereby, resulting in strong competition. The leading international rivals have well-established distribution networks and a physical presence in most industrialised economies, including North America, Europe, Australia, and Asia-Pacific. Due to strong forward and backward integration among major enterprises in the global market, rivalry and competitiveness have increased, forming an entry barrier for new entrants. Competitors use inorganic and organic means to improve their position in ceiling tiles. Armstrong World Industries, ROCKWOOL International A/S, Knauf Gips KG, and Saint - Gobain Gyproc are prominent enterprises in this area. Hunter Douglas from the Netherlands, KET Ceilings from China, Aerolite Industries Pvt. Ltd. from India, Rockfon from Denmark, Odenwald Faserplattenwerk GmbH from Germany, Georgia-Pacific from the US, SAS International from the UK, and others are also in this market area. Players are emphasising application-specific products, resulting in a rush of product releases and promotions. Strategic collaborations, acquisitions, and partnerships are also used. The corporations have employed growth methods including capacity expansion, new product launches, etc. to compete globally.
Key Market Trends
