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Albany, New York, May 15, 2019 (GLOBE NEWSWIRE) -- The global ceiling tiles market is fragmented in terms of competition due to the presence of several prominent market players, states a Transparency Market Research (TMR) report. Top four players operating in the global ceiling tiles market are – USG Corporation, Saint Gobain S. A, Armstrong World Industries Inc., and Knauf. These companies are relentlessly working on introducing improved products in the global market. These players have been gaining the trust of the consumers through a consistent supply of strong, and durable products by deploying the latest technologies. There are several mid-sized and small players in the market who make the market fragmented. They are expected to invest in research and development to introduce innovative products to position themselves in the global ceiling tiles market.
Rising urbanization and increasing construction of buildings are expected to heighten the global ceiling tiles market during the forecast period. The global ceilings market is likely to register a CAGR of 10.10% during the forecast period 2016 to 2024. The global ceiling market was estimated at US$21.6bn in 2015 and is projected to scale up to US$51.3bn by the end of 2024.
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In terms of region, the global ceiling market is expected to be dominated by the Asia Pacific during the forecast period. Developing economies such as China and India are expected to drive the Asia Pacific region due to the growing number of constructions and buildings. The global ceiling market is segmented into mineral wool, metal, and gypsum in terms of product types. But, mineral wool is expected to dominate the global ceiling market during the forecast period. The growth can be attributed to their impeccable properties and recyclability.
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Changing Lifestyle to Propel the Global Ceiling Market
Rapidly changing lifestyle and increasing disposable income among consumers is expected to drive the global ceiling market. Rural population is moving towards cities; they create a demand for residential buildings which will further push the global ceiling market towards expansion during the forecast period. Demand for innovative constructions that are sturdy and low maintenance is expected to further fuel the global ceiling market. Increasing commercial constructions such as supermarkets, cinema halls, auditoriums, hospitals, and hospitality sector are expected to push the ceiling market towards a stellar growth during the forecast period.
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New Trend and Developments to Drive the Global Ceiling Market
The global ceiling tiles market is likely to witness new development in the market in upcoming years. The market is currently ruled by some conventional ceiling tiles, mineral wool ceiling tiles, and they would continue to do so even during the forecast period. However, the future will witness a new trend and development in the demand for rustic woods, embossed patterns, three dimensional molded plastic and foams with customization. Such development will increase the demand for innovative and customized products, driving the global ceiling market to strengthen in the upcoming years.
Additionally, rising awareness about the sustainable solution and increasing adoption of eco-friendly and certified tiles as per sustainability standards are expected to provide impetus to the growth in the global ceiling tiles market. Rising demand for low volatile organic compounds emitting products and toxic free solutions could also provide an array of opportunities to the global ceiling market in forthcoming years. Furthermore, innovative tiles that can be recycled and reused may also impart a substantial scope to the global ceiling market.
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This review is based upon the TMR report titled, “Ceiling Tiles Market (Product - Mineral Wool, Metal, and Gypsum; Application - Residential, Non-residential, Industrial, Hospitality, Commercial, and Institutional) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
The global ceiling market is segmented into:
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