Ceiling tiles are predominantly being used for improving the acoustics of a building and enhancing its thermal insulation. The demand for these panels or tiles has been soaring as they offer excellent sound absorption qualities and are known to be lightweight construction materials. The ceiling tiles market is expected to increase in the coming years as the raw materials used for manufacturing them can be completely recycled. This factor has been identified as a critical market driver in a time when the world is looking at sustainable materials to reduce its carbon footprint.

According to the research report by Transparency Market Research, the global ceiling tiles market was valued at US$21.6 bn in 2015 and is projected to reach a valuation of US$51.3 bn by the end of 2024. During the forecast years of 2016 and 2024, the global market is expected to expand at a CAGR of 10.1%.

Affordability Wins Ceiling Tiles Newer Markets

Ceiling tiles are an integral part of the construction industry, which is growing at a relentless pace all across the world. The demand for various types of ceiling tiles is projected to continue in the coming years due to the growing number of residential and commercial projects. The industrial sector is also showing promise of growth as economies are strengthening. The demand for the construction of residential projects is remarkably high due to the improving GDPs, rising disposable incomes, changing standard of living, demand for better structural reliability, and better aesthetic design.

Builders have also been increasing the adoption of ceiling tiles in their projects due to their affordable pricing and effective usage. Ceiling tiles have played a crucial role in shaping the market for affordable homes. Owing to these reasons developing countries are poised to witness significant demand for low-cost ceiling tiles in the near future. Ceiling tiles are extensively used in offices, hotels, transportation terminals, retail stores, and hospitals as suspension, building perimeter, and drywall grid systems.

Booming Construction Industry Promises Good Growth Rate

In terms of regions, the global ceiling tiles market is segmented into Asia Pacific, North America, Europe, the Middle East, Africa, and the Rest of the World. Analysts state that North America holds a dominant share of the global market, which is closely followed by Europe. Asia Pacific is expected to be an emerging market during the forecast period. The emerging economies of the Asia Pacific such as China and India are expected to augment the demand for ceiling tiles as the construction and building industry gains momentum. The report states that Europe held a significant share of the overall market in 2015 due to booming building and construction activities in the region.

In all of the aforementioned regions, urbanization, and population explosion will boost construction activities for new projects that will create lucrative opportunities for ceiling tiles. The rising investment in infrastructure and construction in the Middle East and Africa will also prove to be beneficial to the global market.

Some of the leading players operating in the global ceiling tiles market are Armstrong World Industries, Inc., New Ceiling Tiles, LLC, Saint-Gobain S.A., SAS International, USG Corporation, Knauf, Techno Ceiling Products, ROCKFON, MADA GYPSUM, and Odenwald Faserplattenwerk GmbH. Presently, USG Corporation and Armstrong World Industries hold a dominant share in the North American ceiling tiles market, while Europe is being dominated by players such as Knauf and Saint-Gobain S.A.