DUBLIN--(BUSINESS WIRE)--Nov 14, 2022--
The "Global Ceiling Tiles Market by Material Type (Mineral Fiber, Metal and Gypsum), Property Type (Acoustic and Non-Acoustic), End User (Residential and Non-Residential), and Region (NA, EU, APAC, MEA, and SA) - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The ceiling tiles market is estimated to be USD 8.4 billion in 2022 and is projected to reach USD 11.7 billion by 2027, at a CAGR of 6.8% between 2022 and 2027.
Increasing demand for ceiling tiles for construction of green buildings is boosting the market growth
A significant proportion of ceiling tiles are produced using recycled raw materials such as slag mineral wool, mineral fiber, metal, gypsum, and recycled paper. Ceiling tiles made from such materials are recyclable. Owing to the use of these recyclable raw materials, the manufacturing process of ceiling tiles has a low carbon footprint.
These ceiling tiles comply with the building regulations of developed economies that emphasize on reducing CO2 emissions while constructing any buildings. Buildings are responsible for 39% of global energy-related carbon emissions, and building stock is expected to double by 2050 as per the World Green Building Council (WorldGBC).
The United States Green Building Council (USGBC), a non-profit trade organization, promotes constructing buildings that are environmentally responsible, profitable, and healthy to live and work. Ceiling tiles, being recyclable and environment-friendly, fulfill the agenda stipulated by the USGBC. Thus, there is an increased demand for ceiling tiles in the construction of green buildings.
Susceptibility to damage made by moulds to restrict the market growth
Modern acoustic ceiling tiles are easily susceptible to mould breeding when exposed to water for a long period of time. The damage made by moulds creates unnecessary downtime in restaurants, commercial kitchens, and food processing plants. Thus, the use of ceiling tiles is often restricted in these spaces. Therefore, the growth of the ceiling tiles market is hampered by their susceptibility to damage by moulds.
Growth of construction industry to create opportunities for ceiling tiles market
The ceiling tiles market is expected to witness a positive outlook during the forecast period as the developed economies are targeting long-term investment in the building & construction industry. According to Statista, the building & construction industry in the US is expected to show a positive growth trend. The market size of the US construction industry was valued at around USD 1.36 trillion at the end of 2020.
This positive growth in both residential and non-residential sectors is expected to boost the ceiling tiles market in the US. Further, developing economies such as China and Brazil are also expected to show good growth in the building & construction industry. There is an increase in spending on national construction & infrastructure and real estate investment across the globe. Increasing urbanization and national commitments to conserve resources and reduce greenhouse gas emissions are expected to drive the ceiling tiles market during the forecast period.
North America is the leading ceiling tiles market in terms of both value and volume
North America is the largest market for ceiling tiles. The presence of leading players such as Armstrong World Industries (US) has helped the region achieve a dominant position in the global ceiling tiles market. Armstrong World Industries (US) conducts more than 65% of its business in the North American region.
The region has high demand for ceiling tiles for various residential and non-residential purposes. North America is among the largest construction market in the world. The building & construction industry in North America is highly developed, and architects and builders present in this region are acquainted and skilled with the use of modern architecture in residential and non-residential construction. The region also has consumers that demand more aesthetically attractive building & construction solutions, including non-acoustic ceiling tiles for residential and non-residential applications.
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KEYWORD: NORTH AMERICA ASIA PACIFIC CHINA BRAZIL SOUTH AMERICA
INDUSTRY KEYWORD: OTHER MANUFACTURING TECHNOLOGY STEEL CHEMICALS/PLASTICS SUSTAINABILITY MANUFACTURING OTHER CONSTRUCTION & PROPERTY BUILDING SYSTEMS RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY RETAIL ENVIRONMENT GREEN TECHNOLOGY INTERIOR DESIGN ARCHITECTURE OTHER TECHNOLOGY HOME GOODS OTHER NATURAL RESOURCES MINING/MINERALS NATURAL RESOURCES
SOURCE: Research and Markets
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PUB: 11/14/2022 11:35 AM/DISC: 11/14/2022 11:36 AM
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