Ceiling Tiles Market Size to Reach USD 12.58 Billion in 2028 from USD 6.41 Billion in 2020, with mineral wool leading among the product segments: Reports and Data

NEW YORK, Aug. 30, 2021 /PRNewswire/ -- Reports and Data has published its latest report titled "Ceiling Tiles Market Analysis by Product Type (Mineral Wool, Gypsum, Metal, and Others), By Application (Commercial, Industrial, and Residential), By Region Forecast to 2028."

According to most recent analysis by Reports and Data, the global ceiling tiles market size was USD 6.41 Billion in 2020 and is expected to reach USD 12.58 Billion in 2028, and register a revenue CAGR of 8.8% over the forecast period, 2021–2028.

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Driver, Restraints, and Opportunities

Increasing number of construction projects and rising focus on replacement of dilapidated and old buildings globally are some key factors driving market revenue growth. Buildings contribute to over 40% of the global fossil fuel carbon dioxide emissions (CO₂), which is considered one of the primary causes of global warming. However, refurbishment of damaged structures helps to reduce embodied carbon otherwise emitted during new construction as this involves material transportation, excavating and digging, manufacturing and fabricating, and assembling components and mixing chemicals and materials etc. Increasing focus on constructing buildings that meet zero-carbon standards is another factor driving demand for ceiling tiles globally. Mineral wool, which is a product derived from molten glass, industrial waste, and stone, and spun into fiber-like structure, is the most widely used material in the construction industry currently.

Mineral wool has outstanding properties such as better insulation, soundproofing, fireproofing, and demand continues to remain high in the construction of commercial buildings. In addition, increasing focus on renovation of government buildings and infrastructure and increasing demand for new residential structures are some key factors driving demand for mineral wool tiles. Besides, gypsum-based tiles are also gaining traction due to superior properties such as corrosion-resistance, lightweight, and eco-friendly nature, among others.

Increasing efforts to reduce reliance on oil is expected to attract significant investments to develop non-oil components and materials for deployment in industrial and commercial infrastructure. This has prompted major players to invest and develop technologically advanced and aesthetic ceiling tiles to increase revenue potential. For instance, GO Logic, which is one of the leading companies based in Maine, US, is focusing on developing a wood-fiber ceiling tile that is affordable, while possessing properties such as low carbon impact and high water-resistance.

Some major factors negatively impacting market revenue growth include rising concerns regarding potential risks associated with the carcinogenic nature of mineral wool and reduced consumer spending due to the COVID-19 pandemic effects on various economies. The World Health Organization (WHO) has classified mineral wool as hazardous and carcinogenic to humans. In 2019, a panel discussion was conducted inside the European Parliament (EP) to draw attention of members of the Environment and Health Committee regarding adverse health effects associated with usage of mineral wool. In addition, several protests have been held in the U.S. and France highlighting the health hazards associated with people living near mineral wool factories. Such factors are expected to restrain market revenue growth to some extent going ahead. 

To identify the key trends in the industry, research study at https://www.reportsanddata.com/report-detail/ceiling-tiles-market

COVID-19 Impact Analysis  

• The virus outbreak and social distancing norms and restrictions severely disrupted the overall business landscape and operations worldwide.  
• COVID-19 pandemic and lockdowns have resulted in several countries shutting down airports, ports, and commercial and domestic transportation. This had impacted manufacturing activities and operations globally and took a toll on the economy of various countries.  
• Sudden and drastic downturn in economic activity caused a slowdown in manufacturing, production, agriculture, fisheries, dairy, and other sectors and also resulted in employment loss to a major extent.  
• Supply impacts were further compounded due to challenges on the demand-side owing to reduced disposable income, depleting savings, and increased concerns and uncertainties. 
• Emergence of variants of the virus and rise in infection rates during the initial waves and subsequent lockdowns has severely impacted operations and disrupted supply chains. 

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Mineral wool dominates other products in market:

Mineral wool segment accounted for largest revenue share among the product segments in 2020. Factors positively impacting market revenue are increasing adoption of mineral wool-based ceiling tiles in commercial buildings due to beneficial properties such as fireproof, soundproof, and better insulation. Advent of commercial infrastructures across countries in Asia Pacific is expected to contribute significantly to revenue growth of this segment.

Gypsum accounted for second-largest revenue share:

Gypsum segment accounted for second-largest revenue share, and growth of this segment is primarily driven by increasing adoption of gypsum ceiling tiles in the building and construction sector. Properties such as lightweight, waterproof, environment friendly, good aesthetics, corrosion-resistance, and superior quality of gypsum tiles are expected to positively impact revenue growth of this segment over the forecast period.

Metal tiles losing preference:

Metal tiles segment is expected to account for lower revenue share compared to other product segments, attributed to high initial cost of metal products. Preference for metal tiles, despite the material being durable, strong, aesthetically superior, fire resistant, and moisture resistant is lower as compared to other materials owing to high cost factor.

Asia Pacific to maintain its dominance among regions:

Asia Pacific ceiling tiles market accounted for significantly larger revenue share and is projected to continue to dominate other regional markets during the forecast period. Factors attributed to rapid revenue growth of the market in  the region include presence of large population in countries such as India and China, increase in construction activities, and rising investments in development of new infrastructure and construction projects in the Philippines, Indonesia, and Malaysia. In addition, increase in commercial construction is expected to boost growth of the market in this region going ahead.

North America registers steady revenue growth:

Rising spending on new residential constructions in countries such as the U.S. and Canada and increasing focus on green building concept along with deployment of more eco-friendly building materials are some key factors expected to continue to support revenue growth of the North America going ahead. Private residential construction activities registered an increase in 2020, after a slump in 2015. This trend is expected to remain robust going ahead and support growth of the market to a significant extent. In addition, rising disposable income, favorable government initiatives to provide low interest rates, and access to high credit are some key factors expected to support building and construction activities in the region, and drive demand for ceiling tiles over the forecast period.

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Major Companies in the Market:

• Armstrong World Industries
• USG Corporation
• Hunter Douglas
• SAS International
• CertainTeed
• Rockfon
• Odenwald Faserplattenwerk GmbH
• Knauf
• Saint-Gobain Gyproc
• Georgia-Pacific

For the purpose of this report, Reports and Data has segmented global ceiling tiles market on the basis of product type, application, and region:

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Product Type Outlook (Revenue, USD Billion; 2018-2028, Volume, Kilo Tons; 2018-2028)

• Mineral Wool
• Gypsum
• Metal
• Others

Application Outlook (Revenue, USD Billion; 2018-2028, Volume, Kilo Tons; 2018-2028)

• Commercial
• Industrial
• Residential

Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2018-2028) 

• North America 
• U.S. 
• Canada 
• Mexico 
• Europe 
• Germany 
• U.K. 
• France 
• Italy 
• Spain 
• BENELUX 
• Rest of Europe 
• Asia Pacific 
• China 
• India 
• Japan 
• South Korea 
• Rest of Asia Pacific 
• Latin America 
• Brazil 
• Rest of Latin America 
• Middle East and Africa 
• Saudi Arabia 
• U.A.E. 
• South Africa 
• Rest of Middle East & Africa 

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Some points on how the report benefits stakeholders:  

• The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each. 
• Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028. 
• The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market. 
• The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace. 
• Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc. 
• The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more. 

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About Reports and Data        

Reports and Data. Is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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