Ceiling Tiles Market worth $11.7 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 11, 2022 /PRNewswire/ -- According to the new market research report "Ceiling Tiles Market by Material Type (Mineral Fiber, Metal, Gypsum, Others), Property Type (Acoustic, Non-Acoustic), End-User (Non-Residential, Residential) and Region (North America, Europe, APAC, MEA, and South America) - Global Forecast to 2027", published by MarketsandMarkets™, the global Ceiling Tiles Market size is projected to grow from USD 8.4 billion in 2022 to USD 11.7 billion by 2027, at a CAGR of 6.8% during the forecast period. The increasing use of ceiling tiles in construction projects is one of the most significant factors projected to drive the growth of the ceiling tiles market.
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Gypsum material type is the fastest-growing segment in ceiling tiles market, in terms of value and volume.
Gypsum material type is expected to be the fastest-growing segment in the ceiling tiles market during the forecast period. Gypsum ceiling tiles are made of lightweight plasterboard covered on the face with polyvinyl chloride (PVC) and covered on the back with aluminium foil. The key advantages of gypsum ceiling tiles over other materials include low cost, lightweight, high strength, ease of installation and finishing, fire resistance, high ductility, and easy availability.
Acoustic property type to be the fastest-growing segment in the global ceiling tiles market in terms of value and volume
The ceiling tiles market is dominated by the acoustic ceiling tiles segment. Owing to their ability to block and absorb sound, acoustic ceiling tiles are gaining high acceptance in the building & construction industry. Acoustic ceiling tiles have high noise reduction coefficient (NRC) and ceiling attenuation CLASS (CAC). Thus, they are in high demand in heavy traffic and commercial areas that demand high acoustic performance.
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Non-Residential to be the fastest-growing end-user segment in the global ceiling tiles market in terms of value and volume
Ceiling tiles meet the aesthetics and acoustic needs of the building & construction industry. They are also easy to install. These advantages offered by the ceiling tiles have increased their acceptance, especially in non-residential applications. The major non-residential end-use segments of ceiling tiles are offices, hospitals, institutions, gymnasiums, cinema theaters, retail stores, industries, auditoriums, airports, hotels/resorts, and museums, among others. Ceiling tiles help architects and designers to conceal pipes, wires, cables, and ducting systems, among others, thereby enhancing the visual appearance of the building. As ceiling tiles are good absorbers and attenuator of sound, they are widely used in offices, museums, hospitals, and institutions where sound absorption and aesthetic appeal is a priority. The use of ceiling tiles in the residential sector is restricted owing to their high cost.
Asia Pacific to be the fastest-growing region in the ceiling tiles market during the forecast period
The Asia Pacific region is segmented into China, Japan, India, Australia, and other Asia Pacific countries. The growth of the ceiling tiles market is mainly attributed to the high economic growth rate followed by heavy investment in building & construction industry. New plants are being set up by various companies in the region as they are expanding their existing ceiling tiles and resin production units due to the availability of cheap labor and low cost of production. Over half of the world's population lives in Asia Pacific countries which is resulting into the tremendous growth of the region as an important global trade and commerce center.
The increase in construction activities, along with increase in purchasing power of the public, are the major reasons for the increased consumption of ceiling tiles in the region.
PPG Industries, Inc. (US), Axalta Coating Systems, Ltd. (US), BASF SE (Germany), The Sherwin Willaims Company (US), Nippon Paint Holdings Co., Ltd. (Japan), Tatung Fine Chemicals Co., Ltd (Taiwan), KCC Corporation (South Korea), Kansai Paint Co., Ltd (Japan), B.L.Downey Company LLC (US), Hawking Electrotechnology Ltd (England), Therma-Tronx-X, Inc. (US), and Parker Trutec, Inc (US).
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