With the increasing emphasis on décor and environmental factors that include VOC emissions and energy consumption, ceiling panels or ceiling tiles have become an integral part of the modern construction industry. Tin ceiling tiles, even though they are expensive, have paved their way into the commercial sector wherein the property owners strive for a greener architecture in order to improve energy efficiency. These acoustic ceiling tiles and plastic ceiling tiles are also known to instill aesthetics in the interior of a building. Heavily adopted by corporate offices and malls, the ceiling tiles market is proving to be a lucrative business in the contemporary real estate industry.
As of 2018, the ceiling tiles market size was gauged at $5.1 billion, and it is poised to increment at a healthy CAGR of 9.1% during the forecast period 2019-2025.
North America Dominated the Ceiling Tiles Market in 2018:
The growth of the ceiling tiles market can be largely attributable to the growth of the real estate sector worldwide, especially in developing countries such as China and India wherein the emerging housing requirement is catapulting construction activities. However, North America was positioned as the maximum ceiling tiles market share bearer in 2018 with 33% in global revenues.
While the greater share is because of the increasing real estate and reconstruction projects in the residential sector of the US, Mexico, and Canada, the big pocket customers from the commercial sectors offered lucrative opportunities to the players. Rockfon (Rockwool Group) identified the possibilities for revenue sources in the North America ceiling tiles market in 2017 begun the production in its regional production facility in July 2017, which significantly uplifted the region’s ceiling tiles market share in 2018.
The Most Gainful Ceiling Tiles Marketplace – Non-Residential Buildings:
The application ceiling tiles in non-residential buildings will increase at a CAGR of 6.58% through to 2025. This is attributable to the fact that non-residential buildings such as offices, malls, and other complexes invest relatively higher sum of money than the residential real estate. The energy consumption attributable to buildings was evaluated at 3,060 Mtoe in 2018 – a significant fraction of which is because of the increasing number of commercial buildings. With the current boom in the non-residential real estate, the figure is poised to increase further. In order to ameliorate this, the owners would be required to use greener products in the interiors. Ceiling tiles instill higher energy-efficiency due to their daylight efficacy and thermal insulating qualities, and therefore, they are preferred in the buildings.
The Future Scenario for the Ceiling Tiles Market:
The global construction market is projected to growth exponentially and attain a valuation of $8 trillion by 2030 in which China, India, and the US will play a major role. This growth resonates with the increasing housing requirements, infrastructural demand, and the commercial building boom, which will create lucrative opportunities for the ceiling tiles market players.
To sum it up, the current lucrative regime of the real estate and the need for sustainability in the buildings will produce a lot of opportunities for the players competing for ceiling tiles market share.
Top 10 Ceiling Tiles Market Companies:
The companies crusading for greater ceiling tiles market share and position themselves in the industry are USG Corporation, Armstrong World Industries, Inc., SAS International, Hunter Douglas N.V., Rockfon (The Rockwell Group), CertainTeed Corporation, Knauf Gips KG, Gyproc Saint- Gobain Gypsum, Odenwald Faserplattenwerk GmbH, and Georgia-Pacific LLC.
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