Ceiling tiles are produced in various colors, patterns, shapes, sizes, and styles, using different materials and processes. Ceiling tiles enable better interior designing, and also absorb sound and provide insulation etc. Ceiling is the overhead inside lining of a room. Some of the other features of ceiling tiles include fire resistance, thermal insulation, and easy maintenance and repair/replacement.
The global ceiling tiles market is estimated to value US$ 4,228.6 Mn, and is projected to register a CAGR of over 7% in terms of value during forecast period 2017–2026.
Global Ceiling Tiles Market Dynamics:
Ceiling tiles industry uses naturally occurring, processed raw materials instead of virgin raw materials. Use of recycled raw materials reduces production costs, thus allowing manufacturers and vendors to sell the products at lower cost, as compared to products manufactured using virgin materials This is one of the major factor expected to drive growth of the global ceiling tiles market. In addition, Brazil, Russia, India, China, and South Africa (BRICS) countries are expected to witness increasing infrastructure development, and the number of commercial buildings are expected to increase at a substantial rate over the forecast period. This is expected to further drive growth of the global market significantly over the forecast period.
High investments required for installation of ceiling tiles is expected to hamper growth of the global ceiling tiles market. In addition, for manufacturing of ceiling tiles, crude oil is mainly used. Constantly fluctuating crude oil prices, and concerns regarding depletion of crude oil is expected to create challenges for manufacturers operating in the ceiling tiles industry, thereby restraining growth of the global ceiling tiles market.
Global Ceiling Tiles Market Segments Analysis:
Analysis by Product Type:
Among the four product types, mineral wool segment is expected to account for major share of over 40% in terms of revenue in 2017, and is expected to continue its dominance during the forecast period. Mineral wool ceiling tiles are produced using biodegradable mineral wool and other natural components. Mineral wool tiles are environment-friendly and contains no harmful or toxic substances.
Analysis by application:
Among the three application segments, the commercial segment in the global ceiling tiles industry is estimated to account for majority revenue share of more than 50 % by end of 2017, owing to emerging markets that are expected to experience infrastructural growth, hence commercial segment is projected to grow at a substantial rate over the forecast period. This is the most attractive segment for the ceiling tiles manufacturers to invest and expand their business.
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Analysis by Region:
The market in the North America is estimated to account for highest revenue share of over 50% by 2017 end, and is expected to continue its dominance over the forecast period. This estimated high revenue contribution from North America market to the global market is due to presence of major manufacturers, and rapid infrastructure development in various countries in this region.
Increasing adoption of ceiling tiles in residential sector and product offering by major players is expected to drive growth of the North America ceiling tiles market. For instance, Armstrong offers exclusive product line such as Baltic, Pinehurst, and Wellington for applications in residential replacement sector.
In addition, mergers and acquisitions by major players are expected to create potential opportunities to offer wide range of product offering. For instance, with the acquisition of Chicago Metallic, Rockfon provides customers a complete ceiling system, combining Rockfon stone wool and specialty metal ceiling panels with Chicago Metallic suspension systems.
Key players are Knauf, Armstrong Worldwide Industries Inc., Saint-Gobain S.A., USG Corporation, SAS International, Odenwald Faserplattenwerk GmbH, LLC, ROCKFON, Chicago Metallic Corporation, Shandong Huamei Building Materials Co.