Growing trend of decorative exteriors and interiors in the construction industry has raised demand for ceiling tiles substantially in recent years. While acoustic ceiling tiles enhance the sound quality of a room, they are highly flexible and affordable too, and provide an aesthetic appeal to the interior.
According to the United States Immigration and Customs Enforcement (ICE), the global construction industry is progressing at a rapid pace, and global construction output is projected to grow by 85% to reach at US$ 15.5 trillion by 2030. As per data revealed by The World Bank, the global construction industry is the largest consumer of related raw materials, and is projected to grow at 4.2% annually through 2023. With a flourishing construction industry, demand for interior décor, and subsequently ceiling tiles, is witnessing a surge.
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The latest report by Fact.MR provides a holistic overview of the global ceiling tiles market, where the market is pegged to expand at an impressive CAGR of close to 10% from 2021 to 2031.
Key Takeaways from Ceiling Tiles Market Study
- PVC remains the most preferred material for the manufacturing of ceiling tiles, capturing one-third of overall demand.
- High requirement for laminated ceiling tiles (31%) is fuelling sales prospects.
- Surge in demand for ceiling tiles in residential applications to bolster growth over the coming years.
- Surface mount installation to remain dominant with two-third market share.
- The United States to remain the epicenter of the North American market with 80% share, and expanding at a CAGR of close to 10%.
- Germany, the United Kingdom, France, Japan, China, will emerge as lucrative destinations for ceiling tiles over the coming years.
- India to be the fastest-growing ceiling tiles market in APEJ, expanding at a CAGR of 11%.
“Exponential growth of the building and construction industry is aiding expansion of the ceiling tiles market,” says a Fact.MR analyst.
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Mounting Demand from Commercial Sector to Augment Growth
As ceiling tiles are highly sought-after in various commercial buildings, suppliers and manufacturers are experiencing fast-paced rise in demand with exponential growth of the commercial sector. According to a report published by the World Cement Organization in 2019, commercial building plays an important role in the United States construction industry, accounting for around 17% of the country’s total construction activity in 2018.
In February, 2019, Google announced an investment of US$ 13 billion on data centers and offices across the U.S, while Apple announced an investment of US$ 1 billion in new offices. As the commercial industry is flourishing on such initiatives and investments, demand from this sector is expected to lead to high growth of the ceiling tiles industry over the coming years.
Who is Winning in this Space?
The global ceiling tiles market is highly competitive in nature. In order to sustain their positions, key players are focusing on launching better quality products with more varieties.
- Armstrong World Industries, Inc. launched its new range of ceiling tiles, such as TURF Design Ceiling Tiles, ARKTURA Ceiling Tiles, and others, in 2020.
- USG Corporation launched its new extensive range of ceiling tiles, such as Acoustic Ceiling Panels, Drywall Ceilings, Translucent Panels, and others, in 2020.
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