by Brianna Crandall — June 2, 2014—According to a new report on various types and applications of ceiling tiles published by Transparency Market Research (TMR), the global demand for ceiling tiles was valued at $14.78 billion in 2012 and is expected to reach $28.62 billion in 2019, growing at a compound annual growth rate (CAGR) of 9.9% from 2013 to 2019. In terms of volume, the global demand for ceiling tiles was 983.7 million square meters in 2012.
TMR defines ceiling tiles as building materials used in the ceiling area of a building or a structure that are used for different purposes such as sound absorption, heat insulation and fire insulation. Various materials such as mineral wool, metal, gypsum, wood and plastic are used in manufacturing ceiling tiles, which are used in a variety of applications including offices, schools, hotels, residential buildings, and hospitals, among others.
Increasing demand for ceiling tiles due to the growth of the construction industry is expected to be one of the major factors driving the demand for ceiling tiles over the next few years. In addition, financial benefits of waste management of ceiling tiles such as reduction of carbon content in the manufacturing process are also expected to contribute to the growth of the market. However, fluctuating prices of certain energy sources such as crude oil, which also serves as a vital raw material in ceiling tiles, are expected to hamper the growth of the market. Increasing use of ceiling tiles in green building projects as pro-environmental solutions for building materials are expected to provide new opportunities for the growth of the market in the next few years.
According to the report, mineral wool was the most widely consumed ceiling tile product and accounted for over 40% of the market share in 2012. Owing to its significant use in different commercial and educational applications such as retail stores, hospitals, schools and offices, among others, mineral wool ceiling tiles have been the preferred choice of ceiling solutions due to their high performance and quality in conjunction to fire safety, thermal insulation and noise-level reduction. Gypsum ceiling tiles are gaining importance and are anticipated to witness the fastest growth over the next few years owing to their biodegradable property. Growing demand for eco-friendly building materials with the increasing popularity for green buildings is expected to be a significant factor in driving the market for gypsum ceiling tiles.
The researchers found that demand for ceiling tiles was highest from the commercial segment in 2012. The commercial ceiling tiles industry has remained a vital part of the economy despite being negatively impacted by the global economic downturn in 2008-09. Furthermore, the commercial segment is expected to witness the fastest growth due to rapid urbanization, particularly in emerging economies of Asia Pacific and Latin America. The segment is anticipated to grow at a CAGR of 10.0% from 2013 to 2019.
Industrial was the second largest application segment of the ceiling tiles market in the same year. Rising construction activities in offices, conference rooms, testing, and research and development (R&D) labs coupled with growing industrialization are some of the major factors that are expected to drive the industrial infrastructure in emerging economies of China and India.
North America was the largest market for ceiling tiles, and was valued at $5.75 billion in 2012 due to the presence of a vast construction industry in the region, particularly in the United States, found the report. Europe trails behind North America, where high demand from current and emerging applications, modernization and development of infrastructure is driving the demand for ceiling tiles. Future market growth is expected to be from Asia Pacific due to significant growth of the construction activities in various commercial and healthcare applications, particularly in China and India.
The 90-page Ceiling Tiles (Mineral Wool, Metal, Gypsum and Others) Market For Commercial, Healthcare, Educational, Industrial and Other Applications—Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013-2019 is available for purchase from the Transparency Market Research Web site.
