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The global ceiling tiles market size was USD 6.19 billion in 2020 and is projected to grow from USD 6.58 billion in 2021 to USD 10.97 billion in 2028 at a CAGR of 7.6% during the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over. The global impact of COVID-19 has been unprecedented and staggering, with the product witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a huge decline of 2.7% in 2020 as compared to the average year-on-year growth during 2017-2019.
Ceiling tiles, also called ceiling panels, drop ceilings, and suspended ceilings, are low weighing construction materials used for covering ceilings. The tiles are placed within an aluminum grid and provide thermal insulation at some level and are mainly designed for improving the acoustics and aesthetics of the room. These tiles are easy to customize based on sizes, designs, and coloration, making them highly demanding material in the construction industry. These type of tiles are primarily used in the residential and commercial building applications such as hotels, retail shops, offices, medical institutions, and clinics. The growth in construction project activities is propelling the market.
Halt of Manufacturing Sector Caused by COVID-19 Pandemic is Affecting Market Growth
The pandemic outbreak has slumped the manufacturing sector all over the globe, thus affecting the ceiling and roofing industry. This has led to the implementation of regulations halting all building & infrastructure projects, causing disruption in the demand-supply chain. The pause in infrastructure development activities created a drop in product demand, thus affecting the key ceiling tiles market growth. According to GlobalABC, a drop of 6% is anticipated in the construction market in 2020 from the previous year, 2019. However, the market is recovering through packages provided to boost the economy for deep building renovation and newly constructed buildings. Moreover, government initiatives for healthcare facilities amid the COVID-19 are also benefiting the market.
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Increasing Development of Green Construction to Create More Growth Opportunities
Real estate financiers and investors are shaping and accelerating the focus on green buildings finance. This, along with consumer regards towards pollution and CO2 emissions, is creating opportunities for green construction, which is driving the demand for a sustainable product. According to the IFC report, Green Buildings represent one of the largest global investment openings for coming years and is estimated to be US$ 24.7 trillion by 2030. The emerging-market cities of East Asia, the Pacific, and South Asia are the major investment potentials with a US$ 17.8 trillion value. Moreover, companies are adopting a decarbonization strategy for making zero-carbon buildings and innovating materials to further support the initiatives for sustainable construction solutions. Thus, the rising trend of green construction is creating opportunities for the ceiling tiles industry.
Increasing Commercial Construction Activities to Support Market Growth
Growing construction activities for commercial sectors such as hospitals & clinics, office buildings, educational institutions, and industrial complexes are driving this market. The increasing preference for thermal insulation, improving aesthetics, along with the high disposable economy growth within the consumers, is leading to the increasing demand for ceiling tiles. The changing commercial sector and use of tiles for enhancing the overall appearance of office structures are further driving the market growth. Moreover, the medical industry is rapidly growing, which in turn is resulting in the construction of hospitals, thus leading to product demand. The application for enhancing the look of the home and outer parts of residential buildings is also a major factor driving the market.
High Cost and Susceptibility to Damage is Affecting Market Growth
The overall process from manufacturing to installation of suspended tiles and supporting grids is expensive. The entire process has various factors that together make the price of ceiling tiles high, such as raw material prices, ceiling design, and skillful installation. Fluctuations and increases in any of these factors directly affect the market, thus acting as a high-risk factor. Moreover, these tiles are easily damageable by molds and water; thus, they need to be replaced frequently. The damage-prone nature and high cost of these tiles can lead to consumers shifting towards cheaper options, thus retraining the market.
Mineral Wool Segment to Remain Largest Material Type in This Market
Based on material type, the market is segmented into mineral wool, metal, gypsum, and others.
Mineral wool is made from mineral fiber, fiberglass, or ceramic fiber and accounted for the dominant share in the market. The high demand can be attributed to the benefitting properties such as lightweight and thermal insulation, making it the ideal material for tiles for ceiling applications in institutions and offices. The metal segment includes tiles made from steel and aluminum. These are used in both commercial and residential sectors due to the sturdiness, durability, and long shelf life of the material, and thus driving the segment growth.
The gypsum segment is expected to grow the fastest during the industry forecast period. Tiles made from gypsum are easy to reinstall and repair. Hence, the product has a high preference from various end-use industries for improving the aesthetic of the structure. The others segment includes plastic tiles, wood tiles, and composite tiles. Varying consumer preference for the use of material for ceiling to increase the outer appeal is leading to the demand for the product and further propelling the ceiling tiles market growth.
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Non-residential Segment Accounted for Larger Share in Market in 2020
Based on application, the market is categorized into residential and non-residential.
The non-residential segment was the larger application for ceiling tiles. In this application segment, the tiles are used in hospitals, educational institutions, retail stores, and corporate offices. The growth in construction activities owing to the rising urbanization and government infrastructure projects is leading to ceiling tiles demand. Moreover, the growing economies such as China, India, and Brazil are investing in the development of the construction industry, thus supporting the market growth for ceiling tiles.
The residential segment is expected to have significant growth, which can be attributed to the rising housing sector to support the growing population. The improving lifestyle of consumers due to growing disposable income is causing a shift for high-end products and lifestyles. Moreover, government investment in housing projects for the ever-growing population has surged the consumption of tiles for ceiling applications.
Asia Pacific Ceiling Tiles Market Size,2020(USD Billion)
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The market size in Asia Pacific stood at USD 2.30 billion in 2020. The region is set to account for the highest value in the global market during the forecast period. The growth in this region can be attributed to the economic development and rising population. A majority of the population in the region are moving to urban cities and areas due to the growth of the commercial sector. This has generated high product demand from both commercial and residential applications.
North America is having substantial growth for the period 2021 to 2028 due to the rising renovating activities in the region. Consumers are focusing on improving their living situations through renovations, thus surging product consumption. In addition, technological advancement in the region is also supporting companies in providing sustainable suspended tiles solutions to appeal to the consumers.
Europe is expected to have significant growth as a result of growing construction activities for infrastructure development. This, along with favorable regulations from the European government to improve the medical and healthcare institutions, is further boosting the product demand.
Latin America and the Middle East & Africa are economically developing regions that are supporting the construction industry growth. The raw material availability in the region is making it easy for the manufacturers to produce their products. This, along with improving the lifestyle of the consumer, is leading to high consumption of the product to fulfill the consumer demand for modernized housing and offices.
Acquisition and Establishing New Production Facilities by Major Companies to Strengthen Positions
Some of the leading players in the market are Armstrong World Industries, ROCKWOOL International A/S, Knauf Gips KG, and Saint - Gobain Gyproc. Armstrong World Industries provides a wide variety of solutions in home and commercial applications for walls, ceilings, and floors. Moreover, ROCKWOOL International A/S provides different types such as mineral wool, wood, metal, and others. Companies that are profiled have adopted strategies such as improving global presence through capacity expansion, and new product development, for gaining competitive advantage in the global market.
An Infographic Representation of Ceiling Tiles Market
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The global ceiling tiles market research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, applications, and types. Also, the report offers insights into market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the growth of the market over recent years.
Value (USD Billion); Volume (Mn Sq. Mt.)
By Material Type, By Application, and By Geography
By Material Type
Fortune Business Insights says that the global market size was USD 6.19 billion in 2020 and is projected to reach USD 10.97 billion by 2028.
In 2020, the market size stood at USD 6.19 billion.
Registering a CAGR of 7.6%, the market will exhibit steady growth during the forecast period (2021-2028).
The mineral wool segment is expected to lead the market.
The rising construction activities in developed and developing countries are expected to drive market growth.
Armstrong World Industries, ROCKWOOL International A/S, Knauf Gips KG, and Saint - Gobain Gyproc are leading market players.
Asia Pacific dominated the global market in 2020 in terms of share.
The surging trend of renovation and improving the aesthetic of the building is driving the adoption of this product.
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