Mineral Wool Ceiling Tiles Market : Global Industry Trends, Share, Size And Growth Forecast Till 2023
The global ceiling tiles market has been witnessing a positive growth over the past few years.
This can be attributed to various factors which include rise in the construction of commercial buildings across the globe and increasing government initiatives to boost IT parks and business centres across emerging economies.
Ceiling tiles are interior decorative light-weight materials which are utilised in industrial spaces and for the construction of different buildings such as schools, shops, offices and hospitals among others. The main raw materials which are used for the production of these tiles include mineral fibre, metals and gypsum. Ceiling tiles are manufactured in a wide range of sizes, density, products, thickness and finished face according to the required specifications and performance. These offer several benefits some of which include better acoustics and enhanced thermal insulation. A new research report by IMARC Group, titled “Mineral Wool Ceiling Tiles Market: Global Industry Trends, Share, Size, Growth, Opportunity & Forecast 2018-2023”, estimates that the market was worth nearly US$ 22 Billion in 2017. The report further anticipates the market to cross US$ 30 Billion by 2023, at a projected CAGR of 6.3% over the forecast period.
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Global Ceiling Tiles Market Drivers/Constraints:
There has been a rapid rise in the worldwide construction of commercial buildings which has given a boost to the trends of decorative interiors and exteriors. This acts as one of the primary factors which is driving the growth of the global ceiling tiles market.
Consumers have become aware about the home décor trends and there has also been a rise in their disposable incomes which is influencing them to invest more in renovating and remodelling activities. This has, in turn, highly contributed towards an augmented demand for ceiling tiles.
Furthermore, rising government initiatives coupled with increasing foreign investments in order to boost and promote IT parks and business centres in developing regions, such as Bangladesh, China and India, have been positively influencing the market growth.
However, the global ceiling tiles market is most likely to be hindered by the unstable prices of raw materials and the availability of alternatives such as asphalt and mortar.
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Product Type Insights:
On the basis of type, the market has been segmented into mineral wool, gypsum and metals. Among these, mineral wool tiles account for the majority of the market share owing to their recyclability and performance attributes.
On a geographical front, North America represents the biggest region for the global ceiling tiles market. This is due to the presence of well-established non-residential and residential sub-sectors. North America is followed by Asia, Europe, Latin America, and Middle East and Africa.
The ceiling tiles market is highly fragmented with the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:
Chicago Metallic Corporation
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