Global ceiling tiles market looking up
From homes to offices, ceiling tiles are used extensively to add value to a structure’s aesthetics. The booming construction industry also is giving rise to the industry’s continued global growth.
In fact, new research from Transparency Market Research suggests that the global ceiling tiles market value will top $42 billion by 2023, up from $19 billion in 2014.
Ceiling tiles are gaining special importance due to their ability to absorb sound and reduce unwanted noise, and demand for the lightweight construction materials is making them popular choices among builders for covering ceiling spaces. Various types of ceilings, made from gypsum, material wool, metal, plastic and wood, are being extensively used in construction projects.
North America will remain the key regional contributor to the ceiling tiles market, with its share expected to be nearly 32.0 percent in industry volume by the end of 2023, according to a press release about the report titled “Ceiling Tiles Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.” The non-residential sector will be the key consumer of ceiling tiles; its volume consumption share in the market is estimated to reach 65.8 percent by 2023.
Non-residential construction projects are become the biggest consumers of ceiling tiles, according to the report. Analysts predict that the non-residential segment will be the key contributor to the increasing volume and revenue of the overall market. Spread across institutions, commercial and hospitality sectors, the revenue of the non-residential ceiling tiles segment is expected to grow 9.3 percent annually through 2023.
Ceilings tiles are used extensively for making drywall ceilings that provide quick access to wiring and ducts in buildings. Additionally, they reduce decibels to make the sound and ambiance of the restaurants, theaters and auditoriums more desirable.
The financial and environmental advantages rendered by the waste management of ceiling tiles also are expected to drive the overall usage of ceiling tiles in the coming years, according to Transparency Market Research.
Recognizing the alarming amount of ceiling tiles going to landfills encouraged Association of Interior Specialists (AIS) and Construction Products Association in the United Kingdom are mapping plans to develop effective business models to recycle these materials. The plan also proposed segregating various ceiling tiles and reducing the damage done to the environment through effective waste management has benefitted several construction companies and ceiling tiles manufacturers.
Plans to construct green buildings are expected to present several lucrative opportunities to the market, the report said. Builders are collaborating with ceiling tile manufacturers to develop effective acoustical ceiling solutions for noise reduction and to maintain certain temperatures, thereby preventing the need for additional heating and cooling.
Topics: Architectural Firms, Building Owners and Managers, Ceilings, Construction Firms, Consulting - Green & Sustainable Strategies and Solutions, Energy Saving Products, Engineering Firms, Great Commercial Buildings, Healthy & Comfortable Buildings, Interior Design, Interiors, Office Buildings, Sustainable Communities, Technology, Urban Planning and Design