Ceiling tiles are essentially being utilized for enhancing the aesthetics of a building and improving its thermal covering. The requirement for these ceiling tiles has been on the rise as they offer outstanding sound absorption properties and are lighter in weight as compared to other construction materials. The ceiling tiles market is expected to grow at a rapid pace in the near future as the raw materials used for producing the tiles can be completely recycled.
The global ceiling tiles market stood at the valuation of US$21.6 bn in 2015 and is estimated to reach around US$51.3 bn by the end of 2024. The market is expected to grow at a healthy CAGR of 10.1% during the mentioned forecast period of 2016 to 2024.
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Ceiling Tiles Market Driven by High Affordability
Ceiling tiles are a crucial part of the construction sector, which is developing at a relentless speed all across the globe. Demand for variety of ceiling tiles is expected to grow more in the near future as numerous commercial and residential projects continue to come up. The industrial sector is also expected to play an instrumental role in the rising demand for ceiling tiles. The demand for building residential projects is gaining significant momentum because of the improvements in GDP of nations across the world, rise in disposable incomes, improving standard of living, rising need for better quality of structures, and call for more aesthetic designs.
Constructors have been more inclined towards using ceiling tiles in their projects as these tiles are affordable. Ceiling tiles will also be extensively used for building economic homes. Due to these reasons, there is expected to be a significant demand for low-price ceiling tiles in the developing countries in the coming years. These ceiling tiles are primarily used in hotels, offices, transportation terminals, hospitals, retail stores, drywall grid systems, and building perimeters.
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Asia Pacific Soon to Replace Europe as Leader in Global Ceiling Tiles Market
In terms of geographical segmentation, the global ceilings tiles market is split into North America, Asia Pacific, the Middle East and Africa, Europe, and Rest of the World. Emerging economies such as India and China in the Asia Pacific region are expected to provide lucrative opportunities to the global ceiling tiles market as the building and construction industry gathers momentum. Europe held a considerable share in the global ceiling tiles market in 2015 mainly because of the booming construction and building activities in the region.
Rapid urbanization and industrialization and population explosion will significantly contribute in the growth of ceilings tiles market for all the above mentioned geographical regions. These events will lead to lucrative market opportunities for ceiling tiles. Moreover, increased investment in the construction and infrastructure in the Middle East and Africa is also anticipated to be contribute considerably in the growth of the market.