The global ceiling tiles market size was estimated at USD 5.31 billion in 2018 and is expected to grow at a CAGR of 9.5% over the forecast period. Owing to increase in number of construction projects in developed and developing economies, construction of green buildings and replacement of damaged tiles.
The rising demand for the product with changing consumer lifestyle, increasing disposable income, and demand for thermal and acoustic insulation are expected to drive the growth in application industries. Furthermore, the availability of innovative construction solutions that are durable and require low maintenance, is expected to impact the growth favorably.
The recovery of the construction industry in the U.S. has a positive impact on demand for ceiling tiles with increasing commercial construction projects in the country. In addition, changing consumer preferences coupled with increasing options for decorative and soundproof interiors in commercial buildings is expected to promote demand for the mineral wool segment in the country.
The market depicts a strong presence of numerous raw material suppliers that engage in offering metals, mineral fiber, fiberglass, gypsum, wood, and plastics. In addition, there exists a significant level of backward integration where the manufacturers are also the prominent raw material producers thereby lowering the bargaining power of suppliers.