Ceiling Tiles Market Size, Share, Growth Analysis, By Material type(mineral wool, metal, gypsum, and others), By Application(residential and non-residential), By Region - Industry Forecast 2024-2031

Ceiling Tiles Market size was valued at USD 7.87 billion in 2019 and is poised to grow from USD 8.4 billion in 2023 to USD 14.03 billion by 2031, growing at a CAGR of 9.3% in the forecast period (2024-2031).

Global ceiling tiles market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. Armstrong World Industries, ROCKWOOL International A/S, Knauf Gips KG, and Saint-Gobain Gyproc are among the market's leading players. Armstrong World Industries offers a wide range of solutions for walls, ceilings, and floors in both residential and commercial applications. Furthermore, ROCKWOOL International A/S offers a variety of materials such as mineral wool, wood, metal, and others. Companies profiled have implemented strategies to gain a competitive advantage in the global market, such as increasing global presence through capacity expansion and new product development. 'Armstrong World Industries, Inc.', 'Saint-Gobain S.A.', 'Hunter Douglas N.V.', 'USG Corporation', 'Knauf Gips KG', 'Rockfon', 'SAS International', 'Odenwald Faserplattenwerk GmbH (OWA)', 'CertainTeed Corporation', 'Grenzebach BSH GmbH', 'Chicago Metallic Corporation', 'Gypsum Management and Supply, Inc.', 'Shandong Huamei Building Materials Co., Ltd.', 'SAS Ceiling Systems', 'Georgia-Pacific LLC', 'AWI Licensing LLC (dba AWI Manufacturing)', 'Baswaphon AG', 'Decorative Ceiling Tiles, Inc.', 'HunterDouglas Architectural (Europe)', 'Knauf Armstrong Ceiling Solutions'

This market is being driven by increased construction activity in commercial sectors such as hospitals and clinics, office buildings, educational institutions, and industrial complexes. Thermal insulation is becoming more popular. Improved aesthetics, combined with increased disposable income among consumers, are driving up demand for ceiling tiles. The changing commercial sector, as well as the use of tiles to improve the overall appearance of office structures, are driving market growth. Furthermore, the medical industry is rapidly expanding, which leads to the construction of hospitals, which leads to product demand. The application for improving the appearance of the home and the exterior of residential buildings is also a major driver of the market.

Green building finance is being shaped and accelerated by real estate financiers and investors. This, combined with consumer concerns about pollution and CO2 emissions, is opening up opportunities for green construction, driving demand for a sustainable product. According to the IFC report, green buildings represent one of the largest global investment opportunities in the coming years, with a USD 24.7 trillion opportunity by 2030. With a total value of USD 17.8 trillion, the emerging market cities of East Asia, the Pacific, and South Asia are the major investment opportunities. Furthermore, companies are implementing a decarbonization strategy for zero-carbon buildings and developing new materials to support initiatives for sustainable construction solutions. As a result, the growing trend of green construction is opening up new opportunities for the ceiling tile industry.

Asia Pacific held the largest share of the global ceiling tiles market in 2021 and it is expected to dominate the global market during the forecast period. This region's growth can be attributed to economic development and rising population. Because of the expansion of the commercial sector, the majority of the population in the region is migrating to urban cities and areas. This has resulted in a high level of product demand for both commercial and residential applications.