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Global Ceiling Tiles Market Is Projected To Register A Cagr Of Over 7%
Ceiling tiles, also known as ceiling panels, are placed in the aluminum framework to cover the ceiling area. Ceiling tiles are lightweight and are excellent sound absorbers. Also, ceiling tiles provide thermal insulation and fire insulation and are presently widely used to improve the acoustics of a confined space and to enhance the aesthetic look of a room. Gypsum, mineral fiber, and metals are the main raw materials used for manufacturing ceiling tiles.
Rapid industrialization and urbanization have boosted construction activities in various countries, and increasing investments in the development of infrastructure in emerging economies in Asia Pacific region are major factors driving the growth of the global ceiling tiles market. In addition, rising standards of living, rising demand for better aesthetic designs, and increasing disposable income are factors further fueling the growth of the global ceiling tiles market. These trends are further expected to drive the growth of the target market during the forecast period. Governments of various countries are encouraging adoption of ceiling tiles over conventional ones in order to reduce carbon footprint. Also, these tiles can possibly be recycled, which is another factor further driving adoption of and installation, especially in developed countries.
Major factors hampering growth of the global ceiling tiles market are the availability of substitutes such as mortar and asphalt and volatility of the cost of raw materials. Moreover, increasing use of ceiling tiles in green building projects is expected to present new opportunities to existing as well as new players in the market.
The global ceiling tiles market is segmented on the basis of product, application, and region.
North America dominates the global market in terms of revenue contribution and is expected to maintain its dominance during the forecast period. Europe holds second position and is expected to witness relatively moderate growth and register a CAGR of XX% during the forecast period. Among other regions, Asia Pacific is expected to witness exponential growth in terms of revenue generation during the forecast period. This growth is attributed to increasing construction activities, changing standards of living, and rising disposable income in emerging economies such as India, China etc.
Key players in the global ceiling tiles market include Knauf, Armstrong Worldwide Industries Inc., Saint-Gobain S.A., USG Corporation, SAS International, Odenwald Faserplattenwerk GmbH, LLC, ROCKFON, Chicago Metallic Corporation, and Shandong Huamei Building Materials Co.
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