LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global ceiling tiles market to grow at a CAGR of close to 8% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global ceiling tiles market for 2017-2021. The report also lists the non-residential and residential sectors as the two major end-user segments. The non-residential sector accounted for a significant share of the global ceiling tiles market in 2016, with more than 90% of the market share owing to their significant use in applications such as healthcare facilities, offices, and entertainment facilities such as movie theaters.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global ceiling tiles market:
- Economic and high aesthetic value
- Rise in demand for commercial buildings
- Growing focus on home decor
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Economic and high aesthetic value
Ceiling tiles are made from naturally occurring, processed and recycled materials such as mineral wool, clay, perlite, and cellulose mixed together, which is then subjected to heat. The raw materials used for the manufacture of ceiling tiles are abundantly available naturally, and most of them are renewable. This significant feature of ceiling tiles can reduce the cost of production substantially, thus allowing vendors to sell the tiles at very economical prices.
Ceiling tiles have high reflectance capacity, providing more than 80% light reflecting capacity, which can save up to 20% of energy. Ceiling tiles have proved to very efficient in reducing the cost of cooling and maintaining temperature during work or rest. The thermal mass in some ceiling tiles absorbs daytime heat and then, during the night time, the heat thus stored is released back into the room. This reduces the overall cost for lighting, cooling, and heating.
“In addition to the cost and energy savings, ceiling tiles offer incredible interior finish to buildings, which makes them aesthetically appealing. There are various types of ceiling tiles, which offer high design features. Ceiling tiles are available in a variety of colors to create contrasts and can be given a complex shape to suit the rest of the décor or can be textured and curved to suit the design theme,” says Anju Ajaykumar, a lead analyst at Technavio for construction research.
Rise in demand for commercial buildings
There is a rise in demand for commercial spaces across the globe. Developing nations such as China, South Korea, and India, and those of the Middle East are spending heavily on commercial spaces, institutional buildings, manufacturing plant construction, and public infrastructure. Countries like the US, the UK, Germany, Australia, Brazil, Spain, Italy, Canada, and Japan are also investing heavily in non-residential spaces.
India is expected to be the frontrunner among the Asian countries in the construction industry. Infrastructure accounts for major share of the Indian construction industry. The reduction in interest rates has encouraged people to invest in real estate, and the growing demand for this has encouraged many builders to start both residential and commercial projects, which augurs well for the growth of the ceiling tiles market.
Growing focus on home décor
Growing urbanization and rising incomes of the middle-class segment have resulted in an increase in the awareness about home decor. People are spending heavily on home decor, which, in turn, is increasing demand for ceiling tiles. Apart from imparting an aesthetic appearance to homes, ceiling tiles also offer various other benefits. They help to maintain the natural light coming into the house, offer fire resistance and are designed to optimize the acoustics. Moreover, ceiling tiles have proven to be very efficient in reducing the carbon footprint as replaced ceiling tiles can be recycled rather than going into the waste stream.
“Homemakers and owners today are much keener about their home decor than before, and hence, their growing interest in well-designed interiors is expected to be a major driver for the ceiling tiles market. Ceiling tiles offer a wide a variety of options in terms of color, texture, and pattern to match the decor of the home,” says Anju.
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