Mineral wool ceiling tile is a high quality interior decorative material used in residential, commercial and industrial spaces. It offers superior features and advantages including sound absorption, sag- resistance, fire proofing and heat insulation. Depending on the performance and specifications required, mineral wool ceiling tiles can be produced in different sizes, density and thickness. A new research report by IMARC Group, titled “Mineral Wool Ceiling Tiles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the global mineral wool ceiling tiles market reached a value of nearly US$ 9 Billion in 2017, registering a CAGR of around 6% during 2010-2017. The report further anticipates the market to cross US$ 12 Billion by 2023, at a projected CAGR of 5% over the forecast period.
Global Mineral Wool Ceiling Tiles Market Drivers/Constraints:
- Mineral wool ceiling tiles are environment friendly since they are free of formaldehyde and other harmful substances that pose threat to health and the environment. As a result of this, the demand for mineral wool ceiling tiles is accelerating across the globe.
- The expansion of construction and infrastructure industries, particularly in the developing countries, is projected to propel the growth of the mineral wool ceiling tiles market worldwide.
- The numerous properties offered by mineral wool ceiling tiles, such as low maintenance, long life, high durability, noise insulation and noise level reduction, are expected to boost their demand.
- There are a variety of laws and policies that revolve around the mineral wool ceiling tiles market. Any sudden amendment in these policies or non-compliance of the same can result in huge losses for the manufacturers.
On the basis of application, the market has been segmented into the residential and non-residential sectors. Currently, the residential sector represents the largest application segment, accounting for the majority of the global share owing to the availability of numerous design options and the protective nature of these tiles against extreme climatic conditions.
On a geographical front, North America leads the mineral wool ceiling tiles market, holding the largest share. This can be accredited to the rising rate of remodelling and commercial renovation in the region. North America is followed by Europe and Asia Pacific.
The global mineral wool ceiling tiles market is fragmented in nature as unorganised manufacturers dominate some of the key developing markets such as India and China. Some of the leading players operating in the market are:
- SAS International Ltd.
- USG Corporation
- Knauf Gips KG
- Odenwald Faserplattenwerk GmbH
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