As per the recent report by IMARC Group, titled “Mineral Wool Ceiling Tiles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global mineral wool ceiling tiles market reached a value of more than US$ 9 Billion in 2018, exhibiting a CAGR of 5% during 2011-2018. Mineral wool ceiling tiles, also known as acoustic ceiling tiles, refer to a type of high-quality interior decorative material widely used in the residential, commercial and industrial spaces. These tiles are available in a wide range of sizes, patterns, densities, thicknesses and textures. In comparison with other ceiling tiles, mineral wool ceiling tiles are more durable, stronger, and offer improved sound and thermal insulation. Apart from this, these tiles provide resistance to fire, water, impact and scratches which makes them an ideal solution for false ceilings in hospitals and restaurants.
On account of inflating income levels and rising living standards, individuals are shifting towards aesthetically appealing false ceilings. As a result, the demand for mineral wool ceiling tiles is increasing in both the residential and non-residential sectors, particularly in developing countries like India and China. Moreover, advancements in technology have enabled manufacturers to simplify the installation process of these tiles which helps in providing perfect look and alignment. Further, waste mineral wool accumulated during the production of these tiles can be used as a substitute for primary mineral wool. The utilization of the waste fibers assists in minimizing the overall environmental impact caused by the production of virgin alternatives as well as prevents the material from going to landfills. Looking forward, the market is projected to reach a value of nearly US$ 13 Billion by 2024, expanding at a CAGR of around 5% during 2019-2024.
- On the basis of applications, the market has been bifurcated into the residential and non-residential sectors. Currently, the non-residential sector represents the largest application segment, holding the dominant share.
- On a geographical front, the market has been segmented into North America, Europe, Asia Pacific and Others. Amongst these, North America is the leading market, accounting for the majority of the total market share. The rising demand for eco-friendly building materials like mineral wool ceiling tiles is bolstering the growth of the market in the region.
- The competitive landscape of the mineral wool ceiling tiles market has also been analyzed along with the detailed profiles of the major players operating in the industry.
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