According to the latest report by IMARC Group, titled “North America Mineral Wool Ceiling Tiles Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the North America mineral wool ceiling tiles market size reached US$ 4.1 Billion in 2019. A mineral wool ceiling tile is a lightweight construction material available in a wide range of forms, sizes, densities and thicknesses. It is durable, fire resistant and offers sound insulation, light reflectance and physical strength. It also provides environmental benefits, such as a low carbon footprint, and assists in the reduction of air pollution. Besides this, due to its thermal insulation and acoustic properties, mineral wool ceiling tile is extensively utilized in hotels, hospitals, retail stores, drywall grid systems and transportation terminals in the North American region.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
North America Mineral Wool Ceiling Tiles Market Trends:
With rising environmental concerns, governments in the North American region have implemented stringent regulations to encourage the adoption of green construction materials, such as mineral wool ceiling tiles. Apart from this, the increasing renovation of existing homes and commercial spaces in the region is fueling the growth of the market. This can also be accredited to a significant rise in the demand for construction solutions that are durable and require low maintenance. Furthermore, as mineral wool ceiling tiles are highly reflective and aid in noise insulation and reduction, their sales are increasing in the region. However, on account of the sudden outbreak of the coronavirus disease (COVID-19) and the increasing number of active patients, governments in North America have declared complete lockdowns. They are also promoting the adoption of social distancing measures to prevent the spread of the pandemic. Consequently, construction activities, as well as the operations of manufacturing units of leading players, have come to a halt temporarily. The industry will witness growth once normalcy is regained in the region. Looking forward, the market value is projected to reach US$ 5.3 Billion by 2025, expanding at a CAGR of 4.1% during the forecast period (2020-2025).
- Based on the application, the market has been bifurcated into the residential and non-residential sectors.
- Region-wise, the market has been divided into the United States and Canada.
- The competitive landscape of the market has been examined in the report, along with the detailed profiles of the major players operating in the industry.
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