The mineral wool segment in the global ceiling market was valued at US$ 1,907.3 Mn in 2017.
Ceiling tiles are panels used for purpose of interior designing. They are good sound absorbers, heat-resistant and fire-resistant. Increasing urbanization, along with demand for aesthetic interiors is key factor driving growth of the global ceiling tiles market. However, fluctuating raw materials cost may hamper growth of the global market.
Ceiling tiles are made from different types of raw materials namely, Mineral Wool, Metal, Gypsum, and Others. Gypsum ceiling tiles segment is estimated to register a CAGR of over 7%, thereby accounting for highest revenue share among the product type segments.
On the basis of application, the market is categorized into residential, commercial, and industrial segments. The commercial segment is expected to contribute the highest revenue of US$ 2,628.7 Mn in 2017.
On the basis of region, the global ceiling tiles market segmentation North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America market is estimated to account for highest revenue of US$ 2,505.9 Mn in 2017 in the global ceiling tiles market. Asia Pacific market is projected to witness high growth in terms of revenue in the next ten years.