As per the recent report by IMARC Group, 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.
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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.
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Performance of Key Regions
1. North America
3. Asia Pacific
Market by Application
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