CLEVELAND, July 23, 2021 /PRNewswire/ -- A new Freedonia Group analysis forecasts global demand for ceiling products to rise 4.7% per year to $8.4 billion in 2025:
- The Asia/Pacific region is projected to be the fastest growing region, fueled by rapid advances in new nonresidential building construction in China, as well as in India and Indonesia.
- Western Europe will remain the world's largest ceiling product market in value terms through 2025, as the region is the most intensive user of specialty products and high-end metal tiles.
- Despite trailing Western Europe in value terms, North America is the largest market in area terms, a trend that is expected to continue, as the region has a massive renovation market and an increasing preference for ceiling systems with improved acoustics and aesthetics.
Asia/Pacific Region Will Drive Global Market Gains
The Asia/Pacific region will drive global demand for ceiling products, growing at an above average pace and accounting for 34% of gains through 2025. A large number of countries in the region are developing or upgrading infrastructure, leading to increased installation of both basic and specialty products:
- Shifts away from wet construction methods will benefit increased use of prefabricated products such as ceiling tiles, as will increased focus on improving acoustics and aesthetics in more industrial settings.
- Higher value specialty products are being increasingly adopted in higher income areas such as South Korea as well as in buildings that see much outside traffic, such as airports, metro and train stations, and public spaces in hotels and cultural buildings.
As the stock of buildings with installed ceilings increases, replacement demand will also grow, especially for products like ceiling tiles, which can be easily damaged.
Want to Learn More?
Global Ceilings is now available from the Freedonia Group. This study analyzes global ceiling demand by product and market. Historical data are provided for 2010, 2015, and 2020, and forecasts are presented for 2025 and 2030 in US dollars.
Demand for ceilings is segmented into the following product types:
- ceiling tiles, which are also known as ceiling panels (mineral fiber, including mineral wool and fiberglass; metal; wood, vinyl-faced gypsum, and other materials, including vinyl and polystyrene)
- suspension systems (aluminum, steel, and other materials, including vinyl)
- specialty ceilings (baffles, clouds, stretch ceilings, and other specialty ceiling products, including ceiling islands, ceiling planks, and open cell ceilings)
The major ceiling markets analyzed are:
- residential buildings (single-family houses, multifamily structures, manufactured housing)
- nonresidential buildings (offices, retail and wholesale, and lodging buildings; institutional buildings; industrial buildings; transportation buildings; other commercial buildings such as civic centers and recreational facilities)
About the Freedonia Group- The Freedonia Group, a division of MarketResearch.com, is the premier international industrial research company, providing our clients with product analyses, market forecasts, industry trends, and market share information. From one-person consulting firms to global conglomerates, our analysts provide companies with unbiased, reliable industry market research and analysis to help them make important business decisions. With over 100 studies published annually, we support over 90% of the industrial Fortune 500 companies. Find off-the-shelf studies at https://www.freedoniagroup.com/ or contact us for custom research: +1 440.842.2400.
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SOURCE The Freedonia Group