Future Market Insights Forecasts Robust Growth Driven by Affordable Housing Construction
Future Market Insights (FMI), an ESCOMAR certified market research and consulting firm, predicts that the global for suspended ceiling systems market share is poised to reach US$ 10.5 billion by 2032. The rising demand for affordable housing is anticipated to be a key driver behind the growth of the suspended ceiling systems market in the coming years.
According to FMI's latest report, the global market for suspended ceiling systems was estimated to be worth US$ 6.8 billion in 2022. The market is projected to grow at a Compound Annual Growth Rate (CAGR) of 4.5 % from 2022 to 2032.
Driving Factors: Affordable Housing and Versatility of Suspended Ceiling Systems
The need to construct affordable housing solutions across the globe is expected to significantly contribute to the rising demand for suspended ceiling systems. These systems offer cost-effective and versatile solutions for creating aesthetic interior spaces while concealing infrastructure and utilities.
A suspended ceiling system provides simple access for equipment maintenance by removing tiles or using access panels. This feature enables easy maintenance and allows for flexible room arrangement below the ceiling. However, it should be noted that there might be a slight loss of headroom, usually around 100mm, due to the installation of suspended ceiling systems.
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Utilizing the Void Space: A Multitude of Possibilities
One of the key advantages of suspended ceiling systems is the void space created between the suspended ceiling and the floor above. This space can be effectively utilized for various purposes, further driving the demand for these systems in both commercial and residential applications.
The void provides a useful area for distributing crucial services such as heating, ventilation, and air conditioning (HVAC), plumbing, and wiring services. Additionally, it serves as a platform for installing a wide range of devices, including smart speakers, light fittings, wireless antennas, CCTV cameras, fire and smoke detectors, motion detectors, sprinklers, and other smart devices.
Moreover, the void can also function as an air 'plenum,' where the space itself forms a pressurized 'duct' for supplying or extracting air from the occupied area below the suspended ceiling.
Opportunities for Participants in the Suspended Ceiling System Market
Recovery of the commercial construction across major countries has propelled the new construction, as well as repair & maintenance and renovation activities. Moreover, adoption of interior solutions that exhibit better noise absorption features in offices, departmental stores, public utility areas, and educational institutions is considered to boost the consumption of suspended ceiling system in the next couple of years. This in turn is expected to enhance the use of eco-friendly and light-weight materials such as mineral wool, metal, and gypsum ceilings in the suspended ceiling system, so as to maintain and improve the indoor air quality and efficiencies of energy, water, and other resources. Technological advancement in manufacturing low VOC material based ceiling panels is likely to provide lucrative opportunities in the suspended ceiling system market.
The report on Suspended Ceiling System is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The Suspended Ceiling System report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various factors that impact the segments and geographies in the Suspended Ceiling System market.
Regional analysis includes:
• North America (U.S., Canada)
• Latin America (Mexico, Brazil, Argentina, Peru, Chile, Rest of LATAM)
• Europe (Germany, Italy, U.K, Spain, France, Nordic countries, BENELUX, Russia, Poland, and Rest of Europe)
• East Asia (Japan, South Korea, and China)
• South Asia (India, Indonesia, Malaysia, Philippines, Thailand, Rest of South Asia)
• Oceania (Australia, and New Zealand)
• Middle East and Africa (GCC Countries, Turkey, Iran, Israel, S. Africa, Rest of MEA)
Market Participants:
Some of the market participants operating in the global Suspended Ceiling System market identified across the value chain include AWI, Knauf, SAS International, USG, Menards, Chicago Metallic Corporation, CertainTeed, Rockfon, Chicago Metallic, Saint-Gobain, Foshan Ron Building Material Trading, Grenzebach BSH, Guangzhou Tital Commerce, Haining Chaodi Plastic, Shandong Huamei Building Materials, New Ceiling Tiles, Odenwald Faserplattenwerk, Techno Ceiling Products, among the others. Key market players are pitching the unique properties of suspended ceiling system such as superior acoustic insulation properties, easy installation and dismounting etc. to win over new customers in the market.
By Segmentation:
On the basis of material, the global suspended ceiling system market has been segmented as:
• Mineral wool
• Metal
• Gypsum
On the basis of type, the global suspended ceiling system market has been segmented as:
• Ceiling
• Grids
On the basis of application, the global suspended ceiling system market has been segmented as:
• Commercial Construction
• Residential Construction
• Industrial Construction
