Wood is a traditional and renewable building material, which is used in diverse applications.
Drivers of the Wood Ceilings Market
The major drivers of the Wood Ceilings Market are the higher acceptance of wood ceilings in the residential construction, eco-friendly nature, and an array of designs. Also, wood ceilings are easy to install as compared to other types of ceilings including metal and plasterboard. As per Statista, the residential construction spending in U.S. is expected to grow over USD 842 billion by 2032 from USD 656 billion in 2021 at a CAGR of 2%.
Few major trends driving the growth of the Wood Ceilings Market include increasing investments into green buildings across the globe, shifting consumer preferences towards designing unique interiors, and increased adoption of acoustic wood ceilings in commercial applications. The global green building & construction market size is anticipated to reach USD 1,247.5 billion by 2025 expanding at a CAGR of 11% over the forecast period (2019 - 2025), as per Grand View Research report.
Wood Ceilings Market: Types Insights
The Wood Ceilings Market is segmented on the basis of product type into engineered wood panels and solid wood panels with solid wood panels leading at 59% share in 2019 due to its ability to provide aesthetic look for decoration purposes. The solid wood panel segment is projected to grow at a CAGR of 3%. Engineered
Advantages of the Wood Ceilings Market
The advantages of the Wood Ceilings Market are that the market is highly competitive, there are many companies that offer wood ceilings with different features and designs. This makes it easy for buyers to find a ceiling system that will work best for their home. Additionally, the market is growing rapidly, making it easier than ever to find a good selection of ceilings.
There are also several disadvantages of the Wood Ceilings Market. One of the most significant disadvantages is that many of the systems offered by companies can be very expensive. Additionally, if you choose a system that is not installed properly, it may cause significant damage to your home.
Market Value and CAGR of the Wood Ceilings Market
The market value and CAGR of the Wood Ceilings Market is expected to grow from USD 5.2 billion in 2021 to USD 14.32 billion by 2031 at a CAGR of 9.1%.
Challenges of the Wood Ceilings Market
The challenges of the Wood Ceilings Market are as follows:
High cost of raw materials is a concern as it reduces the ability of the market to produce more as the cost of the raw materials is very high.
Limited availability of raw materials due to global warming and deforestation are majorly affecting the production of wood ceilings. As the cost of raw materials, namely plywood, hardboard and others, is increasing, it is anticipated to hinder the growth of the wood ceilings market in near future.
Key Players in the Wood Ceilings Market
Some of the key players in Wood Ceilings Market are Armstrong World Industries, Inc. (US), Hunter Douglas N.V. (Netherlands), CertainTeed Corporation (US), Rulon International, Inc. (US), and Wood ceilings and walls ltd. (UK). Other players include Chicago Metallic Corporation (US), Saint-Gobain Ecophene AB(Sweden), Extrudes Plastics, Inc. (US), and Kingspan Insulated Panels Limited (Ireland).
Key Developments in the Market
In November 2018, Armstrong World Industries announced that it has completed the sale of its Americas Ceilings business for USD 730 million to Knauf Group GmbH. This acquisition will help Knauf to enhance its presence in commercial construction market across North America and South America.
In February 2017, Hunter Douglas launched wood ceilings under the brand name “Shadow line” in India that provides natural look of solid wood with wide range of design ideas with easy installation process. These products are available in various designs such as square grid or linear system and also offers wide array of perforation patterns including several geometric and artistic options.
Segment Analysis into type, application, end user and region
The most in demand product of the Wood Ceilings Market is the wood planks, which is anticipated to grow at a CAGR of 5.5% by 2023. Wood ceilings are an aesthetic ceiling material made from wood products or finishes.
The global wood ceilings market is segmented based on type into solid wood and composite wood. In terms of application the market is segmented into residential and commercial out of commercial is expected to do better.
The top region is expected to be Asia Pacific as it is the leading market for wood ceilings due to the growing construction industry, particularly in China and India.
Impact of Covid-19
The outbreak of Covid-19 has impacted the wood ceilings market in a number of ways. Firstly, the lockdown restrictions imposed across various countries have led to a slowdown in the construction and renovation activities, which is one of the key end-uses of wood ceilings. Secondly, the rising cost of raw materials and transportation disruptions have also hampered the market growth. Nevertheless, with the gradual easing of restrictions and pickup in construction activities, the market is expected to recover in the coming months.
One of the key trends witnessed in the wood ceilings market is the growing popularity of engineered wood products. Engineered wood products are made by combining natural wood with synthetic materials such as plastic or resin, which makes them more durable and resistant to moisture and pests. This makes them an ideal choice for use in humid environments such as kitchens and bathrooms. Additionally, engineered woods are also available in a wide range of designs and finishes, which gives customers greater flexibility in terms of aesthetics.
New innovations in the Wood Ceilings Market
In 2019, the wood ceilings market witnessed major new innovations from the key players in the market such as Nemat and Hunter Douglas. The major product innovation in this market includes acoustic wood ceiling panels, decorative wood ceiling tiles, and metal suspended wood ceilings.
In 2019, Hunter Douglas launched a line of decorative metal suspended wood ceilings named “Libra”. The company claims that this metal suspended wood ceilings provide environmental benefits by using recycled materials such as aluminium and steel. Moreover, the company offers a wide range of metal suspended wood ceilings that can be used for both residential and commercial applications.
In September 2019, Nemat launched its new Valley Line acoustic panel system that uses 100% recycled materials such as wooden boards and paper pulp. The company offers this acoustic panel system in various sizes to suit the requirements of different customers. Moreover, this acoustic panel system is fire-resistant and provides superior sound absorption performance
Wood Ceilings Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 14.32 billion|
|Growth Rate||CAGR of 9.1 % during 2021-2031|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Armstrong World Industries, Inc. (US), Hunter Douglas N.V. (Netherlands), CertainTeed Corporation (US), Rulon International, Inc. (US), and Wood ceilings and walls ltd. (UK). Other players include Chicago Metallic Corporation (US), Saint-Gobain Ecophene AB(Sweden), Extrudes Plastics, Inc. (US), and Kingspan Insulated Panels Limited (Ireland).|
Key Segments of the Wood Ceilings Market
Type Overview, (USD Billion)
• Linear Wood
• Grill Wood
• Tiles and Panels Wood
• Custom Shape Wood
Application Overview, (USD Billion)
• Public Spaces
• Healthcare & Education
Regional Overview,(USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
• Middle East and South Africa