Pune, India, July 24, 2019 (GLOBE NEWSWIRE) -- According to Market Research Future (MRFR), the global ceiling tiles market would accrue moderately by registering a CAGR over 8.2% throughout the forecast period (2018-2023). The inexpensive and highly durable ceiling panels witness high uptake in cafeterias, hotels, gymnasiums, and airport terminals.
Players leading the global ceiling tiles market include Knauf (Germany), Armstrong World Industries, Inc. (US), Grenzebach BSH GmbH (Germany), USG Corporation (US), Rockfon (US), Saint Gobain S.A. (France), Odenwald Faserplattenwerk GmbH (Germany), SAS International (UK), Hunter Douglas (The Netherlands), Decorative Ceiling Tiles, Inc. (US), Burgess CEP (UK), VANS Gypsum Pvt Ltd (India), and The ReWall Company, LLC (US) among others.
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Ceiling tiles or ceiling panels offer aesthetic solutions to cover the ceiling area. These light-weight building materials are used across residential and non-residential applications. Non-residential application is expected to contribute to the market growth significantly during the forecast period, whereas, the residential segment is the key contributor to the market.
The global ceiling tiles market is proliferating due to the rapid growth in the modern construction industry. The market enjoys the unique distinction of being highly indigenous with an abundance of raw materials, technical skills, and infrastructural facilities. Moreover, dominant aspects of ceiling panels such as aesthetic appearance durability, cost, and ease of maintenance are allowing the market to garner huge traction on the global platform.
Growing awareness about green construction among consumers is also expected to provide huge opportunities for market growth. The ever-increasing population alongside, the rapid urbanization & industrialization, across the globe, define the growth landscape of Ceiling Tiles Market. Additional factors that are influencing the growth of the market include changing lifestyle, increasing development activities, and upgrade in projects for infrastructures such as airports, railway stations, etc.
Furthermore, improving global economy and large advances in technologies that bring about immense superiority in ceiling panels, while increasing their durability, push up the market growth.
On the other hand, volatility in prices due to the demand-supply gap in the raw material required for the production of ceiling tiles are impeding the growth of the market. Nevertheless, substantial investments transpired into R&D activities by market players would support the market growth.
Global Ceiling Tiles Market - Competitive Analysis
Highly competitive, the ceiling tiles market appears consolidated with the limited number of players operating in the market. Acquisition, expansion, and product launch remain popular trends of market players to gain an advantage in the market. Greater commercialization of their products, promotion initiatives through trade exhibitions, and increased collaboration are other key strategies adopted by these vendors.
Industry News
August 31, 2018 --- Techno Ceiling products (India), a leading global manufacturer of ceiling products, framings, grids, and ceiling tiles, launched its new product - acoustic panels that are made of PET bottle waste to form a unique green product.
Post-consumer PET bottles waste and polyester fabric waste materials are converted into acoustic insulation panels that have a high acoustic performance parameter. Techno has also introduced a range of acoustic ceiling products such as ceiling tiles, baffles, float ceilings and more in steel and aluminum.
Global Ceiling Tiles Market - Segments
The report segments the market into four key dynamics to widen the scope of understanding,
By Product: Mineral Wool, Metal, Gypsum, and Wood, among others.
By Installation Type: Drop-in and Glue Up.
By Application: Residential and Non-residential.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Ceiling Tiles Market -Regional Analysis
North America would retain its lead over the global ceiling tiles market throughout the forecast period. Increasing demand for low maintenance building materials and consumer preference for green buildings are some of the major factors driving the growth in the North America ceiling tiles market.
The US, backed by the increasing product demand in reconstruction applications accounts for the major contributor to the growth of the regional market. Moreover, strong development in commercial and residential structures, mainly in the US would fuel the market demand. Additionally, sustained investments in commercial real estate have been positively impacting the market growth in the region.
The ceiling tiles market in the European region holds the next largest market share. Increasing repair and restoration activities of existing infrastructure have a huge potential to impact the regional market. Increasing construction projects backed by the resurging economy in the region, contributes to the regional market growth, significantly, augmenting the market demand. Countries such as France, the UK, Germany, Italy, Spain, and the Netherlands, heading with their growing ceiling tiles market account for the key contributors of the market.
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The Asia Pacific ceiling tiles market is emerging as a lucrative market, globally, which is estimated to grow at a substantial CAGR over the review period. The burgeoning construction industry in some of the APAC countries such as China, India, Japan, and Indonesia drive the regional market growth. Moreover, growing residential and non-residential construction activities foster the growth of the regional market.
China, Japan, India, and Singapore are major markets in the Asia Pacific region. Besides, the healthy growth in the construction industry alongside, the rapid urbanization and industrialization in the region is expected to support the regional market growth during the assessment period.
Furthermore, increasing government investments in infrastructure development will foster the market growth for ceiling tiles, especially in countries such as India, Japan, China, and South Korea.
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