Pune, India, Aug. 26, 2021 (GLOBE NEWSWIRE) -- The global ceiling tiles market size was USD 6.19 billion in 2020. The market is projected to grow from USD 6.58 billion in 2021 to USD 10.97 billion in 2028 at a CAGR of 7.6% during the 2021-2028 period. This information is published by Fortune Business Insights™ in its report titled, “Ceiling Tiles Market, 2021-2028.” As per our analysts, the demand for the product is attributable to the factor that the ceiling tiles be effortlessly customized on the basis of dimensions, designs, and colour patterns, making it a greatly demanding product in the construction industry. The tiles are located within an aluminum web and offer thermal insulation at a low level and are primarily intended for refining the audibility and aesthetics of the area. This, in turn, is expected to reinforce the market growth during the forecast period.
Disruption in Industrial Sector by COVID-19 Outbreak to Negatively Impact Market
The pandemic outbreak has collapsed the industrial sector across the globe, consequently impacting the ceiling and roofing industry. This has resulted in the application of guidelines of putting a stop on all construction and infrastructure schemes leading to disturbance in the demand-supply chain. This halt in infrastructure happenings led to a dip in product demand, therefore impacting the market growth adversely.
As per GlobalABC, a decline of 6% is expected in the construction market in 2020 as compared to the preceding year, 2019. Nevertheless, the market is improving through parcels offered to amplify the economy for profound building renewal and newly constructed structures. Furthermore, government proposals for healthcare amenities amid the pandemic are further profiting the market.
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List of Key Players Covered in Ceiling Tiles Market Report
- Armstrong World Industries (U.S.)
- ROCKWOOL International A/S (Denmark)
- Knauf Gips KG (Germany)
- Saint - Gobain Gyproc (France)
- USG Corporation (U.S.)
- CertainTeed (U.S.)
- Odenwald Faserplattenwerk GmbH (Germany)
- SAS International (U.K.)
- Georgia-Pacific (U.S.)
- Hunter Douglas (Netherlands)
- Other Key Players
Report Coverage
The report presents a systematic study of the segments of this industry and a thorough analysis of the market overview. A thoughtful evaluation of the current market trends as well as the future opportunities are offered in the report. Moreover, it presents an exhaustive analysis of the regional insights and how they help to form the market growth. The COVID-19 impacts have been discussed in the report to assist investors and business owners with a better understanding of the possible threats present in the market. The report further discusses the key players and their prominent strategies to stay in the dominating position.
Segmentation
On the basis of material type, the global market is segregated into mineral wool, metal, gypsum, and others. In terms of region, the global market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
By application, the market is classified into residential and non-residential.
The non-residential segment was the bigger application for ceiling tiles. In this application section, the tiles are utilized in medical facilities, educational establishments, retail shops, and corporate agencies. The development in construction deeds owing to the increasing urbanization and governmental infrastructure plans is resulting in augmented ceiling tiles demand.
Drivers and Restraints
Increasing Commercial Construction Activities to Support Market Growth
Growing construction activities for commercial sectors such as hospitals & clinics, office buildings, educational institutions, and industrial complexes are driving the ceiling tiles market. The increasing preference for thermal insulation, improving aesthetics, along high disposable economy growth within the consumers is leading to demand for these tiles. The changing commercial sector and use of tiles for enhancing the overall appearance of office structures are further driving the market growth. Moreover, the medical industry is rapidly growing, which in turn is resulting in the construction of hospitals, thus leading to product demand. The application for enhancing the look of the home and outer parts of residential buildings is also a major factor driving the market.
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Regional Insights
Rising Population and Commercialization to Help Asia Pacific Dominate
Asia Pacific held the maximum ceiling tiles market share and was worth USD 2.30 billion in 2020. Asia Pacific was responsible for the uppermost value in the global market during the mentioned timeframe. The growth of this region can be accredited to commercial expansion and a growing population. Most of the populace in the region are shifting to urban cities and areas on account of industrial sector growth. This has produced great product demand from both marketable and housing applications.
North America is expected to have considerable growth for the period 2021 to 2028, owing to increasing refurbishing happenings in the region. Customers are centering their attention towards refining the living circumstances through revamps, therefore resulting in high product application. Moreover, technological development in the region is further backing up firms in presenting supportable suspended tiles offerings to please the customers.
Europe is projected to have substantial growth as a consequence of rising construction activities for infrastructure expansion. This, coupled with the complimentary guidelines from the European government to advance the medical and healthcare organizations, is further augmenting the demand for these tiles.
Competitive Landscape
Key Players and their Essential Strategies Set to Conquer International Market
Key players are frequently seen obtaining crucial tactics from their expert advisors and implementing them in order to succeed in their respective business. One such effective strategy is to launch products or expand business territories and set a footprint in the global market. For instance, in January 2021, Saint-Gobain Gyproc publicized the promotion of a manufacturing unit for ceiling tiles in India. This division has 21,000 sq. ft. and is intentionally situated for servicing the market of gypsum ceiling tiles throughout India and aid to diminish the carbon footprint and material obtainability.
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Industry Development
January 2020: Odenwald Faserplattenwerk GmbH extended into the U.S. market by introducing modernization in building resources and construction, open space solutions, and sound panels. The company is expected to familiarise the U.S. with superiority and design selections.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on Global Ceiling Tiles Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Ceiling Tiles Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- By Material Type (Volume/Value)
- Mineral Wool
- Metal
- Gypsum
- Others
- By Application (Volume/Value)
- Residential
- Non-Residential
- By Region (Volume/Value)
- North America
- Europe
- Asia Pacific
- Latin America
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- Middle East & Africa
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TOC Continued…!
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