Ceiling tiles are produced by using naturally occurring raw materials that are abundantly available and are renewable. This has substantially reduced the product cost of ceiling tiles, enabling vendors to sell them at most economical prices. With their property of high reflectance capacity, ceiling tiles reflect over 80% light rays, which in turn help in saving nearly 20% energy consumption.
A recently compiled research report of Fact.MR envisages the global ceiling tiles market to record a splendid 9.1% volume CAGR in the forecast period, 2021to 2031. Global construction output is projected to grow by 85% to reach at US$ 15.5 trillion by 2030.
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Demand for commercial buildings has witness a steep rise over the past couple of years. Developing nations in Asia-Pacific excluding Japan (APEJ) such as India, China, and South Korea, as well as those in the Middle East have been making heavy expenditure on commercial spaces, including manufacturing plant construction, and institutional buildings.
Remodeling & Renovation Activities to Remain Key Trends Influencing the Market Growth
Surging awareness about the requirement of home décor, growing GHDI across emerging countries, and elevating home prices, have been prompting homeowners in making huge investments in home remodeling and renovating activities. Robust spending by individuals has been observed in the renovation activities associated with suspended ceiling panels. Growth in remodeling and renovation activities are likely to remain key trends affecting growth of the global ceiling tiles market.
Emerging countries are making enormous investments in the development of their commercial spaces, manufacturing plant construction, institutional buildings, and public infrastructure. For example, demonetization has led the Indian government to trim their fiscal deficit, thereby encouraging builders and consumers to make robust investments in real estate. Such developments will further rub off on demand for ceiling tiles in the forthcoming years.
5 Key Projections on Future of Ceiling Tiles Market for Forecast Period 2018-2027
- The market in Asia-Pacific excluding Japan (APEJ) is expected to spearhead the market in terms of sales expansion. Increasing foreign investments particularly in India and Southeast Asia, coupled with robust construction activities apropos information technology parks and new offices that is driven by the rise in working populace is a key factor propelling the market expansion in APEJ.
- Among product types, mineral fiber will remain sought-after in the market on account of their noise reduction characteristics.
- Commercial application of ceiling tiles will continue to account for leading revenue share of the market. This can be mainly attributed to commercial use-specific product launches by companies, for example – Rockfon’s new stone wool ceiling panel for application in auditoriums, theatres, and restaurants.
- Surface mount installation will remain preferred for ceiling tiles on their back of their operational convenience and user-friendly attributes.
- Based on form, laminated ceiling tiles will continue to lead the market, in terms of both value and volume.
Acquisitions and Product Innovation to Remain Key Expansion Strategies among Market Players
Manufacturers of ceiling tiles are eyeing achievement of business expansion via implementation of key strategies that include product innovation and acquisitions. Geometrix™, USG Boral’s specialty ceiling panels, designed for high-end design projects, hold promise to enable realization of most complex ceiling designs. Produced from lightweight aluminum, Geometrix 3D metal-based specialty ceiling panels lend unexpected dimension and unique perspective to ceiling spaces. Geometrix has also been made available with the high recycled content (HRC), by this global leading ceilings & plasterboard joint venture.
USG Corporation has recently made an announcement of its definitive agreement of Ceilings Plus’ acquisition. USG will pay nearly US$ 52 Mn for acquiring this leading producer of specialty ceiling products. Incorporating Ceilings Plus is likely to enhance USG’s product portfolio, thereby accelerating innovation and enhancing their presence in the marketplace of specialty ceilings. By joining USG, Ceilings Plus aims at propelling their ongoing evolution through provision of access to greater manufacturing capabilities, and broader sales coverage. Such innovation and acquisition activities are likely to fuel growth of ceiling tiles market in the upcoming years.
Key market participants profiled by Fact.MR’s report include Armstrong World Industries, Inc., Techno Ceiling Products, New Ceiling Tiles, LLC, and Odenwald Faserplattenwerk GmbH. The report also offers analysis on the product and business strategies of prominent stakeholders in this market.
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