As per a new report by ESOMAR-certifiedconsulting firmFuture Market Insights (FMI), the global ceiling tiles market is forecast to surpass the revenue share of US$ 26 Bn over the forecast period from 2021-2031.
Rapid expansion of infrastructure, particularly housing projects to accommodate the increasing population in both developing and developed regions is driving the growth of the market.
With increasing global warming concerns, key players are focusing on mineral fibre and gypsum derived tiles and other sustainable alternatives in the wake of green housing trends.
The market has been registering a high demand for laminating ceiling tiles owing to their lightweight nature and aesthetic appeal. These qualities are giving a lucrative ground to various players operating in this sector across the globe, finds Future Market Insights in this study.
Due to the COVID-19 pandemic, the ceiling tiles market experienced a downturn as construction activities were temporarily paused. However, the growth in the market saw a gradual increase in the latter half of 2020 after the resumption of construction work across the world.
The global construction industry is providing expansion opportunities across sectors like residential, non-residential and commercial infrastructure projects. It is experiencing a steady growth at CAGR of 4.2% annually, according to a World Bank publication. Such projects are attributing to the demand for ceiling tiles, adding to the market growth significantly.
According to the Construction management Association of America, the construction industry generates a revenue of US$ 1.3 trillion each year, making it a major contributor to the US economy and a very lucrative avenue for ceiling tile market.
“Rising preference towards environment-friendly and sustainable alternatives for ceiling tiles, growing popularity of false ceiling, and rapid expansion of infrastructure will propel the market growth,” says the FMI analyst.
- Growing rate of infrastructure expansion will be drive growth in East Asia. China and South Korea will emerge as key ceiling tile markets within the region due to rising urbanization.
- Growth prospects in the U.K. are expected to be bright due to the rise in residential and commercial building projects.
- Increasing home sales in the U.S. will emerge as a primary driver of the ceiling tiles market.
- Mineral fiber/ gypsum ceiling tiles will emerge as top-selling products in the market
- Commercial application will account for increasing sales of ceiling tiles.
- In terms of installation, drop/ suspended ceiling tiles will remain highly sought-after.
- The rising demand for laminating ceiling tiles, specifically designer false ceiling made from gypsum will drive the market growth.
- Expansion of infrastructure across the globe and rapid growth in the construction industry are expected to boost ceiling tiles market.
- Rising competition among the players operating in the ceiling tile market will create more opportunities for better product roll-out, hence boosting the growth.
- High cost of installation and the product will negatively impact the market sales.
- Inability to treat the wastage of raw material and ignorance regarding proper disposal of the same will hinder the market growth.
- Excessive use of non-biodegradable materials such as plastic in the manufacturing process will affect the market growth.
According to analysis by FMI, the global ceiling tiles market is highly competitive, with global players mainly focusing on application-specific products. Prominent player are also implementing growth strategies like mergers, acquisitions and collaborations to establish a string foothold in the market. For instance:
- In January 2020, U.K.-based SAS International promoted its Open Grid Ceiling systems, in response to the growing customer demand. Open Grid Ceiling system is a kit that consists of various standard parts used to create flexible, contemporary and arrested ceilings.
- In December 2020, Armstrong World Industries Inc. acquired California-based Arktura LLC, an award winning designer and fabricator of walls and ceilings to strengthen the product portfolio with stylish as well as architectural speciality solutions.
- In April 2021, USG Corporation announced the construction of a separate manufacturing facility for joint compounds and other interior finishing products.
Leading players profiled by FMI in the ceiling tiles market include:
- Armstrong World Industries
- USG Corporation
- Hunter Douglas
- SAS International
- Rockfon LLC
- Odenwald Faserplattenwerk GmbH
- Knauf, Georgia-Pacific LLC
- Saint-Gobain Gyproc
Request a report sample with 200 pages to gain comprehensive insights at https://www.futuremarketinsights.com/reports/sample/rep-gb-11097
More Insights on FMI’s Ceiling Tiles Market
The latest market study on global ceiling tiles market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of
- Fiber Glass
- Mineral Fiber/Gypsum
- Surface Mount
- North America (US and Canada)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Europe (Germany, UK, France, Spain, Italy, Russia, BENELUX and Rest of Europe)
- Asia-Pacific (China, Japan, India, ASEAN, Australia & New Zealand and Rest of APAC)
- Middle East & Africa (GCC, Northern Africa, South Africa, Turkey and Rest of MEA)