Agreements/contracts, expansions, acquisitions, and new product developments are key strategies adopted by leading players in the ceiling tiles market.
Ceiling tiles are structural materials that are available in various forms, such as planks and panels. These tiles are used in residential and non-residential buildings. The main purpose of ceiling tiles is to serve the aesthetic need of buildings by covering up beams, wires, pipes, cables, and ventilation systems, which would otherwise be exposed without the use of suspended ceiling tiles. These tiles are made of materials, such as mineral fiber, gypsum, and metal. The ceiling tiles market is projected to reach USD 9.88 billion by 2022, at a CAGR of 6.2% from 2017 to 2022.
Download FREE PDF Sample Report at https://www.marketsandmarkets.com/pdfdownload.asp?id=65818677
Key players operating in the ceiling tiles market are focused on the adoption of inorganic and organic growth strategies to strengthen their market positions. These companies have adopted agreements/contracts, expansions, acquisitions, and new product developments as key growth strategies between January 2015 and December 2017 to strengthen their foothold in the ceiling tiles market.
Armstrong World Industries (US), one of the leading manufacturers of ceiling tiles, is focused on the adoption of key growth strategies such as agreements, new product developments, and acquisitions to enhance its presence in the ceiling tiles market. In October 2015, the company launched a new ceiling panel that encompasses sound absorption and sound blocking capabilities. In December 2016, Armstrong World Industries acquired the business of Tectum, Inc. (US). The acquisition strategy helped the company expand its portfolio of durable, sustainable, and acoustical ceilings and gain a competitive edge over its peers in the ceiling tiles market.
Major players operating in the ceiling tiles market include Armstrong World Industries (US), USG Corporation (US), Hunter Douglas (Netherlands), SAS International (UK), CertainTeed (US), Rockfon (Denmark), Odenwald Faserplattenwerk GmbH (Germany), Knauf (Germany), Saint-Gobain Gyproc (France), and Georgia-Pacific (US). These companies have a strong presence in the ceiling tiles market and are continuously undertaking efforts to improve their business strategies and product portfolios.
In October 2017, Rockfon (Denmark) expanded its manufacturing facility in Marshall County, Mississippi (US). The new manufacturing facility of Rockfon majorly focuses on the production of stone wool acoustic ceilings. The expansion strategy helped the company cater to the rising demand for acoustically advanced stone wool ceiling products in the North American region. In April 2016, Rockfon developed a new suspended ceiling product made of stone wool material. The company is focused on launching new products in the market to widen its customer base and expand its product portfolio.
Hunter Douglas (Netherlands), a key manufacturer and provider of ceiling tiles, has adopted the strategy of agreements/contracts to enhance its position in the ceiling tiles market. For instance, in April 2015, the company entered into a supply contract to offer window blinds and ceiling systems to the world’s tallest building, the Burj Khalifa tower in Dubai. Ceiling panels provided by the company were used in bathrooms and walk-in closets of apartments. This development strategy helped the company enhance its brand image and geographic reach in the Middle Eastern region.
Increase in the number of construction projects worldwide is projected to drive the growth of the ceiling tiles market.
Developed economies across the globe are targeting for long-term investments in the building & construction industry. This, in turn, is expected to increase the number of construction projects, thereby providing a positive outlook for the ceiling tiles market. Increased spending on infrastructure projects is also contributing to the growth of the ceiling tiles market. The ceiling tiles market is projected to reach USD 9.88 billion by 2022, at a CAGR of 6.2% between 2017 and 2022.
The ceiling tiles market in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period, in terms of value and volume. The growth of the Asia Pacific ceiling tiles market can be attributed to the increased demand for ceiling tiles from the building & construction industry in this region.
Based on material type, the mineral fiber segment of the ceiling tiles market is projected to grow at the highest CAGR during the forecast period, in terms of value and volume. This growth can be attributed to the increased demand for mineral fiber ceiling tiles in non-residential buildings, such as offices, institutes, and hospitals. Mineral fiber ceiling tiles have high noise reduction coefficient, which helps enhance their acoustic property by absorbing sound or preventing echo. Thus, properties of mineral fiber ceiling tiles such as improved sound absorption capability and recyclability have contributed to the increased use of mineral fiber ceiling tiles in green building constructions.
Based on property type, the acoustic segment of the ceiling tiles market is projected to grow at the highest CAGR during the forecast period, in terms of value and volume. The growth of the acoustic segment can be attributed to the increased use of ceiling tiles with sound absorbing and sound blocking capabilities in various non-residential buildings, such as auditoriums, offices, institutes, hospitals, and cinema theaters.
Based on end user, the non-residential segment of the ceiling tiles market is projected to grow at the highest CAGR between 2017 and 2022, in terms of value or volume. Properties of ceiling tiles such as moisture absorption and fire resistance make them an ideal material for use in non-residential buildings. As ceiling tiles are good absorbers and attenuator of sound, they are widely used in offices, museums, hospitals, and institutions, where sound absorption and aesthetic appeal is a priority.
Company Name: MarketsandMarkets
Contact Person: Mr. Shelly Singh
Email: Send Email
Address:630 Dundee Road Suite 430
Country: United States