Theglobal ceiling tilesmarket is expected to exhibit a steady growth over thecoming years, according to a Transparency Market Research (TMR) study. Themarket features a highly competitive vendor landscape. The global ceiling tilesmarket is marked by the dominance of top four players-namely Armstrong WorldIndustries Inc., Saint-Gobain S.A., USG Corporation, and Knauf. These vendorsexude a lot off influence on other players in terms of product portfolio,trends, and adoption of technological innovations. The dominance of these playerscan be accounted to their robust product portfolio, innovations, strongresearch and development approach.
With amoderately fragmented competitive landscape, high levels of rivalry existsbetween market vendors. Several small-and medium-sized players operate in themarket. However, on account of forward and backward integration in the supplychain, the entry of new vendors could be restricted. Vendors in the globalceiling tiles market are anticipated to capitalize on prominent trends such asproduct sustainability and eco-friendliness. A strong foothold in the market isexpected to be followed by engaging in sound research and developmentactivities towards this goal. This is a key trend observed in the globalceiling tiles market that can be used to their advantage by vendors.
TMRprojects the global ceiling tiles market to rise at a 10.10% CAGR over theforecast period 2016 to 2024. With an estimated value of US$21.6 bn in 2015,the global ceiling tiles market is likely to be worth US$51.3 bn by the end ofthe forecast period.
Emergence of Green Building Conceptto Bolster Ceiling Tiles Market
With anawakening towards the concept of green building on the rise, the number ofrestoration activities of existing structure is rising. A large number ofconsumers are focusing on reuse and recycle policies, driving the globalceiling tiles market. With vendors in the market increasingly focused onbackward integration across the supply chain, the use of products emitting lowlevels of volatile organic compounds (VOCs) is expected to rise. This is drivenby the rising stringency in regulations towards the use of conventionalproducts. Thus, the need for sustainability plays a key role in boosting theglobal ceiling tiles market and is expected to influence the market positivelyover the coming years.
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Growing Commercialization toBolster Growth
In recentyears there has been a steep rise in demand for commercial buildings. A keydriver of the growth of the business sector is significant investment ininfrastructure development in emerging economies. Countries such asIndia, South Korea and China, in the Asia Pacific region, have significantcommercial space expenditures, including production plant construction andinstitutional buildings. In its proposed 2018-19 budget the Chinese Government,for instance, has estimated that the capital expenditure for building HK$23,923 million would be 7% higher than for the financial year 2017. Suchinstances are likely to fuel the global ceiling tiles market to a large extentin the coming years.
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Further, inthe coming years, demand for renovations and repair of residential segment isexpected to rise, promoting increased spending on construction activities. Thisis likely to bode well for the growth of the global ceiling tiles market overthe forecast period. As ceiling tiles play a significant role in the acousticsand aesthetics of a structure, demand is forecasted to amplify with risingconstruction activity across the globe. The increasing migration from rural tourban regions will further fuel the ceiling tiles market, due to amplifieddemand for housing. These factors are expected to strengthen the global ceilingtiles market in the forthcoming years.
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