Global Ceiling Tiles Market to Accumulate Revenues Worth US$51.3 bn by 2024-end due to Paced Developments in Constructions Industry

The global ceiling tiles market endows an intensely competitive scenario owing to the presence of a large number of market players. The leading market players have proved their worth in the market and have captured a decent market share. In 2015, 33.90% of the total market share was held by the top four companies viz. Saint-Gobain S.A., Armstrong World Industries Inc., Knauf , and USG Corporation. The excellence of these market players is explained by their ceaseless efforts to introduce better products in the market. Furthermore, these market players have maintained high standards of quality that has earned them the trust of the consumers. The soundness of these top market players in deploying nascent technologies to manufacture strong, durable, and innovative products has also proved to be advantageous for them.

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The remaining share of the market is distributed amongst a wide host of small and medium sized players, thus, making the market moderately fragmented. It is anticipated that the leading market players would engage in core research and development to further expand their horizons of growth. Sustainable and eco-friendly products have also surfaced in the global market for ceiling tiles, and the companies that manufacture these products are expected to get a competitive advantage over others. Other key players in the global market for ceiling tiles include Odenwald Faserplattenwerk GmbH, USG Corporation, Techno Ceiling Products, MADA GYPSUM, and ROCKFON.

The global market for ceilings tiles is projected to grow at a starry CAGR of 10.10% over the period between 2016 and 2024, finds Transparency Market Research (TMR). Furthermore, the market was valued at US$21.6 bn in 2015 and is expected to reach a value of US$51.3 bn by 2024-end.

Rapid Urbanization to Fuel Market Growth

The past decade has witnessed a series of improvements in the constructions industry which has given an impetus to the growth of the global market for ceiling tiles. The development of town centers that brandish state of the art infrastructure coupled with the announcement of several new infrastructural projects by the government is expected to fortify the market. Furthermore, the demand has been flowing in from residential, commercial, and industrial sectors, which has further enhanced the prospects of growth for the global market. Some of the industries that have contributed to the growth of the global market are healthcare, banking, tourism, and governance. Besides this, ceiling tiles also enhance the acoustics of enclosed spaces and can even act as thermal insulators. Due to these added advantages served by these tiles, the demand is expected to trace an upward graph over the coming years.

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Availability of Alternatives Could Hamper Growth

Asphalt and mortar are two of the materials that can be used to substitute ceiling tiles. Owing to the low cost and easy availability of these two materials, the market for ceiling tiles is expected to see a few roadblocks in the coming years. The cost of ceilings tiles depends on the cost of mineral wood and gypsum because the latter are used as raw materials for ceiling tiles. The cost of gypsum has been rising in recent times, and this could also be a threat to the growth of the global market.

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This release was published on openPR.