The leading players, namely, Armstrong World Industries, Inc., Saint-Gobain S.A., and Knauf, cumulatively accounted for 16.9% in the global ceiling tiles market in 2014. This lead was a result of technological innovation that resulted in low production costs and improved quality of products. In the coming years, the majority of the operating players will focus on developing environmentally sustainable production plans to lead the fragmented competitive landscape of the overall market by example.
“Diversifying product portfolio and improving business performance through investments is expected to create profitable payoff for several companies in the forecast period,” reports the lead author of this research report. To appeal to a large segment, the ceiling tiles manufacturers will also have to focus on expanding their operations to developing countries of Africa where the majority of the customers are price conscious.
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Effective Waste Management of Ceiling Tiles Boosts Demand
Ceiling tiles have gained an important place in modern-day architecture spanning across residential and non-residential sectors. From homes to offices, ceiling tiles are being extensively used to add value to the aesthetics of the given place. The soaring construction industry is also responsible for the growth of the global ceiling tiles market in the recent past.
The financial and environmental advantages rendered by the waste management of ceiling tiles are also expected to drive the overall usage of ceiling tiles in the coming years. Recognizing the alarming amount of ceiling tiles going to landfills encouraged Association of Interior Specialists (AIS) and Construction Products Association, in the U.K. to map a feasible plan across to develop effective business models to recycle these materials. The plan also proposed segregating various ceiling tiles and reducing the damage done to the environment through effective waste management has benefitted several construction companies and ceiling tiles manufacturers.
The plans to build green buildings in the coming years is expected to present several lucrative opportunities to the market in the coming years. Builders are collaborating with ceiling tile manufacturers to develop effective acoustical ceiling solutions for noise reduction and maintaining certain temperatures, thereby preventing the need for additional heating and cooling.
Volatile Crude Oil Prices Negatively Impact Ceiling Tiles Market
The manufacturing process of making ceiling tiles requires a tremendous amount of energy along with raw materials such as mineral wool and gypsum. These prices of these resources are directly dependent on prices of crude oil. Thus, volatility in crude oil prices is been identified as the key restraint in the overall market. As changing government policies, political turmoil, and regulated production of oil continue to influence the oil production across the globe, these, in turn, will have a negative impact on the resources required for manufacturing ceiling tiles.
Non-Residential Sector to be the Highest Consumer of Ceiling Tiles
The research report suggests that the opportunity in the global ceiling tiles market will be worth US$42.03 bn by 2023 as compared to US$19.20 bn in 2014. The soaring revenue will be a result of the promising CAGR of 9.1% between 2015 and 2023. North America will remain the key regional contributor to the market with its share expected to be nearly 32.0% in terms of volume by the end of 2023. The non-residential sector will be the key consumer of ceiling tiles; its volume consumption share in the market is estimated to reach 65.8% by 2023.
This review is based on Transparency Market Research’s report, titled “Ceiling Tiles Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”
- Global ceiling tiles market to be worth US$42.03 bn by 2023
- Non-residential sector is estimated to account for 65.8% of the consumption of ceiling tiles in terms of volume by 2023
- Green construction projects to considerably propel use of ceiling tiles in long term.
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