ALBANY, New York, December 7, 2018
ALBANY, New York, December 7, 2018 /PRNewswire/ --
The global ceiling tiles market depicts the presence of a highly fragmented vendor landscape, says Transparency Market Research on the basis of a recently published report. Such a competitive presence mainly exists due to innumerable players working in the market. Saint-Gobain S.A., Armstrong World Industries Inc., Knauf, and USG Corporation, are top four companies operating in the global ceiling tiles market. These tiles accumulated about 33.90% of the total shares in this sector in 2015.
Most players intend to improve the quality of their respective products as a chief strategy to outshine their rivals. Other schemes where an extensive focus has been imparted by most companies involve product differentiation and expansion of product portfolio. Regulating costs of ceiling tiles to benefit overall construction costs also is a key strategy associated with most businesses present in the global ceiling tiles market.
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According to experts from Transparency Market Research, the global ceiling tiles market had gained revenue worth US$21.6 bn in 2015, which is further expected to grow up to US$51.3 bn by the end of 2024. This growth is projected to occur at a fantastic CAGR of 10.10% during the forecast period from 2016 to 2024.
Widespread Development in Construction Industry Boosts Growth in Market
The global ceiling tiles market is mainly being driven due to a rapid growth experienced by the construction and manufacturing sectors in various regions. This is mainly due to the fact that ceiling tiles playing a crucial role in setting up ceiling components and other portions of a constructed structure. A strong demand for high-grade ceiling tiles is occurring in recent times owing their characteristics such as high strength, less weight, and less costs. This demand is certainly anticipated to increase in during the forthcoming years mainly, thus providing a notable impetus to the global ceiling tiles market's growth.
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Rising Population in Emerging Regions Demands Use of Ceiling Components for Structures
With ever-increasing population in most regions around the globe, a dire need for more residential and commercial establishments is occurring. A most profound change is visible in Asia Pacific, where countries such as India, China, and Bangladesh are showing rampant population growth. As the number of new construction projects has surged extensively in these regions, a consequent high use of ceiling tiles has stoked a fantastic expansion in the global ceiling market. A growing pace of industrialization and urbanization too has been responsible for making the market progress at a healthy pace.
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However, the global ceiling tiles market is highly restrained owing to lack of raw materials required to manufacture tile components in underdeveloped and certain developing economies. Nonetheless, many businesses are expected to improve their geographical extents, thus offsetting most restraints affecting the global ceiling tiles market.
The review is based on a market research report by TMR, titled, "Ceiling Tiles Market (Product - Mineral Wool, Metal, and Gypsum; Application - Residential, Non-residential, Industrial, Hospitality, Commercial, and Institutional) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024"
The ceiling tiles market is segmented as:
Ceiling Tiles Market - Product Analysis
Ceiling Tiles Market - Application Analysis
Ceiling Tiles Market - Regional Analysis
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