NEW YORK, Feb. 1, 2021
NEW YORK, Feb. 1, 2021 /PRNewswire/ -- Award-winning market research company Fact.MR has recently published a report on the global ceiling tiles market. According to the study, the market is poised to make credible gains in 2021, as construction activities resume amid easing lockdown restrictions in the post-pandemic world. Growth is expected to pick up pace in the following decade, registering a staggering 10% CAGR through 2031.
According to Fact.MR, the market has made unprecedented gains across the historical period, as demand for interior decoration strengthened amid increasing home ownership across key geographies. For instance, in the United States, housing mortgages represented over two-fifths of the millennials, over a third of Generation X and approximately a fifth of baby boomers by 2018-end. Thus, the market for home décor has expanded substantially in recent years.
Likewise, manufacturers are also finding lucrative opportunities across the Asia-Pacific: with India and China pivoting the region's growth. The 2021 Union Budget spells favorable conditions for the ceiling tiles market, with home loan interest ceilings likely to increase to INR 5 lakhs (US$ 6,860), thus attracting more customers. Similarly, declining mortgage rates are prompting customers in China to increase expenditure on housing, causing average residential property prices to rise by nearly 5% in 2020. In spite of the pandemic-induced recession, investments were poised to increase 6% in the East Asian giant, thus generating fertile ground for the proliferation of numerous ceiling tiles manufacturers.
"Besides the residential segment, prominent ceiling tiles manufacturers are looking to penetrate the commercial construction segment, attributed to the proliferation of office spaces and buildings in the wake of rapid urbanization, prompting large-scale migration and rising demand for high-paying jobs in the tertiary sector," remarks the Fact.MR analyst.
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Key Takeaways from Fact.MR's Ceiling Tiles Report
Prominent players profiled in Fact.MR's ceiling tiles market study include Armstrong World Industries Inc., Saint-Gobain S.A., USG Corporation, Knauf, Techno Ceiling Products, ROCKFON, Mada Gypsum, Odenworld Faserplattenwerk GmbH, SAS International and New Ceiling Tiles LLC among others. The primary expansion strategy of these players includes product launches to capitalize their foothold in the market.
In October 2020, Armstrong World Industries introduced its DynaMaxTM Suspension System and Continuous Load Path designed specifically for use in data center ceilings. The structure is manufactured from aluminum, capable of supporting heavy point loads. It helps eliminate penetration through the ceiling by controlling airflow in the space, minimizing leakage between the plenum and airspace.
Manufacturers are also strengthening existing partnerships by augmenting investments in high growth potential geographies. For instance, Saint-Gobain S.A and the El Volcan group announced a joint expansion of their fiber cement, mortars, insulation, plasterboard, insulation and waterproofing businesses across Peru and Argentina respectively. The joint-venture currently operates in Chile, Columbia and Brazil.
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More Valuable Insights on Ceiling Tiles Market
In its latest report, Fact.MR offers unbiased analysis of the global ceiling tiles market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of material (aluminum, fiber glass, mineral fiber/gypsum, PVC, steel, wood, and other material types [polystyrene, urethane, MDF, copper, etc.]), form (laminated ceiling tiles, fissured ceiling tiles, patterned ceiling tiles, plain ceiling tiles, textured ceiling tiles, coffered ceiling tiles, and other forms [open cell, fine ceiling tiles, etc.]), application (residential, hospitality, commercial, institutional, and industrial), and installation (drop/suspended and surface mount), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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