Agreements/contracts, expansions, acquisitions, and new product developments are key strategies adopted by leading players in the ceiling tiles market.
Ceiling tiles are structural
materials that are available in various forms, such as planks and panels. These
tiles are used in residential and non-residential
buildings. The main purpose of ceiling
tiles is to serve the aesthetic need of buildings by covering up beams, wires,
pipes, cables, and ventilation systems, which would otherwise be exposed
without the use of suspended ceiling tiles. These tiles are made of materials,
such as mineral fiber, gypsum, and metal. The ceiling tiles market is projected
to reach USD 9.88 billion by 2022, at a CAGR of 6.2% from 2017 to 2022.
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Key players operating in the ceiling tiles market are focused on the
adoption of inorganic and organic growth strategies to strengthen their market positions.
These companies have adopted agreements/contracts, expansions, acquisitions,
and new product developments as key
growth strategies between January 2015 and December 2017 to strengthen their
foothold in the ceiling tiles market.
Armstrong World Industries (US), one of the leading manufacturers of
ceiling tiles, is focused on the adoption of key
growth strategies such as agreements, new product developments, and acquisitions
to enhance its presence in the ceiling tiles market. In October 2015, the
company launched a new ceiling panel that encompasses sound absorption and
sound blocking capabilities. In December 2016, Armstrong World Industries
acquired the business of Tectum, Inc. (US). The acquisition strategy helped the
company expand its portfolio of durable, sustainable, and acoustical ceilings
and gain a competitive edge over its peers in the ceiling tiles market.
Major players operating in the ceiling tiles market include Armstrong
World Industries (US), USG Corporation (US), Hunter Douglas (Netherlands), SAS
International (UK), CertainTeed (US), Rockfon (Denmark), Odenwald Faserplattenwerk
GmbH (Germany), Knauf (Germany), Saint-Gobain Gyproc (France), and Georgia-Pacific
(US). These companies have a strong presence in the ceiling tiles market and are
continuously undertaking efforts to improve their business strategies and
product portfolios.
In October 2017, Rockfon (Denmark) expanded its manufacturing
facility in Marshall County, Mississippi (US). The new manufacturing facility
of Rockfon majorly focuses on the production of stone wool acoustic ceilings. The
expansion strategy helped the company cater to the rising demand for
acoustically advanced stone wool ceiling products in the North American region.
In April 2016, Rockfon developed a new suspended ceiling product made of stone
wool material. The company is focused on launching new products in the market to
widen its customer base and expand its product portfolio.
Hunter Douglas (Netherlands), a keymanufacturer and provider of ceiling tiles, has adopted the strategy of agreements/contracts
to enhance its position in the ceiling tiles market. For instance, in April 2015,
the company entered into a supply contract to offer window blinds and ceiling
systems to the world’s tallest building, the Burj Khalifa tower in Dubai. Ceiling
panels provided by the company were used in bathrooms and walk-in closets of
apartments. This development strategy helped the company enhance its brand
image and geographic reach in the Middle Eastern region.
Increase
in the number of construction projects worldwide is projected to drive the growth
of the ceiling tiles market.
Developed economies across the globe are targeting for long-term
investments in the building & construction industry. This, in turn, is
expected to increase the number of construction projects, thereby providing a
positive outlook for the ceiling tiles market. Increased spending on infrastructure projects is also
contributing to the growth of the ceiling tiles market. The ceiling tiles market is projected to reach USD 9.88 billion by
2022, at a CAGR of 6.2% between 2017 and 2022.
The ceiling tiles
market in the Asia Pacific region is projected to grow at the highest CAGR
during the forecast period, in terms of value and volume. The growth of the Asia
Pacific ceiling tiles market can be attributed to the increased demand for ceiling
tiles from the building & construction industry in this region.
Based on material type, the mineral
fiber segment of the ceiling tiles market is projected to grow at the highest
CAGR during the forecast period, in terms of value and volume. This growth can
be attributed to the increased demand for mineral fiber ceiling tiles in non-residential
buildings, such as offices, institutes, and hospitals. Mineral fiber ceiling
tiles have high noise reduction coefficient, which helps enhance their acoustic property by absorbing sound or
preventing echo. Thus, properties of mineral
fiber ceiling tiles such as improved sound absorption capability and recyclability
have contributed to the increased use of mineral
fiber ceiling tiles
in green building constructions.
Based on property type, the acoustic segment of the ceiling tiles
market is projected to grow at the highest CAGR during the forecast period, in
terms of value and volume. The growth of the acoustic segment can be attributed
to the increased use of ceiling tiles with sound absorbing and sound blocking capabilities
in various non-residential buildings, such as auditoriums, offices, institutes,
hospitals, and cinema theaters.
Based on end user, the non-residential
segment of the ceiling tiles market is projected to grow at the highest CAGR
between 2017 and 2022, in terms of value or volume. Properties of ceiling tiles
such as moisture absorption and fire resistance make them an ideal material for
use in non-residential buildings. As ceiling tiles are good absorbers and
attenuator of sound, they are widely used in offices, museums, hospitals, and
institutions, where sound absorption and aesthetic appeal is a priority.
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