Sales of ceiling tiles are projected to inflate at an unprecedented rate on the back of soaring demand from building & construction industry. The global ceiling tiles market will witness stellar growth at 9.7% CAGR over the forecast period (2019-2029). High net worth income of consumers in developed economies, along with spurring renovation activities, would contribute substantially to overall market performance, projects a new Future Market Insights (FMI) study.
“Consumers have greater predilection for environmentally-friendly ceiling tiles. Leading global producers are thus focused on manufacturing low-VOC (volatile organic compounds) ceiling tiles. Low maintenance of ceiling tiles will be an important booster to market growth,” concludes the FMI report.
Key Takeaways of Ceiling Tiles Market Study
- Non-residential construction sector will remain the leading end-use area for ceiling tiles through 2029.
- Sustainable ceiling tiles will gain paramount importance through the course of forecast period.
- North America ceiling tiles market accounts for more than 31% revenue share.
- The ceiling tiles market in Asia Pacific is set to exhibit noteworthy growth during the projection period.
Ceiling Tiles Market – Top Growth Drivers
- Green retrofit activities are fueling the growth of ceiling tiles market, particularly in developed countries.
- Consumers’ inclination towards green label products is surging the demand for ceiling tiles emitting low VOCs during production.
- Soaring demand for aesthetic, soundproof interiors is stimulating the demand for ceiling tiles.
- Stringent regulatory requirements against particulate emissions continue to underpin the global ceiling tiles market growth.
- Ongoing rapid industrialization is supplementing the demand for ceiling tiles in emerging markets.
Ceiling Tiles Market – Key Restraints
- Relatively high cost of installation is hindering the growth of ceiling tiles market.
- Gaining substantial market share is challenging for market leaders in view of highly competitive landscape.
Competition Landscape of Ceiling Tiles Market
FMI’s comprehensive study covers prominent players of highly-competitive ceiling tiles market. Some of the industry leaders profiled in this report include, but are not limited to, Grenzebach BSH GmbH, Burgess CEP, Decorative Ceiling Tiles, Hyderabad Industries Limited (HIL), Armstrong World Industries, Rockfon, New Ceiling Tiles, and Byucksan Corporation. Market leaders continue to employ multifaceted strategies including product development, contracts and agreements along with growth-oriented expansion strategies for bolstering their credibility.
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Press Release Source: https://www.globenewswire.com/news-release/2020/03/06/1996448/0/en/Sales-of-Ceiling-Tiles-Set-for-Dexterous-Growth-through-2029-Market-Receiving-Tailwinds-from-Green-Retrofit-Activities-Opines-FMI.html
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI’s largest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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