Albany, NY -- (SBWire) -- 02/17/2020 --The global ceiling tiles market is expected to exhibit a steady growth over the coming years, according to a Transparency Market Research (TMR) study. The market features a highly competitive vendor landscape. The global ceiling tiles market is marked by the dominance of top four players-namely Armstrong World Industries Inc., Saint-Gobain S.A., USG Corporation, and Knauf. These vendors exude a lot off influence on other players in terms of product portfolio, trends, and adoption of technological innovations. The dominance of these players can be accounted to their robust product portfolio, innovations, strong research and development approach.

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With a moderately fragmented competitive landscape, high levels of rivalry exists between market vendors. Several small-and medium-sized players operate in the market. However, on account of forward and backward integration in the supply chain, the entry of new vendors could be restricted. Vendors in the global ceiling tiles market are anticipated to capitalize on prominent trends such as product sustainability and eco-friendliness. A strong foothold in the market is expected to be followed by engaging in sound research and development activities towards this goal. This is a key trend observed in the global ceiling tiles market that can be used to their advantage by vendors.

TMR projects the global ceiling tiles market to rise at a 10.10% CAGR over the forecast period 2016 to 2024. With an estimated value of US$21.6 bn in 2015, the global ceiling tiles market is likely to be worth US$51.3 bn by the end of the forecast period. global-ceiling tiles market

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Emergence of Green Building Concept to Bolster Ceiling Tiles Market

With an awakening towards the concept of green building on the rise, the number of restoration activities of existing structure is rising. A large number of consumers are focusing on reuse and recycle policies, driving the global ceiling tiles market. With vendors in the market increasingly focused on backward integration across the supply chain, the use of products emitting low levels of volatile organic compounds (VOCs) is expected to rise. This is driven by the rising stringency in regulations towards the use of conventional products. Thus, the need for sustainability plays a key role in boosting the global ceiling tiles market and is expected to influence the market positively over the coming years.

Growing Commercialization to Bolster Growth

In recent years there has been a steep rise in demand for commercial buildings. A key driver of the growth of the business sector is significant investment in infrastructure development in emerging economies. Countries such as India, South Korea and China, in the Asia Pacific region, have significant commercial space expenditures, including production plant construction and institutional buildings. In its proposed 2018-19 budget the Chinese Government, for instance, has estimated that the capital expenditure for building HK$ 23,923 million would be 7% higher than for the financial year 2017. Such instances are likely to fuel the global ceiling tiles market to a large extent in the coming years.

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Further, in the coming years, demand for renovations and repair of residential segment is expected to rise, promoting increased spending on construction activities. This is likely to bode well for the growth of the global ceiling tiles market over the forecast period. As ceiling tiles play a significant role in the acoustics and aesthetics of a structure, demand is forecasted to amplify with rising construction activity across the globe. The increasing migration from rural to urban regions will further fuel the ceiling tiles market, due to amplified demand for housing. These factors are expected to strengthen the global ceiling tiles market in the forthcoming years.