Agreements/contracts, expansions, acquisitions, and new product developments are key strategies adopted by leading players in the Ceiling Tiles Market

June 23, 2022

/EIN News/ -- Chicago, June 23, 2022 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™, the global ceiling tiles market size is projected to grow from USD 8.4 billion in 2022 to USD 11.7 billion by 2027, at a CAGR of 6.8% during the forecast period. Ceiling tiles are lightweight construction materials, which are used to cover ceilings. These are available in smooth, textured, wood, and metal finishes and are made of materials, such as mineral fiber, gypsum, and metal. Ceiling tiles are majorly used in residential and non-residential buildings with the main purpose of serving the aesthetic need of buildings by covering up beams, wires, pipes, cables, and ventilation systems.

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The major drivers for the ceiling tiles market include increasing demand from emerging economies, rising demand for replacing old or damaged ceiling tiles, and increasing demand of ceiling tiles in construction of green buildings. High cost of ceiling tiles, and susceptibility to damage made by molds can restrain the market from growing. Some of the opportunities for manufacturers include growing use of ceiling tiles for enhancing aesthetic looks and growth of construction industry. The major challenges faced by the manufacturers is reducing the installation cost of ceiling tiles coupled with market recovery from Covid-19.

Companies operating in the ceiling tiles market have strengthened their position by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions from 2017-2022. For instance, in December 2020, Armstrong World Industries acquired all the issued, outstanding equity and certain subsidiaries of Arktura LLC with operations in the US and Argentina. Arktura, based in Los Angeles, California, is a designer and fabricator of metal and felt ceilings, walls, partitions, and facades. Armstrongs range of custom solutions and capabilities was extended and expanded with the acquisition of Arktura LLC.

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Saint-Gobain develops, manufactures, and distributes building and industrial materials and services. It is divided into three business segments: Innovative Materials, Construction Products, and Building Distribution. The Innovative Materials segment provides a one-of-a-kind portfolio of materials and processes for the housing and industrial markets. Plaster, acoustic and thermal insulation, wall facing, roofing, and pipe systems are among the interior and exterior solutions offered by the Construction Products segment to improve the comfort of buildings and homes. The Building Distribution segment caters to the markets of new construction, renovation, and home improvement.

Saint-Gobain India Pvt Ltd. - Gyproc is the gypsum business unit of Saint-Gobain S.A. that manufactures a wide range of gypsum plasterboards, gypsum plasters, and acoustic ceiling tiles for false ceilings, drywall partitions, and wall lining systems. The company is a pioneer and market leader in the Indian market for lightweight interior construction, and its products and systems are preferred by architects and designers, developers, contractors, and homeowners.

Armstrong World Industries, Inc. is a leading manufacturer of ceiling systems for use in commercial and residential construction and remodeling. Throughout the Americas, the company design, manufacture, and distribute ceiling and wall systems primarily made of mineral fiber, fiberglass wool, metal, wood, wood fiber, glass-reinforced-gypsum, and felt. Armstrong World Industries provides interior solutions that help to improve comfort, save time, improve building efficiency and overall performance, and create beautiful places, whether at home, at work, in healthcare facilities, classrooms, stores, or restaurants. The company is dedicated to creating new and sustainable ceiling solutions with design and performance options that make a positive difference in living, working, studying, healing, and playing places. Mineral Fibre, Architectural Specialties, and Unallocated Corporate are the main segments of the company.

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