Ceiling Tiles Market – Agreements/Contracts, Expansions, Acquisitions & New Product Developments are Key Strategies Adopted by Leading Players in the Industry
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 key manufacturer 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.
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