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Decorative PVC Panels Gain Popularity in Ceiling Tiles Market

Jan 14th 2020 at 11:27 AM

With substantial changes in consumer lifestyle, rising levels of disposable incomes, and a stronger demand for acoustic and thermal insulation in recent years, the demand for ceiling tiles is expected to gain an upward trajectory in the near future.

The global market for ceiling tiles is expected to grow at an impressive CAGR of ~ 9.5 per cent through the forecast period till 2026. This growth will account for the sales of ceiling tiles of nearly 12,000 million sq. feet in this period. Ceiling tiles consider cost and energy savings including superior finish to interiors for aesthetic appeal is key to the growth of the industry for the foreseeable future.

The ceiling tiles market is expected to react positively to the growth of suppliers for raw materials, with the wide range of production materials, including options such as plastic, mineral fiber, wood, fiberglass, and gypsum among others.

On the other hand, a growing number of manufacturers are increasing their efforts towards backward integration activities, of also producing raw materials by themselves. Such trends reduce bargaining power of conventional raw materials suppliers, which will continue to influence the industry through the foreseeable future.

APEJ to Dominate Demand for Ceiling Tile Applications

With the growth of domestic and international trade around the world, the demand for new and large scale commercial buildings has gone up steeply in recent years. This trend is especially true of developing economies in the Asia Pacific excluding Japan region including nations such as South Korea, India, China, and some from the Middle East.

This growth can be attributed to increased expenses on commercial spaces, which will include the development of manufacturing facilities and buildings for institutional organizations. Of the countries in the region, India is expected to remain at the front of the regional construction industry, most of which will go towards infrastructural projects there.

Further, the APEJ region is witnessing a number of countries reducing interest rates, which has bolstered investments into the real estate sector, both in terms of residential and commercial projects. Cumulatively these trends can be expected to generate substantial lucrative opportunities for the production and sales of ceiling tiles for the foreseeable future.

PVC Variants Gain Greater Traction

Major ceiling tile manufacturers have been increasingly seeking to aid innovations for their product offerings, in addition to seeking the development of application specific tiles, which is expected to aid in the expansion of the business and to lay down a strong foundation for market penetration.

Of the many different types of ceiling types available in the industry, decorative PVC panels have become highly popular in recent times, owing to superior physical properties and cost effectiveness. These tiles are available in a wide range of shades and patterns, are easy to maintain, and are ideal for air conditioned spaces, while also being low weight and robust, which has made it a material of choice for ceilings in commercial buildings, with the aim of bolstering the aesthetic appeal.

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