PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1408919
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1408919
Gypsum Board Market size was valued at USD 56,778 Million in 2023, expanding at a CAGR of 12.5% from 2024 to 2032.
Gypsum board is a panel mostly used for interior wall and ceiling construction that is created from calcium sulfate dihydrate that is extruded between thick sheets of facer and backer paper. The term "drywall" refers to the Gypsum Board. The thick sheet plaster, which is made of plasticizer, fiber, crushed gypsum crystal, foaming agent, EDTA, and starch, lowers water absorption, reduces mildew growth, and boosts fire resistance.
The demand for gypsum boards is anticipated to increase because of the growing number of construction projects in key economies such as China, India, Russia, and the United States. According to the US Census Bureau, more permits are being issued for the construction of new residential structures as a result of the increased demand for multi-family housing and the increase in people moving from rural to urban regions. Moreover, modest economic development is supporting the steady pace that residential buildings are displaying in nations like Canada, Mexico, and Australia. Throughout the projection period, this will fuel the market's expansion. Additionally, as a result of growing populations and urbanization, there will be a greater demand for residential space in nations like Australia and India, which will drive up residential buildings in these regions. In the last quarter of 2020, the Indian construction sector rose by around 6.2% year over year, according to the Ministry of Statistics and Program Implementation (MOSPI). Consequently, it is anticipated that the market will develop at its fastest rate during the projected period due to the growing number of building and infrastructural projects.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The Asia Pacific is expected to dominate the market during the forecast period. The region's market is distinguished by a strong need for gypsum boards in both commercial and residential building applications. Strong economic growth and a friendly business climate have encouraged investments in the building industry in nations like China and India. Besides, Europe is expected to grow at a substantial rate over the projected period. Growing interest in eco-friendly building supplies. Due to the rise of the building industry, mainly in the residential and commercial sectors, the United Kingdom is the largest market in the area for gypsum boards. To increase the number of new homes being built in the country, the government has launched several initiatives, such as the "New Homes Bonus" program. Since gypsum boards are an essential part of building new homes, this initiative is expected to raise demand for them across the country.
The key players operating in the market are: Gypsemna, Knauf, USG Zawawi Drywall LLC SFZ, Gulf Gypsum Co. (ASK Gypsum Factory Ltd.), Global Mining Company LLC (GMC), National Gypsum Company, Extex Group, Beijing New Building Material (BNBM) Public Ltd Co., United Mining Industries (UMI) Company Ltd., Saint-Gobain Gyproc, Lafarge Group, Ahmed Yousef & Hassan Abdulla Co. (AYHACO) and Yoshino Gypsum Co. Ltd. among others. These players adopted various types of strategies such as product launch, acquisition, collaboration and others to gain maximum market share.
In June 2023, the completion of Etex's acquisition of Superglass was announced. With a focus on offering cutting-edge and environmentally friendly construction products, such as gypsum boards, this move demonstrated Etex's growing market presence in the UK and solidified its position in the European insulation industry.
The scope of this report covers the market by its major segments, which include as follows: