PUBLISHER: Grand View Research | PRODUCT CODE: 1170963
PUBLISHER: Grand View Research | PRODUCT CODE: 1170963
The North America glass fiber reinforced gypsum market size is expected to reach USD 1.68 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 6.3% from 2022 to 2030. The demand for glass fiber reinforced gypsum in the region is expected to witness significant growth owing to the growing rehabilitation and modernization of existing structures.
Type X is used in residential and commercial buildings, such as schools, hospitals, and shopping centers. Type X is economical, quick to install, and maintains excellent temperature tolerance. They are also reusable and have a low carbon footprint. The increasing adoption of Type X plasterboards in non-residential construction projects is expected to boost the growth of the segment.
The demand in the residential application segment is expected to grow owing to the increase in population. The increasing population is demanding more space for accommodation, especially in tier 1 cities. To fulfill the demand, construction activities are increased by both government and private sector companies. Governments in many countries such as India are also emphasizing the development of rural areas.
The interior application segment is expected to lead the North America glass fiber reinforced gypsum industry during the forecast period, in terms of volume and value. The growth of the interior segment can be attributed to the ability of North America glass fiber reinforced gypsum to be used as load-bearing walls, partition walls, and others, which are economical.
Due to the presence of established industry players controlling the majority of the market share, the North America glass fiber reinforced gypsum industry is consolidated. As a result of tremendous growth opportunities in the region's construction sector, global players are focusing on expansion in Asia Pacific, including China and India. To strengthen their market position, established players are emphasizing business expansion through both organic and inorganic growth.