PUBLISHER: The Business Research Company | PRODUCT CODE: 1409373
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409373
“Drywall And Insulation Contractors Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on drywall and insulation contractors market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for drywall and insulation contractors? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The drywall and insulation contractors market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Drywall and insulation contractors are entities primarily engaged in the construction of building insulation, drywall installation, and plaster work. Plaster work involves activities such as laying lath to receive plaster and applying plain or decorative plaster. This work encompasses a range of projects, including new construction, alterations, additions, and repairs.
The main types of drywall and insulation include standard, fire-resistant, and mold or moisture-resistant varieties. Standard drywall and insulation typically involve gypsum panels. Gypsum, a natural mineral in crystalline form, is a hydrous sulfate of calcium. Standards are implemented to enhance quality, reduce costs, and ensure public safety. These materials find applications in various sectors, including construction, decoration, and furniture manufacturing, catering to both residential and commercial end users.
The drywall and insulation contractors market research report is one of a series of new reports from The Business Research Company that provides drywall and insulation contractors market statistics, including drywall and insulation contractors industry global market size, regional shares, competitors with a drywall and insulation contractors market share, detailed drywall and insulation contractors market segments, market trends and opportunities, and any further data you may need to thrive in the drywall and insulation contractors industry. This drywall and insulation contractors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The drywall and insulation contractors market size has grown strongly in recent years. It will grow from $516.2 billion in 2023 to $565.93 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth observed during the historic period can be attributed to several factors, including a boom in construction and real estate, trends in the housing market, a focus on energy efficiency and building codes, increased activities in renovation and remodeling, as well as population growth and urbanization. These elements collectively contributed to the expansion and development of the construction and real estate sectors.
The drywall and insulation contractors market size is expected to see strong growth in the next few years. It will grow to $828.41 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The anticipated growth in the forecast period can be attributed to the adoption of sustainable construction practices, government incentives promoting energy efficiency, the emphasis on green building certifications, initiatives for affordable housing, and the increasing adoption of smart home technologies. Major trends expected in the forecast period encompass the use of digital tools for design and planning, the demand for fire-resistant insulation, the rising popularity of drywall finishes, the implementation of weather-resistant insulation systems, and the challenges associated with skilled labor shortages, driving a need for workforce training.
The rise in the number of residential constructions is poised to drive the growth of the drywall and insulation contractors market. Residential construction involves erecting new spaces or renovating existing ones, such as buildings, apartments, and dwellings intended for personal occupancy. Drywall and insulation contractors undertake tasks such as drywall installation, plastering, and insulation to significantly reduce drafts, particularly during colder and windier months. These measures help maintain a consistent indoor temperature by providing an additional layer of insulation. For instance, in 2022, as per ToolSense, an Austria-based software company specializing in construction-related sectors, the number of housing units built in 2021 increased by 4% to reach 1,337,800 compared to the previous year. Moreover, residential building volume witnessed a staggering 275% surge between March and July 2020. Hence, the growing number of residential constructions propels the growth of the drywall and insulation contractors market.
The upward trajectory in construction spending is anticipated to drive the expansion of the drywall and insulation contractors market. Construction spending serves as an economic gauge measuring the total expenditure on construction activities within a specific period, usually monthly or annually. Elevated construction spending typically signifies increased construction endeavors, encompassing both residential and non-residential projects, consequently leading to heightened demand for drywall and insulation services. For instance, in January 2023, data from the US Census Bureau indicated a 9.3% surge in US construction spending, rising from $1,487.2 billion in November 2020 to $1,625.9 billion in November 2021. Hence, the escalating construction spending contributes to the growth of the drywall and insulation contractors' market.
Technological advancements emerge as prominent trends fueling the drywall and insulation contractors' market. Major companies within this sector are emphasizing technologically advanced products to maintain their competitive standing. For example, in January 2022, Canvas, a US-based construction robotics startup, introduced a drywall finishing robot designed to enhance safety and productivity in drywall finishing, addressing the growing scarcity of skilled labor. The Canvas system automates two of the most challenging aspects of drywall finishing-mudding and sanding. By expediting project completion while ensuring consistently high-quality finishes, these innovations aim to revolutionize the drywall finishing process.
Leading companies within the drywall and insulation contractors' market are dedicated to innovating new products, such as spray polyurethane foam (SPF), to gain a competitive edge in the industry. SPF is a type of insulation applied as a liquid that expands to fill voids or seal gaps, offering highly efficient insulation that aids in reducing energy expenses and enhancing comfort. For example, in September 2023, Firestable Insulation Company, a US-based provider specializing in spray foam technology, introduced Stablebase 2.0 Max R. This next-generation hydrofluoroolefins (HFO) blown, closed-cell polyurethane foam solution is spray-applied, boasting zero Ozone Depletion Potential (ODP) and a low Global Warming Potential (GWP) of less than two. With an impressive high 7.5 R-value and improved thermal performance, Stablebase 2.0 caters to both residential and commercial settings, delivering energy savings on operational expenses.
In March 2023, Installed Building Products Inc. (IBP), a US-based installer of insulation and complementary building products, completed the acquisition of Anchor Insulation Co. Inc. for an undisclosed sum. This strategic acquisition significantly expanded IBP's market presence, particularly across the northeastern United States, catering to industrial, commercial, and residential customers. Anchor Insulation, a US-based insulation contractor, specializes in providing mechanical and industrial insulation solutions to clients across residential, commercial, and industrial sectors. Through this acquisition, IBP strengthened its portfolio and service capabilities in serving a diverse clientele in the insulation market.
Major companies operating in the drywall and insulation contractors market report are Gottstein Corporation, CRM Construction Inc., MDB Construction & Restoration Services LLC, Contemporary Wall Systems Inc., Contract Applicators Inc., Eagle Painting Company Inc., Canin Coatings Inc., EJN General Contractor LLC, Adept Construction Services Ltd., AAP Construction Group Corp., Henderson-Johnson Co. Inc., Flagler County Painting LLC, Asher Contractors LLC, McCahill Painting Co., Jays and Fancy Interiors Inc., Universal Scientific Industrial Co. Ltd., Installed Building Products Inc., TruTeam Software Solutions, Masco Corporation, TopBuild Corp., Knauf Fiber Glass, Owens Corning Fiberglass Company, CertainTeed Corporation, Johns Manville Corp., GMS Inc., Bay Insulation Systems Inc., Thermafiber Inc., Cellofoam North America Inc., Guardian Building Products Inc., Rmax Operating LLC, KPS Global LLC, Atlas Roofing Corporation, Carlisle Construction Materials LLC, GAF Materials Corporation, Firestone Building Products Ltd., Henry Company, Sika Corporation, Tremco Incorporated, BASF Corporation, Dow Chemical Company, Huntsman Corporation, Icynene-Lapolla, Lapolla Industries Inc., North Carolina Foam Industries, Rhino Linings Corporation, Spray Foam Systems LLC, Demilec Inc., Accella Polyurethane Systems, Covestro LLC, General Coatings Manufacturing Corp. .
Europe was the largest region in the drywall and insulation contractors' market in 2023. Asia-Pacific is expected to be the fastest-growing region in the drywall and insulation contractors market during the forecast period. The regions covered in the drywall and insulation contractors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the drywall and insulation contractors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The drywall and insulation contractors market consists of revenues earned by entities by providing cellulose insulation, mineral wool insulation, fiberglass insulation, and spray foam insulation. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.