Gypsum Board Market To Reach USD 19500 Million by 2029, witnessing a CAGR of 3.5% - Valuates Reports
BANGALORE, India, Feb. 28, 2023 /PRNewswire/ -- Gypsum Board market is segmented by type (Regular, Moisture Resistant, Fire Resistant), by application (Residential, Commercial, Industrial, Others): Global Opportunity Analysis and Industry Forecast, 2022 - 2028. It is published in Valuates Reports under the Construction & Maintenance Category.
The global Gypsum Board Market was valued at USD 15280 million in 2022 and is anticipated to reach USD 19500 million by 2029, witnessing a CAGR of 3.5% during the forecast period 2023-2029.
Major Factors Driving The Growth Of The Gypsum Board Market
Gypsum market growth is primarily being fueled by expanding home construction trends, rapid urban migration in key economies, higher government investment in residential real estate, and rising demand for upscale residential properties. During the course of the forecast period, the rising demand for residential construction projects is anticipated to boost the worldwide gypsum board market. To fulfill the demand for housing, there has been a major undersupply globally. This provided a significant opportunity for investors and developers to adopt alternative construction techniques and form new alliances to advance development.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL GYPSUM BOARD MARKET
The demand for building materials enabling high-performance facilities has grown along with buildings' complexity and connectivity. New urban living styles are created by modern architecture. Also, there is a considerable need for building and construction materials. One of the most often utilized building materials, particularly in interior design projects, is the gypsum board. Gypsum has several uses in the construction industry because of its characteristics and many products. Gypsum board is a common surface material used in the building of walls and ceilings. This factor is expected to drive the growth of the Gypsum Board market.
Since then, gypsum has been a widely used building material, its popularity increased as a result of its capacity to produce an effortlessly smooth, white surface devoid of scars and fissures as well as an aesthetically pleasing atmosphere. Gypsum board, often known as wallboard or plasterboard, is frequently used to build sturdy, high-quality walls and ceilings that are stable and long-lasting and that are simple to decorate or refinish. Given that it can be used with insulation and soundproofing material, it has many advantages over other building materials. It can be bent, exposed to fire and water, utilized for external applications, and used on both straight and curved walls. This factor is expected to drive the growth of the Gypsum Board market.
A number of new gypsum board products that have just entered the market and are more ecologically friendly and superior in many aspects to the classic gypsum board have been developed with the aid of new technology. Gypsum board has benefits such as affordability, simplicity in finishing and installation, fire resistance, nontoxicity, sound attenuation, and availability. This factor is expected to drive the growth of the Gypsum Board market.
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GYPSUM BOARD SHARE ANALYSIS:
The two largest markets, Europe and North America account for about 40% of the global market. The revival of the housing sector following the recession is anticipated to lead to significant growth in developed regions like North America and Europe.
With a share of around 60%, regular is the most common variety. Because of its use as drywall or in decorations, regular gypsum board, also known as the standard board, is the most widely used type. Due to its healthy consumption, it commands a large portion of the market and is anticipated to maintain this dominance over the projection period. Moreover, it is more affordable than other gypsum board types, making it the first option for typical applications. Moisture-resistance board, fire-resistance board, and several other varieties of drywall boards are all included in Type X gypsum board. Pre-decorated and mobile house boards, among other gypsum board products, have a tiny market share globally but are anticipated to grow significantly over the coming years.
The primary application, which accounts for around 45% of usage, is residential. Throughout the anticipated period, the residential application segment will hold the greatest market share. The demand for this market is being fueled by factors like the expanding urban population and rising interest in materials with improved aesthetics in building design.
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Key Companies:
- BNBM
- Saint-Gobain
- Etex Corp
- Knauf
- USG
- National Gypsum
- Boral
- Yoshino
- Baier
- Jason
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SIMILAR REPORTS:
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