Gypsum Board Market: Overview
The market size for the Gypsum Board Market was USD 45.1 Billion in 2021, and it is projected to grow at a CAGR of 11.5 percent during the forecast period. Over the forecast period, it is predicted that the country's expanding single-family and multi-family housing markets will increase demand for the products. Due to the product's capacity to offer cutting-edge designs and textures on its surface, the trend of making aesthetic changes to building structures is on the rise, projected to increase the product's penetration in high-end construction applications.
For example, ceiling and wall boards are frequently utilized to improve the inside of residential and commercial structures. Increased government spending on residential development, rising urban migration in developed nations, and rising demand for luxury housing are all predicted to support market expansion. The market's top competitors are concentrating on boosting their production capacity and introducing cutting-edge goods with enhanced strength and durability. In addition, the players are spending money on research and development to create items with designs and textures that are specifically made for interior decorative uses. In February 2022, Etex finished a significant acquisition of Australia's top three plasterboard companies. With this strategic goal, Etex is now better positioned to grow its presence in the nation's mature construction sector. The newly purchased plasterboard company in Australia added EUR 124 million to Etex's revenue in 2021.
Gypsum boards' hygroscopic characteristics make them vulnerable to water damage. They tend to absorb and hold water quickly. Gypsum boards may also cause environmental problems, such as releasing methane gas and leaching harmful substances into the groundwater due to disposal in landfills. These elements prevent the study market's expansion. Cantillana, a top producer of specialized construction solutions with headquarters in Belgium and projected net sales of EUR 80 million in 2022, was bought by Holcim in July 2022. This acquisition may strengthen the position of Holcim in building refurbishment and energy-efficient solutions.
Gypsum Board Market: COVID-19 Impact
One of the primary sectors suffering the most losses due to the worldwide pandemic COVID 19 is the gypsum board industry. Due to COVID-19, the use of gypsum board as interior wall and ceiling covering materials in commercial and residential buildings has been severely disrupted. Gypsum board is also used as a tile backer in a few damp places, such as basement walls, bathrooms, kitchens, laundry rooms, and restrooms. The suspension of international travel, lockdown laws, and safety requirements in many developing nations have delayed construction projects and altered the future of the gypsum board business. Covid 19 has generally hurt the world market.
Gypsum Board Market: Drivers
Increase In Infrastructure Spending By Government Has Fueled Market Growth
Gypsum board market trends have seen an amazing expansion in recent years, and the global market is anticipated to grow considerably over the coming years. Gypsum board demand has drawn the attention of a developing market for the application sector globally, and this development in the building industry is the main component contributing to the market's growth. The building industry is at its pinnacle in the modern world and has produced many growth prospects in the international market. Emerging nations will likely see a rise in government spending on a particular infrastructure.
Rising Construction Of Residential property Is Fueling Market Growth
Over the projection period, it is anticipated that the expanding construction sector and increased demand for single- and multi-family home construction in developing nations will boost demand for gypsum board. Due to the ability of the products to provide innovative texture and designs on the surface, rising trends of making innovations and improvements in building structures are likely to increase demand for high-end applications of construction, which can also be seen as a key driver of the growth of the global gypsum board market.
Gypsum Board Market: Restraints
Extreme Weather Conditions Affect Installation, Thus Become A Major Restraint
Challenges and constraints prevent the worldwide gypsum board market from expanding. For instance, it is challenging to install products in areas like kitchens and bathrooms because of the deterioration of products caused by continuous contact to moisture and rising temperatures.
Gypsum Board Market: Segment Overview
Wallboards Dominated Market Due to Substitute of Plaster
With a share of more than 50%, wallboards became the most popular product category in 2020 due to their widespread adoption as an alternative to plaster and lath. In the years, rising demand for environmentally friendly construction is anticipated to drive product demand. Additionally, it is anticipated that the product's continuing innovation will increase its use in high-end building applications. Gypsum ceiling board is increasingly replacing traditional materials like plaster in interior walls and ceilings. These ceiling boards enhance thermal and sound insulation in buildings while providing good stiffness and core strength at a relatively lower cost. As the number of commercial development projects worldwide increases, there will likely be a greater need for ceiling boards.
Residential Segment Dominated Market Due to High Demand for Houses
With a market share of over 47% in 2020, the residential application category is expected to grow at the quickest CAGR. A growing urban population and rising demand for materials with better aesthetics in building architecture are projected to help the segment's expansion. The demand for products in this market is also anticipated to increase due to an increase in construction projects in significant economies like China, India, Brazil, Russia, and the US. Globally expanding commercial construction projects are increasing demand for building supplies with low environmental effects, bolstering market expansion. In pre-engineered buildings, gypsum is often used for external walls and roofing (PEBs) applications. Industrial buildings typically utilize it since it makes installing windows and doors simple and still provides security. Pre-engineered structures are extremely affordable and portable.
Gypsum Board Market: Regional Landscape
North America Dominated Market Due to Sustainable Construction
In 2020, North America held the greatest revenue share (more than 43%) in the global gypsum board market. The regional market is distinguished by strong demand for environmentally friendly building practices, rapid adoption of cutting-edge technology, and the availability of competent labor. Another significant aspect fueling the market expansion is rising residential and commercial building spending in the area. Additionally, the demand is projected to increase during the forecast period due to notable manufacturers in the area. From 2022 to 2028, Asia Pacific is anticipated to grow substantially. In the upcoming years, it is projected that the region's well-established construction industry will fuel product demand together with expanding development projects in China and India. It is projected that favorable government regulations for building projects, rising foreign investment, and public-private partnerships in the main economies will open up new growth opportunities for the industry's players. However, it is anticipated that the increase will be hampered by fluctuating raw material prices and mining regulations in large economies.
Gypsum Board Market: Competitive Landscape
In February 2022, Etex finished a significant acquisition of Australia's top three plasterboard companies. With this strategic goal, Etex is now better positioned to grow its presence in the nation's mature construction sector. The newly purchased plasterboard company in Australia added EUR 124 million to Etex's revenue in 2021. Cantillana, a top producer of specialized construction solutions with headquarters in Belgium and projected net sales of EUR 80 million in 2022, was bought by Holcim in July 2022. This acquisition may strengthen the position of Holcim in building refurbishment and energy-efficient solutions.
Few Gypsum Board Market players include Saint-Gobain Gyproc, Knauf Gips KG, Gulf Gypsum Co.; USG Corp.; National Gypsum Company; LafargeHolcim Ltd.; Georgia-Pacific LLC.
Regional Classification of the Global Gypsum Board Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Gypsum Board Market
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