Increasing construction activities worldwide and availability of gypsum boards in various designs to enhance aesthetic appeal of homes are some key factors driving market growth
NEW YORK, Oct. 12, 2021 /PRNewswire/ -- Reports and Data has published its latest report titled "Gypsum Board Market by Product (Pre-decorated Board, Wallboard, Ceiling Board), By Application (Pre-engineered Buildings, Industrial, Commercial, Residential, Others), and By Region Forecast to 2028."
According to Reports and Data, the global gypsum board market size was USD 44.95 billion in 2020 and is expected to reach USD 107.3 billion in 2028 and register a revenue CAGR of 11.5% during the forecast period, 2021-2028.
Gypsum board, commonly known as drywall, is widely used as a building material for walls, ceilings, and partitions in residential and commercial infrastructure owing to inherent fire resistance, enhanced sound control, high quality, and convenience of installation. Advantages of gypsum board such as low cost, easy installation and finishing, and wide availability has been boosting its demand from the construction and building industry and is a key factor expected to drive market revenue growth over the forecast period. In addition, effective waterproofing properties is contributing to increasing demand.
Gypsum board is used as partitions and linings of ceilings, walls, and roofs owing to attributes that make it a widely preferred construction material. Gypsum board is widely used in interior wall surfaces due to ease and convenience of installation as it is porous, soft, and lightweight, and can be cut using a utility knife and nail to the desired structure. Gypsum is produced from a combination of CaSO4 and crystal water making it a non-combustible material. When exposed to heat or fire, the water vaporizes thereby halting heat transfer. In addition, gypsum also maintains equilibrium of humidity and heat peaks, and acts as a thermal insulator. This has further boosted its demand from the construction industry for deployment in high-end residential and commercial buildings. Decorative gypsum boards available in the market are lightweight, offer robust strength, fireproofing, and high ductility, among others, and have become a commonly used indoor building material over the recent past.
Rapid advancements in technology have led to development of newer and more innovative gypsum board products that are more environmentally sustainable and superior as compared to conventional gypsum boards. Major manufacturers in the market are focusing on synthetic gypsum to reduce accumulation in landfills. However, fluctuation in raw material prices and high costs of gypsum board manufacturing can restrain market growth to a certain extent going ahead.
Social distancing and restrictions severely disrupted businesses and operations
Lockdowns caused disruptions in transportation and logistics
Impacted manufacturing activities and mining operations globally
Took a toll on economy of various countries
Caused sudden and drastic downturn in economic activity
Disrupted agriculture, fisheries, dairy, and other sectors
Caused loss of employment and financial crisis
Supply impacts were further compounded owing to reduced disposable income
Emergence of variants continue to cause concerns and impact normal routines
Ceiling Board Segment to Account for Largest Revenue Share:
Ceiling board segment is expected to account for largest revenue share over the forecast period, attributable to rising demand for gypsum false ceilings due to its easy installation, improved thermal and sound insulation, and cost-effectiveness as compared to other ceiling products. Gypsum board for ceilings creates a continuous surface that is suitable for most types of interior designs and this is expected to further fuel revenue growth of the segment going ahead.
Rising Application of Gypsum Boards in Residential Buildings:
Residential segment is expected to register a robust revenue CAGR over the forecast period, attributable to increasing demand for and use of gypsum boards in high-end residential apartments to boost aesthetic appeal and comfort, high preference for beautiful interior décor, and rising demand for non-toxic, easy-to-use, and cost-effective materials in the construction sector.
North America to Dominate Other Regions in Terms of Revenue Share:
North America is expected to dominate other regions in terms of revenue share over the forecast period owing to rising demand for gypsum panel products, rapidly increasing building and construction projects, abundance of natural gypsum reserves, and presence of key manufacturers in countries in the region.
Asia Pacific Market Revenue to Expand at a Robust Revenue CAGR:
Asia Pacific is expected to register robust revenue CAGR over the forecast period, attributable to rapid urbanization and growing preference for luxury homes, increasing demand for gypsum boards owing to rising number of construction and restoration projects, and increasing investment to accelerate development of more modern and secure building infrastructure.
Some points on how the report benefits stakeholders:
The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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