According to the new researches, the global plasterboard market is going to see tremendous growth. The global plasterboard industry was valued at USD 49.63 billion with its market volume being 14,772.9 million square meters in 2021. IndustryACR’s business intelligence report says that during the forecast period of 2021-2028 the global gypsum board market is estimated to grow at the Compound Annual Growth Rate (CAGR) of 11.8%.
Gypsum boards; also known as drywall, plasterboards, wallboards, gyprock, etc are made up of paper used for both back and front parts of boards, calcined gypsum, water, and few other materials. The market has stabilized itself as one of the fastest-growing industries with immense scope of development. The ever-rising innovations in technology and applications; in the construction sector is likely to swell the product demand. Consumers have been investing in quality construction materials coupled up with unquenchable demand from residential and commercial sectors is expected to drive the market demand.
Over the forecast period, researchers have found that the rising demand for single-family and multi-family house constructions is predicted to supplement. Currently, there has been observed an escalating demand for aesthetic additions in the residential areas with consumers preferring products that can offer creative designs and various textures on its surface; this, in turn, can lead to penetration of the wallboard sector in the high-end construction spectrum. Usually, ceiling boards and drywalls are used to add an aesthetic touch to buildings or houses as it enhances the interiors and gives the residential or commercial area a rich effect.
The market growth is aided by the heightening demand of high-end residential and commercial sectors, the government's recent interest to invest more in real estate, the ever-growing population, and swift migration in major economies. However, there's also a flip side to this coin as rigid government policies regarding gypsum mining, the ever-changing prices of raw materials, and inflexible import and export policies can also impede the growth of this sector. The new companies in the plasterboard market can analyze the tactics used by the key players such as offering time-effective services, offering durable goods, increasing their production capacities, and introducing advanced technologies and innovative applications. Additionally, these key companies who dominate the market do not ever hesitate to invest in R&D, to learn what exactly consumers want, and develop products tailored to interior decorative applications with a vast array of designs and textures.
The Global Gypsum Board Market (2021-2028)- Product Insights
Plaster and lath have been swapped for wallboards, thus enabling the wallboard market to grow exponentially and become the largest product segment in 2020, with a share value of more than 50%. Product demand is predicted to be driven by the proliferating demand for tenable construction in the forecast years. Plaster ceilings and interior walls are swiftly being replaced by gypsum ceiling boards due to their durability, cost efficiency, and easy maintenance. These ceiling boards not only offer high rigidity and core strength but also enhances sound insulation in buildings at a more cost-efficient rate. As the pre-decorated boards are easy to manage and have a simple installation process their market segment is predicted to register as the fastest CAGR from 2021 to 2028. These boards not only offer flexibility to changing workspace configuration but also offer maximum stability; ergo they are widely used in commercial sectors.
The market trend seems to follow a pattern as it prefers other gypsum-based products like sheathing, plaster base, and lath. These products are used for their ability to enhance the architectural design and aesthetics of building structures.
The Global Gypsum Board Market (2021-2028)- Application Insights
In 2020, the residential application segment accounted for the largest share of over 47%. This segment's growth will likely be increased at a faster Compound Annual Growth Rate (CAGR) owning to the ever-growing population, demand for sturdy and eye-pleasing materials, cost efficiency, etc. In Pre-engineered buildings (PEBs) gypsum is widely used for external wall applications and roofing. These buildings are not only lightweight but also inexpensive. Institutional applications use gypsum products like laminated gypsum wallboards with the base layer stapled to the wall and the second finished layer laminated to the base layer. As K-12 school construction projects are on the rise; institutional construction activities are anticipated to augment expeditiously.
The Global Gypsum Board Market (2021-2028)- Regional Insights
In 2020, the global gypsum board market was dominated by North America as it was valued to have the largest revenue share of over 43%. Efficient labor, swift adoption, using innovative technologies and applications, and a rise in demand for sustainable construction are some of the factors by which the regional market is characterized. Market growth here is driven by increasing residential and commercial spendings. Additionally, the market demand is predicted to incite over the forecast period, owing to the presence of noteworthy manufacturers.
Moving on, the report also covers how Asia-Pacific is likely to grow swiftly because of the rapid urbanization and growing constructions projects in China and India. In the coming years, the market growth is anticipated to boost on account of the well-established construction industry which is likely to drive the product demand.
Due to the growing construction industry and increasing investments in the Middle East and Africa; it is forecasted to be the fastest-growing regional market. Countries like Saudi Arabia, Oman, UAE, Kuwait, and Jordan are prospective to witness growth, in terms of revenue. A key driving factor for the region's growth is likely to be the expanding gypsum production in Saudi Arabia and Oman.
The increasing interest of the government and foreign players to invest in the construction industry along with flexible government regulations are anticipated to create new growth avenues for the market. On the flip side, unfavorable and rigid mining restrictions in major economies coupled with the ever-changing raw material prices can impede the growth.
Key Players in The Global Gypsum Market & Market Share Insights
By focusing on amalgamations and procurement of new companies in the market; the key companies are dominating the industry as it facilitates them to extend their production capacity, diversify their product portfolio and expand their geographical reach. Ascendancy in the market by various multi-national companies, in turn, has led to the creation of a competitive market. These companies invest their resources in high-quality R&D to gain insights about consumer behavior, new product launch or to study market trends and further intensify the competition. Some of the key companies in the global gypsum market include:
- Georgia-Pacific LLC
- National Gypsum Company
- Gulf Gypsum Co.
- Saint-Gobain Gyproc
- USG Corp.
- LafargeHolcim Ltd.
- Knauf Gips KG
Key Segments Discussed in the Report
In each of the sub-segments from 2017 to 2028; the report predicts revenue growth at global, regional, and country levels and also enlightens readers with the most up-to-date data on market trends. To assist this study, the global gypsum board market report has been segmented based on product outlook, application outlook, and regional outlook; by the Grand View Research.
- Ceiling Board
- Pre-decorated Board
- Pre-engineered Buildings
- South Korea
2. Middle East & Africa
- Saudi Arabia
- The U.K
4. Central & South America
5. North America
- The U.S.