The global gypsum board market size was valued USD 13.29 billion in 2023. The market is projected to grow from USD 13.73 billion in 2024 to USD 18.16 billion by 2032 at a CAGR of 3.6% during the forecast period. According to a report published by Fortune Business Insights, titled “Gypsum Board Market Size, Share & Industry Analysis, By Type (Standard Board, Type X, and Others), By Application (New Housing, New Commercial, and Rework & Remodel), and Regional Forecast, 2024-2032,”
The gypsum board market has been witnessing significant growth, driven by rising demand from the construction industry and increasing adoption of sustainable building materials. Gypsum boards, commonly known as drywall, are a key component in modern construction due to their versatility, ease of installation, and cost-effectiveness. This article explores the current landscape of the gypsum board market, its key drivers, challenges, and future prospects.
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List of companies profiled in the report:
- Saint-Gobain
- Knauf
- USG Corporation
- National Gypsum Company
- Yoshino Gypsum Co. Ltd.
- USG Boral
- Eagle Materials Inc.
- China National Building Material Co., Ltd.
- Taishan Gypsum Co., Ltd
- Fletcher Building
- Cabot Gypsum ULC
Gypsum boards are widely used in residential, commercial, and industrial construction for wall, ceiling, and partition applications. These boards are composed of a non-combustible core of gypsum covered with paper. The market is segmented based on product types, application areas, and regions. Common product types include:
- Regular Gypsum Boards: For standard applications.
- Moisture-Resistant Gypsum Boards: Used in areas prone to high humidity.
- Fire-Resistant Gypsum Boards: Designed for enhanced fire safety.
- Soundproof Gypsum Boards: Used for acoustic insulation.
Key Market Drivers
- Booming Construction Industry:
- Rapid urbanization and industrialization, particularly in emerging economies, are fueling the demand for gypsum boards.
- Increasing construction of residential complexes and commercial buildings is a significant growth driver.
A gypsum board is a type of material that is used as a dry wall in several infrastructure construction activities. Accounting to the exceptional properties of the product such as low cost, ease of installation, and resistance to external factors such as water and fire, the product is being widely adopted by major businesses across the world. The presence of several large scale companies, coupled with the variations in product offerings will have a positive impact on the growth of the overall market in the coming years. The emphasis recycling products will create a subsequent demand for gypsum boards across the world. Increasing environmental concerns and depletion of resources have been the triggering factors that have encouraged manufacturers to incorporate dry walls or gypsum boards. The rising construction activities as well as industrialization will open up a huge potential for the companies operating in the global market.
Increasing Number of Company Mergers and Collaborations Will Aid Growth
The report encompasses several factors that have made influenced the growth of the market in recent years. With a bid to acquiring a wider customer base, several large scale companies are looking to acquire smaller and medium enterprises. A few of the major company mergers have been highlighted in the report. In November 2019, Saint-Gobain announced that it has completed the acquisition of Continental Building Products. The company is a US based manufacturer of construction materials and through its acquisition, Saint-Gobain will look to strengthen its portfolio of gypsum products. Saint-Gobain’s latest acquisition will have a huge impact on the growth of the gypsum board market in the forthcoming years.
Key Market Drivers
- Booming Construction Industry:
- Rapid urbanization and industrialization, particularly in emerging economies, are fueling the demand for gypsum boards.
- Increasing construction of residential complexes and commercial buildings is a significant growth driver.
- Sustainability Trends:
- Gypsum boards are recyclable and contribute to green building initiatives.
- Rising environmental awareness is encouraging the use of eco-friendly building materials.
- Technological Advancements:
- Innovations in manufacturing processes have led to the development of lightweight and high-strength gypsum boards.
- Enhanced product features such as mold resistance and thermal insulation are boosting adoption.
- Government Initiatives:
- Supportive policies for affordable housing and infrastructure development are promoting market growth.
Challenges
Despite the promising outlook, the gypsum board market faces certain challenges:
- Raw Material Price Volatility: Fluctuations in the cost of raw materials, such as gypsum and paper, can impact profitability.
- Environmental Concerns: Mining of gypsum and disposal of waste boards raise sustainability issues.
- Competition from Substitutes: Alternatives like fiber cement boards and plywood may pose a threat in certain applications.
Regional Insights
- North America:
- A mature market driven by renovation activities and stringent building codes.
- High demand for fire- and moisture-resistant gypsum boards.
- Asia-Pacific:
- The fastest-growing region, led by China, India, and Southeast Asia.
- Rapid urbanization and large-scale infrastructure projects are driving demand.
- Europe:
- Focus on energy-efficient and sustainable construction practices is boosting the market.
- Middle East & Africa:
- Expanding construction sector and increasing adoption of modern building materials.
Future Trends
- Smart Gypsum Boards: Integration of smart technologies for energy efficiency and monitoring capabilities.
- Recycled Gypsum: Growing emphasis on the use of recycled materials to minimize environmental impact.
- Customization: Rising demand for tailored solutions in terms of size, design, and functionality.
Information Source: https://www.fortunebusinessinsights.com/gypsum-board-market-102718
Asia Pacific Currently Dominates the Market; Rising Construction Activities to Aid Growth
The report analyzes the ongoing gypsum board market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, the market in Asia Pacific currently dominates the market. The constantly rising construction activities, coupled with the increasing industrialization in emerging countries such as India, China, and Japan will aid the growth of the market. Besides Asia Pacific, the market in North America will also witness considerable growth in the coming years. As of 2018, the market in North America was worth USD 16.21 billion and this value is likely to increase further in the coming years.
