Global Gypsum Board Market to cross US$ 30 Billion by 2023
united states, 14 June 2018 -- The global gypsum board market is growing at a healthy rate. This can be accredited to several factors such as rising disposable incomes, rapid urbanisation and industrialisation, government support and a strong demand from the construction industry.
Gypsum board, commonly known as drywall, is a panel made by using an amalgamation of gypsum and water, pressed amidst two sheets of thick paper. It acts as a building material for walls, ceilings as well as partition systems in residential and commercial buildings. Gypsum board is considered as a speedier alternative to traditional plastering process. Some of the benefits of using a gypsum board include durability, lightweight, cost-effectiveness, ease of installation, fire-resistant, etc. A new research report by IMARC Group, titled “Gypsum Board Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market was worth US$ 21 Billion in 2017. The report further anticipates the market to cross US$ 30 Billion by 2023, at a projected CAGR of more than 6% over the forecast period.
Owing to the global economic crises, the production of gypsum deteriorated consistently since the year 2008-2010. Nevertheless, the revival of the construction industry in the year 2011 has led to a rise in the demand for gypsum boards across the world.
In addition, rising disposable incomes, urbanisation, awareness and growing fascination of consumers about environment-friendly and safer construction materials have increased the demand of gypsum boards for retrofitting and renovation of oil buildings.
Some of the other factors that are propelling the growth of the global gypsum board market include increasing population, infrastructural developments, large-scale industrialisation, growing demand for quality housing and better living standards, and favourable government policies.
However, there are several factors that hamper the market growth. While it is easy to apply plaster at any curvy spaces, applying gypsum board over intricate surfaces can be quite challenging.
On the basis of type, wallboard represents the largest segment in the global gypsum board market. Wallboard is followed by ceiling pre-decorated board and others.
Based on end-use, the report finds that residential is currently the largest end-use segment of gypsum board. It is followed by corporate, commercial and institutional.
On a geographical front, North America enjoys a leading position in the market. North America is followed by Asia Pacific, Western Europe, Eastern Europe, Middle East and Africa, and Central and South America.
The market is moderately fragmented and surrounded by the presence of both small and large manufacturers. There prevails an intense competition in the market, thereby making it challenging for the small players to survive. Some of the leading players operating in the market are:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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