1. Historical Market Size (2019): USD 24 Billion
2. Forecast CAGR (2020-2025): 5.5%
3. Forecast Market Size (2025): USD 33 Billion
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The ability of the product to have creative designs and textures on its surface and the tendency towards improvements in the construction industry is expected to increase the application of gypsum board. The rise in public spending and demand for high-quality housing are expected to result in the growth of the industry, especially propelled by the increased urban migration in major economies. The growing investments in infrastructural development in developing economies and the rising residential sector globally is expected to drive the global gypsum board industry growth. The growing renovation activities in developed regions are also expected to propel the growth of the market further.
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Industry Definition and Major Segments
Gypsum board is a panel primarily made of calcium sulphate dihydrate and is usually mounted on the outside walls and ceilings or on the interior walls and ceilings of a residential or non-residential structure. It is also known as wallboard, drywall, or plasterboard. It helps in managing sound penetration and is flexible, durable, and comfortable.
Based on product type, the market is divided:
2. Ceiling Board
3. Pre-Decorated Board
By end-use, the industry can be segmented into:
Regionally, the market can be segmented into:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
The construction sector is primarily leading the industry growth. The Asia Pacific construction market, especially, is rising rapidly in the emerging economies. The Hong Kong municipal authorities have introduced a range of initiatives to promote the construction of affordable housing. In their revised budget of 2018-19, the authorities have estimated a capital expense of HKD 23,923 million in construction in order to create more affordable apartments, an increase of 7% over the previous year’s estimate. The government has also launched the China New Urbanization project 2014-2020 to provide migrants with social housing and to extend the current urban facilities in main cities. Similarly, India’s construction sector is rising tremendously, with urban development projects and new construction activities, including bridges, barrages, highways, railways (underground), urban infrastructure, buildings, and others.
Key Market Players
The major players in the market are Beijing New Building Material (Group) Co., Ltd., Saint-Gobain, Knauf Gips KG, and USG BORAL., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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