May 22, 2024

Gypsum Board Market is projected to Propelled by Rapid Urbanization

Gypsum board, commonly known as drywall or plasterboard, is a panel made of calcium sulfate dihydrate with the formula CaSO4·2H2O and additives such as fiber, used as an interior wall and ceiling material for buildings. Gypsum board has a number of advantages over traditional plaster and wood lath construction, as it is lighter weight, requires less labor to install, allows framing spacing up to 24 inches apart and can be easily sawed, nailed and screwed to fit access points and form cutouts for windows, doors and other openings.

The global Gypsum Board Market is estimated to be valued at US$ 56.68 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Rapid urbanization has been a major driver of the gypsum board market especially in developing countries. According to the UN, nearly 68% of the world population is projected to live in urban areas by 2050 up from 56% currently. This has created a huge demand for new residential and commercial constructions especially in Asia Pacific and Middle East Africa regions where rates of urbanization are highest. With rising disposable incomes in these regions, coupled with increasing construction activities, gypsum board which is a more affordable building material compared to cement and bricks, continues to gain widespread acceptance. Its light weight and fire resistant properties further add to its desirability for builders and developers catering to the growing urban populations.

SWOT Analysis
Strength: Gypsum board is versatile, durable and cost-effective building material. It is made of environment-friendly material gypsum that is abundantly available.
Weakness: Gypsum board has low resistance to fire and moisture. Transportation of heavy gypsum boards increases overall project costs.
Opportunity: Rising construction activities in developing economies due to rapid urbanization provides growth opportunities. Innovations to improve fire resistance and moisture resistance of gypsum boards expand its application scope.
Threats: Economic slowdowns can negatively impact overall construction sector and thereby demand for gypsum boards. Volatility in raw material prices poses threat to stable profit margins.

Key Takeaways
The global gypsum board market is expected to witness high growth. The global Gypsum Board Market is estimated to be valued at US$ 56.68 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030.

The Asia Pacific region currently dominates the global gypsum board market owing to large scale infrastructure development activities in major economies like China and India. North America also captures significant market share due to ongoing renovation and new construction projects in the US and Canada.

Key players operating in the gypsum board market are Saint-Gobain, United Mining Industries, Taishan Gypsum Co., Ltd., Knauf, Baier Group, Yoshino Gypsum Co., Ltd., Gulf Gypsum Board, Gypsemna, Georgia-Pacific Gypsum LLC, and Arcat, Inc., among others. The major players are investing in expanding production capacities and new technology adoption to strengthen their market positions.