April 15, 2024

Residential Construction is the largest segment driving the growth of Gypsum Board Market

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 Overview:
Gypsum board, also known as drywall or plasterboard, is a panel made of calcium sulfate dihydrate with or without additives and reinforcement. It is widely used in interior construction for wall and ceiling partitions. The properties of gypsum boards like high strength, fire resistance, mould resistance and ease of installation make them ideal for interior construction.

Market key trends:
One of the key trends in the gypsum board market is the rising demand for moisture and mold resistant gypsum boards. Traditional gypsum boards are susceptible to damage from moisture and mold. However, manufacturers have developed proprietary additives and formulations that minimize moisture absorption in gypsum boards. These moisture and mold resistant gypsum boards have higher durability and longevity as compared to standard boards. Their demand is increasing in high moisture areas like bathrooms and kitchens. This is expected to substantially drive the gypsum board market during the forecast period.

SWOT Analysis

Strength: Gypsum board is easy and quick to install, making it an affordable and efficient building material option. It is also fire resistant which makes it ideal for partitions and interior wall surfaces.

Weakness: Gypsum boards have low resistance to moisture. Exposure to excess moisture or humidity over long periods can cause boards to deteriorate. They also provide minimal insulation against heat/cold transfer compared to other materials.

Opportunity: Growing construction industry worldwide due to rapid urbanization is driving the demand for gypsum boards. They are being increasingly used in residential as well as commercial construction projects.

Threats: Fluctuations in the prices of raw materials used to manufacture gypsum boards can adversely impact the overall costs. Alternative building materials like concrete also pose competition.

Key Takeaways

The global gypsum board market is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing infrastructure development and construction activities globally.

Regional analysis: North America dominates the gypsum board market currently due to strong construction spending in the US. However, Asia Pacific is expected to emerge as the fastest growing regional market owing to rising construction in China and India.

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. Expanding their manufacturing capacities as well as exploring potential growth opportunities in developing markets can help these players gain leadership positions in the market.