Gypsum Board Market Size Poised for Remarkable Growth: Increasing Demand from Construction Sector and Rising Aesthetics Trends Drive Expansion | 2030
The global gypsum board market, valued at USD 45.1 billion in 2021, is set to witness significant growth with a projected Compound Annual Growth Rate (CAGR) of 11.5 percent during the forecast period. The expanding single-family and multi-family housing markets, along with a growing trend of aesthetic enhancements in building structures, are anticipated to drive the market’s expansion.
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Key Report Findings
- Rising Aesthetics Trends: The trend of making aesthetic changes to building structures is on the rise, leading to increased demand for gypsum boards. The products offer innovative designs and textures on their surfaces, making them ideal for high-end construction applications.
- Government Infrastructure Spending: Increased government spending on residential development, urban migration in developed nations, and growing demand for luxury housing are expected to support the expansion of the gypsum board market. These factors contribute to the growth of the construction industry.
Gypsum Board Market: COVID-19 Impact
The gypsum board industry suffered losses due to the global COVID-19 pandemic. Disruptions in construction projects, travel restrictions, and safety requirements hindered the use of gypsum boards in interior wall and ceiling covering materials for residential and commercial buildings. The pandemic’s effects on international travel and lockdown regulations significantly impacted the gypsum board business.
Gypsum Board Market: Drivers
- Infrastructure Spending: Government spending on infrastructure projects is a major driver of the gypsum board market. The construction sector’s growth has created opportunities in the global market, especially in emerging economies with increased infrastructure development.
- Residential Construction: The rising demand for single- and multi-family housing in developing nations is expected to drive the demand for gypsum boards. Their ability to provide innovative designs and textures contributes to their use in high-end construction applications.
Gypsum Board Market: Restraints
- Extreme Weather Conditions: The susceptibility of gypsum boards to water damage due to their hygroscopic nature poses a challenge. Continuous exposure to moisture and high temperatures in areas like kitchens and bathrooms can lead to deterioration of the products.
Gypsum Board Market: Segment Overview
- Wallboards Dominate: Wallboards accounted for more than 50% of the market share in 2020. They are widely adopted as an alternative to plaster and lath. The increasing demand for environmentally friendly construction and ongoing innovation in texture and design are driving product demand.
- Residential Segment Leads: The residential application segment is expected to grow at the fastest CAGR, with a market share of over 47% in 2020. Rising urbanization, demand for better aesthetics in building architecture, and construction projects in major economies contribute to this segment’s expansion.
Gypsum Board Market: Regional Landscape
- North America Dominates: North America held the largest revenue share (more than 43%) in the global gypsum board market in 2020. The region’s focus on sustainable construction practices, adoption of technology, and skilled labor contribute to its market dominance. Rising residential and commercial building spending also fuels demand.
Global Gypsum Board Market: Competitive Landscape
Prominent players in the gypsum board market are focusing on enhancing production capacity and introducing advanced products with improved strength and durability. Companies are also investing in research and development to create products designed specifically for interior decorative use.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/gypsum-board-market
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