According to the latest report by IMARC Group, titled “Gypsum Board Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global gypsum board market size reached US$ 23.7 Billion in 2019. A gypsum board, also known as drywall and plasterboard, refers to a panel made using a mixture of gypsum and water pressed between two sheets of thick paper. It is widely used in the construction industry in walls, ceilings and partition systems, particularly in the residential and commercial building projects, as it is considered as a faster alternative to the conventional plastering process. Some of the benefits offered by gypsum boards include durability, lightweight, cost-effectiveness, ease of installation and fire-resistance.
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Global Gypsum Board Market Trends:
Gypsum board is a recyclable, green building material that aids in sustainable and low-cost construction. The growing awareness among consumers about environment-friendly and safer construction materials is escalating the demand for gypsum boards in retrofitting and renovation applications. Besides this, the gradual transition from traditional building structures to innovative architectural designs has led end users to shift toward gypsum boards. This can be attributed to the variety of designs offered by manufacturers, along with the introduction of more durable panels with improved sag resistance. They have also launched innovative products, such as air-purifying and sound-reducing gypsum boards, which contain a viscoelastic polymer middle layer between two specially formulated thin layers. Moreover, a significant rise in the number of infrastructure development projects, large-scale industrialization, favorable government initiatives, growing demand for quality housing and enhanced standards of living are some of the other factors that are propelling the growth of the market. Looking forward, the market value is projected to reach US$ 32.9 Billion by 2025, at a projected CAGR of 5.6% during the forecast period (2020-2025).
Market Summary:
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