Gypsum board, also known as drywall and plasterboard, refers to a panel made using a mixture of gypsum and water which is pressed between two sheets of thick paper and widely used as a construction material. It is widely used in the construction industry for preparing walls, ceilings and partition systems, particularly in the residential and commercial building projects. Gypsum board is considered as a faster alternative to conventional plastering process. Some of the benefits of using a gypsum board include durability, lightweight, cost-effectiveness, ease of installation, fire-resistance, etc. A new research report by IMARC Group, titled “Gypsum Board Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimates that the market was worth US$ 22.4 Billion in 2018. The report further anticipates the market to reach a value of US$ 31.7 Billion by 2024, at a projected CAGR of 5.8% over the forecast period.
Global Gypsum Board Market Drivers/Constraints:
- The production of gypsum board deteriorated consistently since the year 2008-2010 owing to the downturn in the construction industry. Nevertheless, in the year 2011, the industry started to recover gradually leading to a rise in the demand for gypsum boards across the world.
- In addition, rising disposable incomes, rapid urbanisation as well as growing awareness of consumers about environment-friendly and safer construction materials have increased the demand for gypsum boards in retrofitting and renovation of oil buildings.
- Some of the other factors that are propelling the growth of the global gypsum board market include rising population, surging infrastructural developments, large-scale industrialisation, favourable government initiatives and growing demand for quality housing and enhanced living standards.
- However, there are several factors which are acting as a hindrance to the growth of the market. While it is easy to apply plaster at any curvy spaces, applying gypsum board over intricate surfaces can be a challenge.
Product Type Insights:
On the basis of type, wallboard represents the largest segment in the global gypsum board market as it is predominantly used as an interior surfacing for buildings. Wallboard is followed by ceiling pre-decorated board and others.
Based on end-use, the report finds that residential is currently the largest end-use sector of gypsum board. This can be accredited to the increasing affordable housing projects worldwide. Residential is followed by corporate, commercial and institutional.
On a geographical front, Asia Pacific enjoys a leading position in the market. Asia Pacific is followed by North America, Western Europe, Eastern Europe, Middle East and Africa, and Central and South America.
Although, the market is surrounded by both small and big players, the market is concentrated in nature with large players accounting for the largest share. There prevails an intense competition in the market, thereby making it challenging for the small players to survive. Some of the leading players operating in the market are:
- BNBM Group
- USG Boral
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