The 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:
The gypsum board market consists of manufacturing and sales of gypsum wallboards and other related products. Gypsum boards are widely used interior walls and ceilings in residential and commercial infrastructure projects due to its fire resistance properties and affordable cost. Rapid urbanization and increasing construction activities for residential and commercial buildings are major factors driving demand for gypsum boards.
Market Dynamics:
The gypsum board market is primarily driven by rapid urbanization and infrastructure development activities across the globe. According to the United Nations, around 68% of the total global population is expected to live in urban areas by 2050. This rapid urbanization is increasing demand for housing and commercial construction which in turn is propelling the gypsum board market growth. Furthermore, growing remodeling and renovation activities of old buildings is another factor augmenting market growth. However, availability of substitutes such as cement board and wood fiber boards can hinder the market growth.
SWOT Analysis
Strength: Gypsum board has high strength, durability, fire resistance and low costs which makes it a preferable option for interior construction. It is easy to install, lightweight and provide sound insulation between rooms.
Weakness: Gypsum boards have low resistance to moisture which makes it unsuitable for high humidity areas. Transportation of gypsum boards over long distances increases costs.
Opportunity: Increasing construction of residential and commercial buildings across developing nations owing to rising income levels and urbanization presents an opportunity for market growth. Rapid infrastructure development also drives the gypsum board market.
Threats: Fluctuations in raw material prices especially gypsum and cellulose pose challenges. Limited availability of skilled labor for installation in some regions act as a threat.
Key Takeaways
The global gypsum board market is expected to witness high growth, exhibiting a CAGR of 12% over the forecast period, due to increasing construction activities across the world. Rapid urbanization and growing population are driving the demand for residential and commercial infrastructure development.
Regional analysis - Asia Pacific dominates the global gypsum board market and is expected to grow the fastest, registering a CAGR of over 13% during the forecast period. Increasing construction spending in China, India and other Southeast Asian countries is anticipated to boost regional market growth.
Key players - 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. Saint Gobain commands the largest market share globally and is expanding production capacity to meet rising demand.
