As per a detailed analysis by Market Research Future (MRFR), the global drywall & gypsum board market is predicted to register a CAGR of 5.95% during the forecast period (2017-2023). The surging construction activities across the globe are likely to contribute to the growth of the market. Gypsum boards are construction materials which are light in weight and are extensively used as ceilings, walls, and for partitions in residential as well as non-residential structures. Often termed as wallboard, drywall, or plasterboard, gypsum boards offer versatility, sound control, convenience, quality, and the presence of mom-combustible core differentiates them from hardboard, plywood, and fiberboard.
Market Potential and Pitfalls
The drywall & gypsum board market is gradually stealing the limelight due to the surging growth in restructuring and remodeling of the homes. The surging focus on environmentally sustainable green building construction materials which help to reduce the overhead expenditure is likely to promote the market’s growth during the assessment period. Governments across the regions are developing and promoting the construction sector and bringing in regulations and reforms to enhance the real estate market and infrastructure growth. Such factors are predicted to boost the overall drywall & gypsum board market across the globe. The Indian government has announced major policy initiatives in order to enhance the construction sector in the country. The passage of the Real Estate Act 2016, 100% deduction in profit for affordable housing construction, and the amendment to Benami Transactions Act. The changes in the arbitration norms for the construction companies are also predicted to contribute to the market’s growth. With the increased popularity of DIY users and booming construction activities across the globe, the demand for gypsum & drywall board is likely to trigger. With the booming restructuring and remodeling of homes, the market is likely to gain impetus in the long run.
On the contrary, the fluctuating prices of the raw materials are likely to restrict the growth of the market during the review period. The molding and weight problems also continue to impair the market growth across the globe.
Global Drywall & Gypsum Board Market: Segmental Analysis
The global drywall & gypsum board market has been segmented on the basis of product and end-user.
By mode of product, the global drywall & gypsum board market has been segmented into ceiling board, wallboard, pre-decorated board, and others. Among these, the wallboard segment commands the largest market share and is expected to retain its position in the long run. The booming application for wallboard in the construction of shops, malls, and offices, with its use as a wall partition system, is likely to promote the segment’s growth.
By mode of end-users, the drywall & gypsum board comprises residential and non-residential. Among these, the residential segment dominates the segment and is predicted to expand at the highest CAGR. The growth can be ascribed to the changing lifestyle of the consumers coupled with the growing disposable income of the consumers. The booming home improvement and renovation projects are considered to trigger the demand for the segment.
Considering the global scenario, the drywall & gypsum board market span across regions namely, Asia Pacific, North America, Europe, and the Rest-of-the-World (RoW).
Considering the global scenario, Asia Pacific commands for the largest market share. The regional growth owes to the rapidly booming construction activities which trigger the demand for drywall & gypsum board. In this region, Japan, China, Singapore, and India are considered the major regions are promoting the market’s growth. The high economic growth in this region requires greater commercial and institutional infrastructure spaces which fuel the market’s growth. Moreover, prominent players are shifting their production facilities to cater to high potential markets in this region due to the availability of raw materials and low-cost labor. This has positively influenced the market growth in this region. China being one of the prominent regions, the Chinese government has issues favorable policies to reduce the proportion of down payment for second house loans, which has further helped in the recovery commercial housing market. This will enhance the market growth in the long run.
May 02, 2019: The Gold Bond brand SoundBreak XP Ceiling Board is the latest addition to National Gypsum’s PURPLE family of noise-reducing drywall products. The SoundBreak XP drywall units comprise two pieces of gypsum board which is covered in a specially-designed purple paper and is laminated with a viscoelastic polymer. The boards measure 3/4 inches thick, four feet wide, and features standard lengths of 8 to 10 feet.
The prominent players operating in the global drywall & gypsum board market comprises Knauf Middle East (Dubai), USG Zawawi Drywall LLC SFZ (Oman), Global Mining Co. LLC (Oman), Gypsemna Co. LLC (Dubai), National Gypsum Co. (U.S.), Gulf Gypsum Co. (Qatar), Lafarge Group (France), Etex Group (Belgium), Taishan Gypsum Co. (China), Saint – Gobain Gyproc India Ltd (India), Kingspan Group Plc. (Ireland), Yoshino Gypsum Co., Ltd. (Japan.)., Supress Products, LLC (U.S.), Winstone Wallboards Limited (New Zealand), and Gyptec Iberica (Portugal).
Note: The COVID-19 pandemic disruption is estimated to transform the XX market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the XX market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.