Global Gypsum Market was valued at USD 2.2 billion in 2019, and is projected to register CAGR of 8.5% over the forecast period 2020–2026. Accelerating growth of construction industry, increasing urban migration and rising consumer spending on advanced construction materials are the factors augmenting the market growth.
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Increasing trends for aesthetic improvements in the building structures in light of the ability of the product to offer innovative design and textures on its surface are likely to increase its application in high-end construction. Wallboards and ceiling boards are widely used for enhancing the interiors of residential and commercial buildings.
Factors such as increasing urban migration in major economies, rise in government spending in the real estate market for residential construction coupled with the growing need for high-class residential homes is anticipated to aid the market growth. However, fluctuations in the raw material prices and regulations regarding gypsum mining may hamper the market in the forthcoming years.
Market Trends, Drivers, Restraints and Opportunity:
- Growing demand from the construction sector is expected to boost the gypsum market. In addition, recyclability of gypsum is likely to enhance the market growth during the forecast period
- Increase in demand for plaster of Paris (PoP) is likely to play a crucial role in the developing a high demand. Surge in use of PoP for wall architectures is most likely to have a high impact on the market growth
- Use of innovative methods for production is anticipated to have a positive impact on the market demand in the mining industry
- Plasterboards and wallboards are creating lucrative opportunities in the near future attributing to rising popularity
- On contrary, high capex on maintenance is likely to limit the growth factors in the forthcoming period