The global gypsum board market size was nearly USD 50.68 Bn in 2022 and is likely to reach USD 142.36 Bn by 2031, expanding at a CAGR of 12.35% during 2023-2031. Increasing demand for fireproof and lightweight materials to create walls, partitions, and ceilings in construction or infrastructural development activities is expected to boost the market.
The need for building materials for interior walls or ceilings due to the surge in the construction activities is resulting in a higher demand for gypsum boards. For instance, the worldwide construction industry requires to build around 13,000 buildings each day between now and 2050 to support growing population.
Gypsum boards are made by crushing gypsum rock into fine powder and further heated to remove excess water to get plaster-like material. They are available in different sizes, thicknesses, and types to accommodate diverse construction needs. These boards possess fire-resistant and soundproofing properties.
Urbanization and industrialization play a crucial role in market expansion. Abrupt shift of the population towards urban cities leads to create a huge demand for housing projects in both the developed and underdeveloped countries. For instance, over 40% population of India is projected to live in urban cities in the next few years, which is likely to create a demand for additional housing projects.
The COVID-19 pandemic disrupted the overall supply chain of the gypsum board market. A sharp decline in demand from the construction sector due to a slowdown in construction activities adversely affected the market. Restrictions on movement, lockdowns, and workforce limitations have resulted in delays in the production and distribution of gypsum board manufacturers. However, some companies shut down their production unit and announced possible delays, due to the irregular supply of raw materials, which decreased the market growth.
Gypsum Board Market Dynamics
Major Drivers
Increasing construction and infrastructure development due to rapid urbanization is expected to drive the market during the projected period. Gypsum boards are widely used in the construction of walls, partitions, and ceilings making them essential in both new construction and renovation projects. Homeowners and businesses frequently renovate and upgrade their properties to improve aesthetics, functionality, and energy efficiency. Gypsum boards are widely used in interior remodeling projects, due to their versatility, ease of installation, and ability to achieve desired finishes.
Government initiatives toward the rehabilitation of slum areas increase the housing projects, which significantly fuel the market. According to the U.S. Census Bureau and U.S. Department of Housing and Urban Development, about 1,649,400 housing projects were authorized by building permits in 2022, of which nearly 1,392,300 housing units were successfully completed. This is 3.8% above the 2021 figures of 1,341,000.
Existing Restraints
The rising environmental concerns among people and the fluctuations in raw material costs are expected to hinder the market. Gypsum board production involves the extraction and processing of natural resources, which has a bad environmental impact. Concerns related to mining practices, waste generation, and energy consumption are emerging in the industry. However, when gypsum board is dumped into landfills, the sulfate present in it converts into toxic hydrogen sulfide due to moisture. Compliance with environmental regulations and the adoption of sustainable practices are creating challenges for manufacturers to produce these boards cost-effectively.
Emerging Opportunities
The development of green building materials is likely to create favorable opportunities for the players competing in the gypsum board market. Manufacturers are focusing on the development of eco-friendly gypsum boards, such as those with high recycled content or low volatile organic compound (VOC) emissions to reduce environmental impact. This includes developing gypsum boards with improved fire resistance, sound insulation, moisture resistance, and impact resistance properties to meet evolving customer needs and regulatory requirements.
The market players are adopting new recycling technologies to use waste materials for producing gypsum boards, which further contribute to market expansion. For instance, on December 14, 2021, Saint-Gobain Group, a global manufacturer and distributor of materials and solutions, announced the completion of installation of recycling technology at their gypsum wallboard plant based in Silver Grove, Kentucky. The technology enables plant to recycle 15000 tons of paper that got dumped at landfills.
Scope of Gypsum Board Market Report
The report on the market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Gypsum Board Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Product (Wall Board, Ceiling Board, and Pre-decorated Board), Application (Residential Sector, Industrial sector, and Commercial Sector), and Type (Standard, Type X, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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American Gypsum Company, LLC; Beijing New Building Material (BNBM) Public Ltd Co.; China National Building Material Group Corporation; Cabot Gypsum ULC; Etex Group; Everest Industries Ltd.; Fletcher Building; Eagle Materials Inc.; Eros Minerock Products LLP; Georgia-Pacific.; Global Mining Company.; Gulf Gypsum Products LLC; Thermal Insulation Cont L.L.C; Gypelite India Private Limited.; Global Gypsum Board Co LLC; Vinayak Gypsum & Interiors Pvt. Ltd.; Knauf Digital GmbH; National Gypsum Services Company; Saint-Gobain Gyproc; Sakarni Plaster India Pvt.Ltd; SCG International Corporation; ZAWAWI MINERALS LLC.; Knauf Digital GmbH; and YOSHINO GYPSUM CO.,LTD.
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Gypsum Board Market Segment Insights
Product Segment Analysis
Based on product, the gypsum board market is divided into wall board, ceiling board, and pre-decorated board. The wall board segment is estimated to hold a major revenue share of the market during the projection period, due to its versatility in use for a wide range of applications in both residential and commercial construction.
It is extensively used for interior constructions, such as walls and partitions. Its flexibility and adaptability make it a preferred choice for various construction projects. It emerged as an alternative to traditional plaster. The cost-effectiveness of wallboard compared to traditional plaster or other building materials is likely to fuel the segment.
The ceiling board segment is anticipated to expand at a considerable CAGR in the coming years, owing to the growing demand for suspended ceilings to emphasize interior aesthetics. Suspended ceilings also known as drop ceilings and are widely used in various spaces, such as commercial buildings, smart offices, retail spaces, healthcare facilities, and educational institutions. Ceiling boards play a crucial role in creating aesthetically pleasing and functional suspended ceiling systems. Ceiling boards offer a wide range of design options, textures, patterns, and finishes, which enable architects and designers to create visually striking and customized ceilings.
Application Segment Analysis
On the basis of application, the market is fragmented into residential sector, industrial sector, and commercial sector. The residential sector segment is anticipated to expand at a high CAGR during the forecast period, due to the increasing residential construction and renovation activities. Homeowners often renovate or remodel their homes to upgrade and improve the functionality and aesthetics of the building.
Gypsum boards are widely used in residential renovations for their versatility and ease of installation. Gypsum boards offer a smooth and uniform surface, which allows easy customization, such as painting, wallpaper, or adding decorative finishes. The desire for high-quality interiors and the versatility of gypsum boards contribute to their adoption in the residential market.
Type Segment Analysis
In terms of type, the market is classified as standard, type x, and others. The standard segment is estimated to hold a key market share during the projected period, owing to its fire resistance and sound insulation properties. These boards are generally light in weight than others, which makes them suitable for applications where weight is a concern, such as in renovations, high-rise buildings, and modular construction.
Standard gypsum boards offer inherent fire resistance properties, making them a preferred choice for meeting fire safety regulations and building codes. Smooth surface finish, versatility, and ease of installation are further likely to contribute to segment growth.
Regional Analysis
In terms of region, the global gypsum board market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the forecast period, due to the rising construction activities, including new construction, renovation, and remodeling projects. The region has well-defined building codes and regulations that emphasize safety, fire resistance, and energy efficiency in construction projects. Gypsum boards are known for their fire-resistant properties, acoustic insulation, and ability to meet building code requirements.
The market in Asia Pacific is anticipated to expand at a rapid pace in the coming years, owing to the rapid urbanization and increasing disposable incomes of the middle class. The region witnessing significant urbanization and population growth, particularly in countries like China and India. This demographic shift is driving the demand for residential and commercial construction projects, which further propels the demand for gypsum boards.
The growing preference for modern and aesthetically appealing interiors, which often involve the use of gypsum boards is increasing due to the rising purchasing power of the population in this region. Moreover, emerging countries are experiencing growth in the private household’s industry resulting in boosting the market. For instance, as per a report published by the government of India, the housing industry in India is one of the fastest-growing sectors. The increasing population, rising disposable incomes, and rapid urbanization are primary factors supporting the growth of this sector.
Segments
The global Gypsum board market has been segmented on the basis of
Product
- Wall Board
- Ceiling Board
- Pre-decorated Board
Application
- Residential Sector
- Industrial sector
- Commercial Sector
Type
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- American Gypsum Company, LLC
- Beijing New Building Material (BNBM) Public Ltd Co.
- China National Building Material Group Corporatio
- Cabot Gypsum ULC
- Etex Group
- Everest Industries Ltd.
- Fletcher Building
- Eagle Materials Inc.
- Eros Minerock Products LLP
- Georgia-Pacific.
- Global Mining Company.
- Gulf Gypsum Products LLC
- Thermal Insulation Cont L.L.C
- Gypelite India Private Limited.
- Global Gypsum Board Co LLC
- Vinayak Gypsum & Interiors Pvt. Ltd.
- Knauf Digital GmbH
- National Gypsum Services Company
- Saint-Gobain Gyproc
- Sakarni Plaster India Pvt.Ltd
- SCG International Corporation
- ZAWAWI MINERALS LLC.
- Knauf Digital GmbH
- YOSHINO GYPSUM CO.,LTD.
Competitive Landscape
Key players competing in the global gypsum board market are American Gypsum Company, LLC; Beijing New Building Material (BNBM) Public Ltd Co.; China National Building Material Group Corporation; Cabot Gypsum ULC; Etex Group; Everest Industries Ltd.; Fletcher Building; Eagle Materials Inc.; Eros Minerock Products LLP; Georgia-Pacific.; Global Mining Company.; Gulf Gypsum Products LLC; Thermal Insulation Cont L.L.C; Gypelite India Private Limited.; Global Gypsum Board Co LLC; Vinayak Gypsum & Interiors Pvt. Ltd.; Knauf Digital GmbH; National Gypsum Services Company; Saint-Gobain Gyproc; Sakarni Plaster India Pvt.Ltd; SCG International Corporation; ZAWAWI MINERALS LLC.; and YOSHINO GYPSUM CO.,LTD.
Some of these companies are adopting various strategies such as collaboration, partnerships, mergers, launching new products, reduction in production costs, and implementing advanced technologies to cater to customers worldwide. For instance,
- On November 24, 2022, Etex Group, one of the global building materials suppliers, signed an agreement with Knauf Digital GmbH to acquire its plasterboard business in Australia. This acquisition will help Knauf Digital GmbH to expand its business in the well-established Australian construction industry.
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