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The gypsum board market was valued at approximately USD 55.91 billion in 2023. During the forecast period from 2024 to 2031, the market is projected to grow at a compound annual growth rate (CAGR) of 12.7%, ultimately reaching a value of USD 137.89 billion by 2031.
The global need for environmentally friendly and sustainable building materials for residential and commercial construction is driving the gypsum board market's expansion. Growing spending on building homes and businesses in developing Asia Pacific nations like China, India, and Indonesia, along with robust economic expansion in these countries, is expected to propel the market.
The expansion of the construction industry in the United States is anticipated to drive sustained growth in the market throughout the forecast period. One of the main reasons propelling market expansion is the rising need for energy-efficient building solutions. Furthermore, it is projected that an increase in the frequency of natural disasters, such as hurricanes and wildfires, striking various parts of the United States will benefit the nation's construction industry, driving up demand for gypsum board during the projection period.
Strong growth is anticipated in developed regions such as North America and Western Europe due to the post-recession comeback in the housing sector. During the projected period, the United States is expected to be a prominent market for gypsum board due to the increased usage of wallboard in suspended ceilings and non-load-bearing walls.
The building industry uses gypsum board extensively because of its qualities, including durability, sound attenuation, and fire resistance. It was created using contemporary technology to meet specific needs. It is mostly utilized as the exterior soffit, as an area-separation wall between building units, as the surface layer of interior ceilings and walls, as a foundation for ceramic, plastic, and metal tile, as an elevator and other shaft enclosures, and to protect structural elements from fire. The majority of gypsum boards come with an aluminum foil backing, which, when placed against the framing, effectively acts as a vapor retarder for exterior walls.
One of the responsibilities of those involved in the gypsum board industry is the distribution of commodities through direct and indirect channels. Prominent companies in the sector operate through direct sales, which are managed by the makers themselves. In addition, companies use third-party distribution, mostly to reduce operational and logistical expenses.
Gypsum board is highly used in the building & construction industry for various end-uses including decorations, ceiling designs, partitioning walls, acoustic insulation, and numerous others. The versatile nature and ease in work with these boards facilitate its adoption in these numerous end-uses in the building & construction industry. The light-weight nature is one of the major reasons that have led to wider adoption of the product across the world. The usage of this board also makes a significant reduction in cost and adds extra savings to the consumer’s pocket.
Moreover, the consumer has the choice and flexibility to choose the design as per application and comfort. Designs can also be customized by consumers as key players provide the facility of customization along with several pre-sample designs. Further, players such as Gyproc (Saint-Gobain) also provide online visualization tools to ease and enhance the customer experience and choose the design of their choice.
The building and construction industry is experiencing healthy growth in emerging economies around the world on the back of rapid industrial and economic developments. This, in turn, is supporting the growth of the middle class and rise in income of families which spends a handsome amount on building and construction activities, if not new construction activities. Designing a home interior at a low cost is a matter of priority for most middle-class buckets.
Moreover, multinationals are expanding their footprint in emerging economies which is supporting the growth of this type of board in commercial buildings and activities. Further, maximization of space is an important factor for commercial businesses, and this can be effectively achieved by the use of gypsum board in partition wall applications.
Recycling of gypsum board is taking the market in a new direction. Only a small quantity of gypsum, and board products are recycled today, primarily for use in the production of new products. Rising environmental concerns are attracting a lot of negative attention from consumers, which certainly is bad for this business. To avoid loss in business and retain the faith of consumers. The players are turning towards recycling.
Most of the recycling projects, are completed in developed economies of Europe, and North America, and many begin in the upcoming years. In Norway New West Gypsum Recycling (NWGR), a gypsum recycling firm was approached by Gyproc (Saint-Gobain), and Norgips (Knauf) in 2016 for setting up of new recycling facilities in Norway. The Holmestrand plant operated by New West Gips Gjenvinning (50:50 JV of NWGR, and Norsk Gjenvinning) supplies recycled, gypsum to both Gyproc and Norgips.
Gypsum board waste, when dumped into landfills, converts the sulfate within the gypsum to poisonous hydrogen sulfide, owing to moist, airless, and carbon-containing conditions. This toxic gas is released in up to one-fourth of the gypsum or gypsum board weight into the environment. In addition, paper within the plasterboard after decomposition converts to methane gas, which could be a destructive nursery gas.
Raising major environmental concerns around the globe, and has compelled lawmakers to reinforce stringent norms, and execute them. Manufacturers are turning towards reusing to decrease the harmful impacts of gypsum dumping. The increasing cost of flue gas, and desulphurization of gypsum has raised an alarm for gypsum which is driving them to get a hand on wallboard waste.
The report will cover the qualitative and quantitative data on the global Gypsum Board Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.
Study Period | 2024-31 |
Base Year | 2023 |
Estimated Forecast Year | 2024-31 |
Growth Rate | CAGR of 12.7% from 2024 to 2031 |
Segmentation | By Product, By Applications, By Region |
Unit | USD Billion |
By Product |
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By Application |
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By Region |
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The report also helps in understanding Global Gypsum board Market dynamics, structure by analyzing the market segments, and project the Global Gypsum board Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Gypsum board Market make the report investor’s guide.
The market scope is segmented based on by Product, by Application, and by region.
Based on the Product the market is segmented into Wallboard, Ceiling Board, Pre-decorated Board, Others.
Wallboard emerged as the leading gypsum board product segment by accounting for 50.3% market the largest share in 2023. Wallboard is widely used in the construction industry for various interior applications such as walls or partitions. Increasing demand for sustainable construction in North America and Europe is expected to drive product demand over the forecast period.
Wallboard also emerged as a speedier alternative to traditional lath and plaster. Pre-decorated boards are expected to grow at the highest CAGR over the forecast period. Pre-decorated boards are gaining wide acceptance, in various construction projects owing to their low maintenance, and easy installation properties, which makes them cost and time effectively.
Based on the Application of the market is segmented into Pre-engineered Metal Buildings, Residential, Industrial, Commercial, Institutional.
The dominates segment in the market in 2023 is residential. The increasing urban population with increasing per capita disposable income is anticipated to remain the key driving factor for end-use segment growth over the forecast period. China, India, Brazil, and Saudi Arabia have significant residential construction spending over the forecast period. The most common gypsum board product utilized in residential applications is wallboard. In which the joints between the panels, and internal corners are reinforced with tape and covered with joint compound to create a surface suitable for final decoration. Population expansion with rapid urban migration is anticipated to fuel residential construction spending in countries such as China, India, and Brazil.
The residential U.S. housing industry also witnessed rapid growth, owing to easy access to home mortgage loans, and continued employment growth. Rising demand for apartments, and a burgeoning population. Pre-engineered metal buildings are expected to grow at a CAGR of 12.9% over the forecast period. PEBs are growing, at an impressive growth rate of over 25% in India owing to their wide application scope, and exceptional inherent characteristics such as easy installation, low-cost maintenance, and easy transportation to other manufacturing sites. Some other properties of PEBs making it a preferred building material in comparison with other conventional alternatives such as steel, are lightweight, design flexibility, economical and easy fabrication.
This market in North America stood at USD 16.21 billion in 2018 with the United States accounting for over two-thirds of the market. The resurgent construction industry in the region is expected to boost the market in the upcoming years. North America's market is relatively mature, and rework and remodeling activities greatly drive the demand in the region. Moreover, with environmental norms getting tighter in the region, key players are keen on reducing their overall carbon footprint and shifting to more sustainable ways.
For instance, Saint-Gobain announced its partnership with Blooming Grove Wind Farm for a supply of 120 MW wind power for 12 years. This is expected to reduce the company’s carbon footprint in the US by around 21%. The Asia Pacific dominates the gypsum board market in terms of volume. Emerging economies such as China, India, Taiwan, Thailand, and others are expected to provide lucrative growth opportunities to the market over the foreseeable period. The construction industry is witnessing relatively healthy growth in Asia Pacific as compared to other parts of the world. Further, commercial investment and activities is rapidly increasing in the region, which is likely to support market growth.
Europe leads the market in terms of recycling trends. High environmental sensitivity amongst the consumers in the region coupled with politics will support the growth of gypsum recycling activities in the region. Western European countries such as Germany, France, the UK, Spain, and Italy dominate the market. Recycling rates of gypsum waste is far high in European countries as compared to recycling rates in emerging economies such as China, where it is less than 1%. Latin America and Middle East & Africa are small markets with both combined accounting for a single digit share in the global market. Continuous social and political conflicts coupled with economic instability hinder the market growth in these regions.
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15 Apr 2024
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