Gypsum Board Market Size is expected to reach USD 47.0 Billion by 2032 | IMARC Group

Summary:

• The global gypsum board market size reached USD 30.2 Billion in 2023.
• The market is expected to reach USD 47.0 Billion by 2032, exhibiting a growth rate (CAGR) of 4.9% during 2024-2032.
• Asia Pacific leads the market, accounting for the largest gypsum board market share.
• Wallboard accounts for the majority of the market share in the product type segment because of its extensive usage in the construction of interior walls and ceilings, providing advantages like simplicity of installation and design flexibility.
• Residential holds the largest share in the gypsum board industry.
• The rising trend of prefabrication in construction as manufacturers increasingly utilize gypsum boards for modular construction due to their ease of use and quick installation is supporting the market expansion.
• Furthermore, the growing popularity of interior design trends that favor open spaces and aesthetic appeal, which offer versatile design options and finishes for modern architectural styles, is contributing to the market growth.

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Industry Trends and Drivers:

• Increasing construction activities:

One of the foremost drivers of the gypsum board market is the surge in global construction activities. With urbanization on the rise and population growth leading to increased housing demand, construction projects across residential, commercial, and industrial sectors are expanding rapidly. Gypsum board, known for its lightweight, fire-resistant, and soundproofing properties, has become a preferred choice for interior walls and ceilings in new buildings. Additionally, government initiatives and investments in infrastructure development, particularly in emerging economies, are further propelling the demand for gypsum boards. As countries prioritize economic development and urban planning, the construction of schools, hospitals, offices, and residential complexes continues to accelerate, aiding the market growth.

• Growing emphasis on sustainable building materials:

With increasing awareness of environmental issues and the need for energy-efficient construction practices, builders and architects are actively seeking materials that contribute to sustainability. Gypsum board is considered an eco-friendly option, as it is made from natural gypsum, a plentiful resource. Furthermore, its production process generates minimal waste, and gypsum boards can be recycled and reused. The trend toward green building certification programs, such as Leadership in Energy and Environmental Design (LEED), is also encouraging the use of gypsum board, as it meets various sustainability criteria. As more construction projects aim for sustainability, the demand for gypsum boards is expected to rise.

• Advancements in product innovation:

Manufacturers are continuously developing new types of gypsum boards to meet diverse consumer needs and specific application requirements. Innovations include moisture-resistant boards for humid environments, fire-resistant boards for enhanced safety, and soundproof boards for noise reduction in commercial spaces. The introduction of lightweight gypsum boards has also gained popularity, as they facilitate easier handling and installation, reducing labor costs and time. These advancements improve the functionality of gypsum boards and expand their application scope in various sectors, including healthcare, education, and hospitality. As the construction industry evolves, the demand for specialized and high-performance gypsum boards will likely continue to grow.

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Gypsum Board Market Report Segmentation:

Breakup By Product Type:

• Wallboard
• Ceiling Board
• Pre-decorated Board
• Others

Wallboard accounts for the majority of shares due to its widespread use in constructing interior walls and ceilings, offering benefits such as ease of installation and versatility in design.

Breakup By End User:

• Residential
• Corporate
• Commercial
• Institutional

Residential dominates the market as the demand for housing continues to grow majorly in constructing homes and apartment complexes.

Market Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Asia Pacific holds the leading position due to rapid urbanization, increased construction activities, and substantial investments in infrastructure development in countries like China and India.

Top Gypsum Board Market Leaders:

The gypsum board market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies.

Some of the key players in the market are:

• Beijing New Building Materials Public Limited Company
• Compagnie de Saint-Gobain S.A.
• Etex NV
• Knauf Gips KG
• Yoshino Gypsum Co. Ltd.

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