Governmental support to address the housing imbalance is anticipated to propel the global gypsum board market growth throughout the forecast period
The Global Gypsum Board Market is expected to grow from USD 47.6 Bn in 2020 to USD 106.6 Bn by 2027, at a CAGR of 12.3%.
The global gypsum board demand is driven by the hospitality industry, which requires quick infrastructural development to capitalize on rising tourism, which utilizes gypsum boards. Gypsum boards are easy to install, as well as economical and time-efficient in terms of installation. Due to its constructive characteristics such as fire resistance, sound isolation, durability, economy, and adaptability, the gypsum board market is expected to divert a significant chunk of income from plywood, hardboard, and fibreboard sectors to its domain.
Based on deployment, the gypsum ceiling board is expected to have a significant market share in 2020, owing to the increase in construction. The increasing demand for gypsum ceilings in mobile homes is anticipated to foster market growth in the near future. Gypsum wall and ceiling panels are used by manufactured house builders. For instance, in August 2021, The US shipped 105,000 units of new manufactured homes. Additionally, gypsum is a natural mineral that is used in blackboard chalk, drywall, and mobile home wallboards. It is inexpensive, lightweight, and does not require finishing. These characteristics makes it an ideal material for ceilings.
Moreover, governmental plans for residential houses to the homeless is expected to foster the gypsum board market demand. According to the Indian Population Census (2020), there are 1.77 million homeless people in India. Since October 2018, the Indian government has suggested a strategy to tackle the critical situation. The Pradhan Mantri Awas Yojana (PMAY) is a program that offers cheap housing to the urban poor, to construct 20 million affordable houses by March 31, 2022. Such government programs aimed at providing cheap homes are expected to bolster the gypsum board market demand. Gypsum Association member firms have been developing unique solutions for the industrial application market in recent years. Exterior gypsum sheathing, and impact-resistant gypsum panels, mold, and moisture resistant panels, are among some of the various featured panels, that are some unique solutions available in the market. Gypsum boards are used in a variety of heavy operating facilities across the globe, because of their easy availability and ease of installation as compared to conventional plasters.
Global Gypsum board Market by Region Outlook (Revenue, USD Million, 2021-2027)
In terms of geography, North America is expected to dominate the gypsum board market during the forecast period, due to governmental support in residential housing development. The US is the global largest residential building market and one of the global key growth markets. Residential development in the country is expected to expand at a rate of about 6% each year since there is an increase in single-family and multi-family housing in the country. Almost 80% of people choose single-family housing as a long-term goal, and almost 70% of people accomplish this goal. The number of residences being built each year is rising considerably.
Additionally, many governments throughout the world are working to address the housing supply-demand imbalance. For example, In the UK, to address the housing supply issue in the Manchester City Council has worked with other developers to create 500 sites around Greater Manchester and Liverpool through separate development plans.
The Global Gypsum board Industry Segmentation:
Global Gypsum board Market by Type Industry Outlook (Revenue, USD Million, 2021-2027)
Global Gypsum board Market by Deployment Industry Outlook (Revenue, USD Million, 2021-2027)
Global Gypsum board Market by Application Industry Outlook (Revenue, USD Million, 2021-2027)
Key Findings:
Company Profiles and Competitive Intelligence
The key players operating in the gypsum board market are:
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