Gypsum board, also known as drywall and plasterboard, refers to a panel made using a mixture of gypsum and water which is pressed between two sheets of thick paper and widely used as a construction material. It is widely used in the construction industry for preparing walls, ceilings and partition systems, particularly in the residential and commercial building projects. Gypsum board is considered as a faster alternative to conventional plastering process. Some of the benefits of using a gypsum board include durability, lightweight, cost-effectiveness, ease of installation, fire-resistance, etc.
According to the gypsum board market research report by IMARC Group, the market size was worth US$ 22.4 Billion in 2018. The report further anticipates the market to reach a value of US$ 31.7 Billion by 2024, at a projected CAGR of 5.8% over the forecast period.
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Global Gypsum Board Market Drivers/Constraints:
The production of gypsum board deteriorated consistently since the year 2008-2010 owing to the downturn in the construction industry. Nevertheless, in the year 2011, the industry started to recover gradually leading to a rise in the demand for gypsum boards across the world.
In addition, rising disposable incomes, rapid urbanisation as well as growing awareness of consumers about environment-friendly and safer construction materials have increased the demand for gypsum boards in retrofitting and renovation of oil buildings.
Some of the other factors that are propelling the growth of the global gypsum board market include rising population, surging infrastructural developments, large-scale industrialisation, favourable government initiatives and growing demand for quality housing and enhanced living standards.
However, there are several factors which are acting as a hindrance to the growth of the market. While it is easy to apply plaster at any curvy spaces, applying gypsum board over intricate surfaces can be a challenge.
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Gypsum Board Market Segmentation
Performance of Key Regions
1. North America
2. Asia Pacific
3. Western Europe
4. Eastern Europe
5. Middle East and Africa
6. Central and South America
Market by Product Type
2. Ceiling Board
3. Pre-decorated Board
Market by End-Use
Some of the major players operating in the industry include:
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