The Gypsum & Drywall Market Projected to Grow at a CAGR of 6.1% and Generate a Revenue of $51,910.7 Million by 2032Download Sample Reports Overview
The global gypsum & drywall market size is predicted to be valued at $51,910.7 million by 2032, surging from $29,290.5 million in 2022, at a noteworthy CAGR of 6.1%.
Impact Analysis of COVID-19 on the Gypsum & Drywall Market
The COVID-19 impact on gypsum & drywall market significant impact on the industry. Also, the construction industry was substantially hampered during the initial pandemic due to lockdowns, difficulties with the supply chain, and labor shortages. Many building projects were halted or postponed, resulting in lower demand for gypsum and drywall supplies. Moreover, the pandemic accelerated trends towards sustainable and eco-friendly building practices, leading to greater interest in lightweight and environmentally responsible gypsum and drywall solutions. Manufacturers responded by investing in R&D to meet these evolving demands. During the post-pandemic period, the gypsum & drywall market is witnessing a transformative shift in construction practices and consumer preferences. As economies recover and construction activities regain momentum, the market is projected to see a surge in demand for gypsum and drywall products in the upcoming years.
Global Gypsum & Drywall Market Analysis
The industrial and infrastructure sectors are amongst the most giant customers of drywall and gypsum boards. Gypsum is used to make drywall, glasses, ceramics, paints, adhesives, and plasters, which are then utilized to construct the walls, ceilings, floors, and roofs of residential, commercial, industrial, and institutional constructions. Drywall & gypsum are considered as appropriate constructing materials because of their sustainability feature. There is an increase in demand for affordable housing and infrastructure development. Advancements in manufacturing processes, sustainable building practices, and lightweight construction preferences further boost the market expansion in various regions. All these factors drive the gypsum & drywall market growth during the forecast period.
One of the major factor hampering the market growth is the environmental impact associated with gypsum mining and manufacturing processes. In addition, fluctuations in raw material prices could affect production costs, leading to volatility in product pricing. Moreover, regulatory changes and building codes may influence the industry's operations and demand. Competition from alternative construction materials may also pose a restraint, as builders and developers explore other options for cost-effective and sustainable building solutions. Mitigating these challenges and adopting eco-friendly practices will be crucial for the gypsum & drywall market growth.
The gypsum and drywall market presents promising opportunities as the global construction industry continues to expand. The rising demand for affordable and sustainable building materials, along with increasing urbanization and infrastructure development, boosts the need for gypsum and drywall products. These materials offer time-saving and cost-effective construction solutions, attracting builders and developers seeking efficient building practices. In addition, the market benefits from advancements in manufacturing technologies, enabling improved product quality and performance. As the demand for modern and environmentally friendly construction materials increases, the key players in the gypsum and drywall market are expected to witness several growth opportunities.
Global Gypsum & Drywall Market, Segmentation
The gypsum & drywall market is segmented on the basis of product, end user, thickness, and region.
The wallboard segment is classified into wallboard, ceiling board, pre-decorated board, and others. Among these, the pre-decorated sub-segment is anticipated to be the fastest growing during the forecast period. Pre-decorated boards are gaining popularity in a variety of building projects due to their low maintenance and quick installation, which saves money and time. The convenience of ready-to-install pre-decorated materials saves construction time and labor costs. In addition, advancements in technology and design innovation contribute to the segment growth, offering a wide range of aesthetically appealing options to meet diverse consumer preferences. The growing emphasis on environmentally friendly green building construction materials that limit complete overhead expenditures is driving the pre-decorated board industry growth.
The end user segment is further classified into commercial and residential. Among these, the commercial sub-segment is projected to witness the highest CAGR during the forecast years. Gypsum & drywall are widely utilized in commercial structures such as offices, hotels, and hospitals for internal partition walls, artificial ceilings, and sound insulation. Growing commercial construction activities and rising demand for eco-friendly & sustainable building materials are driving the commercial segment growth in the global gypsum & drywall market share. Gypsum and drywall have significance in the commercial sector because they provide a diverse and cost-effective option for interior areas. They offer useful and visually pleasing environments owing to their ease of installation, fire-resistant quality, and smooth finishing.
The thickness segment is further classified into 1/2 inch, 5/8 inch and more than 5/8 inch. Among these, the 5/8 inch sub-segment is predicted to have the fastest growth during the forecast period. Due to its increased strength and more effective fire resistance, the 5/8 inch thickness gypsum and drywall is majorly used in the construction sector. This thicker variety offers greater durability and structural stability, making it an excellent choice for commercial buildings and high foot traffic areas. Furthermore, its soundproofing capabilities lead to the creation of comfortable and noise-controlled indoor environments, increasing its popularity among architects, contractors, and developers. All these factors are projected to drive the segment growth during the forecast period.
The gypsum & drywall market size in Asia-Pacific is projected to show the fastest growth during the forecast period. The region's growing economy has led to an increase in the need for institutional and commercial infrastructure. The key market players are gradually expanding their manufacturing operations to service high-potential markets in Asia-Pacific, owing to availability to inexpensive labor and a wide variety of raw materials. Countries in Asia-Pacific have been investing heavily in infrastructure projects, such as commercial buildings, airports, and transportation networks, boosting the demand for gypsum and drywall products for interior finishing. In addition, the growing awareness of sustainable building practices in the region has led to an increase in adoption of environmentally friendly materials like gypsum and drywall, which have low Volatile Organic Compounds (VOC) emissions and are recyclable. Advancements in manufacturing processes, including improved formulations for gypsum board and drywall products, have enhanced their performance and broadened their applications in the Asia-Pacific gypsum & drywall market share.
Key Players in the Global Gypsum & Drywall Market
Some of the leading gypsum & drywall market analysis players are Saint-Gobain, USG Corporation., TECNI-GYPSUM, NATIONAL GYPPSUM (NGC), Knauf Gips KG, GYPLAC SA, BEIJING NEW BUILDINGS MATERIAL (GROUP) CO. LTD., American Gypsum Company LLC, Lafarge Group, and Global Mining Company LLC (GMC).