Gypsum Board Industry Overview
The global gypsum board market size is expected to reach USD 109.95 billion by 2028 registering a CAGR of 11.8%, according to a new report by Grand View Research Inc. Increasing utilization of gypsum boards in decorative and partitioning applications in residential constructions is anticipated to drive the market over the forecast period. Rise in the construction industry across the globe is likely to provide growth opportunities to the market. The product demand is also driven by the residential sector, wherein, it is widely used for room partitioning.
Gypsum Board Market Segmentation
Grand View Research has segmented the global gypsum board market report on the basis of product, application, and region:
Based on the Product Insights, the market is segmented into wallboard, ceiling board, pre-decorated board and others
Wallboards emerged as the largest product segment in 2020 and accounted for a share of more than 50% owing to wide acceptance of wallboards as a substitute to plaster and lath. Increasing demand for sustainable construction is expected to drive the product demand during the forecast years.
The gypsum ceiling board is increasingly replacing other conventional counterparts including plaster in ceilings and interior walls. These ceiling boards significantly improve the thermal and sound insulation in buildings at a relatively lower cost whilst offering high rigidity and core strength.
The pre-decorated boards' segment is estimated to register the fastest CAGR from 2021 to 2028 due to the extensive usage of these products in various construction projects owing to their low maintenance and easy installation properties.
Other gypsum-based products including sheathing, plaster base, and lath are gaining traction in the market on account of their ability to enhance the architectural design and aesthetics of the building structures.
Based on the Application Insights, the market is segmented into pre-engineered buildings, residential, industrial, commercial and institutional
Gypsum is widely used in Pre-engineered Buildings (PEBs) in roofing and external wall applications. It is commonly used in industrial structures as it facilitates easy fitting in windows and doors while providing security. Pre-engineered buildings are highly economical and lightweight.
The residential application segment accounted for the largest revenue share of over 47% in 2020 and is projected to expand further at the fastest CAGR from 2021 to 2028.
Growing urban population coupled with increasing demand for aesthetically improved materials in the building architecture is likely to support the segment growth.
Moreover, design flexibility and easy fabrication offered by PEBs make them a preferred building material over other conventional alternatives, such as steel.
Laminated gypsum wallboards, with the base layer stapled to the wall and the second finished layer laminated to the base layer, are the most commonly used gypsum product in institutional applications.
Institutional construction activities are expected to witness a rapid growth rate in the coming years owing to the increasing number of K-12 school construction projects.
Gypsum Board Regional Outlook
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Most of the major companies are focusing on mergers and acquisitions of small companies in the industry to extend the geographical reach, production capacity, and product portfolio. The market is highly competitive owing to the presence of numerous multinational companies. Increasing investments in R&D by the leading players for the development of new product designs and textures are further likely to intensify the competition.
Some of the prominent players in the global gypsum board market include:
Saint-Gobain Gyproc
Knauf Gips KG
Gulf Gypsum Co.
USG Corp.
National Gypsum Company
LafargeHolcim Ltd.
Georgia-Pacific LLC
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