Gypsum Board Market - Segmented by Type (Wall Board, Ceiling Board, Pre-Decorated Board, and Others), Thickness (1/2-inch, 5/8-inch, Others), Application (Residential Sector, Institutional Sector, Industrial Sector, and Commercial Sector), and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global gypsum board market is expected to reach 24,174.22 million square meters by 2023, at an estimated CAGR of 6.36% over the forecast period of 2018-2023. The growth is largely fuelled by the increasing investment in the construction sector in the emerging economies of the Asia-Pacific region. Moreover, the repair construction activities in the developed nations is also expected to fuel the market growth. However, the gypsum board disadvantage, which is prone to water damage can act as a restraint for the market.
Increasing Investments in the Construction Sector in Emerging Economies of Asia-Pacific
The construction sector in emerging economies of the Asia-Pacific region has been growing rapidly. The housing authorities of Hong Kong have launched a number of measures to push-start the construction of low-cost housing. The authorities have projected a capital expenditure of HKD 23,923 million in construction, in its proposed budget for 2018-19, i.e., 7% higher than the budget allotted for the fiscal year 2017, in order to the construct more affordable apartments. The China New Urbanization project 2014-2020 has also been initiated by the government, in order to provide social housing to migrants, as well as, expand the existing urban facilities in major cities. Similarly, the Indian construction sector is growing at a tremendous rate (approximately 7-8%), with urbanization projects and new construction activities, such as bridges, dams, roads, railways (metro rails), urban infrastructures, buildings, and others. Hence, such investments and planned projects are expected to drive the market for gypsum boards in the coming years.
Residential Sector -A Huge Market Potential
By application, the residential sector occupied the largest share in 2017 and is also expected to be the fastest growing market during the forecast period. Gypsum boards are used in the houses for the walls (wall boards), ceilings (ceiling boards), exterior sheathing, fire-resistant partitions, and membranes, etc. Single-layer gypsum boards are the most common in the residential sector. Due to the low-cost and lesser construction time required, the demand for these boards in the residential sector is increasing significantly. Hence, the residential sector holds huge market potential for the gypsum board market.
North America to Dominate the Market
North America stands to be the largest market for gypsum board. In North America, the United States dominates the market. In the United States, with the growing trend of multi-family building, and rise in migration to cities, the US Census Bureau has been providing more permits for the construction of new residential buildings, which is likely to drive the market for gypsum boards in the country. However, the Asia-Pacific region holds great potential for growth. China is likely to register the highest growth in the region during the forecast period, which is expected to be driven by the increasing investments, and growing construction projects in the country.
The major players include -USG Corporation, Saint-Gobain, Georgia-Pacific, BNBM group, and Continental Building Products, among others.
Gypsum Board Market Report Summary
North America, South America, Asia-Pacific, Europe and Middle East & Africa
USG Corporation, Saint-Gobain, Georgia-Pacific, BNBM group, and Continental Building Products, etc.
Report offers latest trends, growth prospects, industry competitiveness, major players, value chain, region & country market analysis and forecast to 2023
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