Gypsum Board Market Insights: Consumer Preferences and Trends
Gypsum Board Market Insights: Consumer Preferences and Trends
Gypsum Board Market Is Powered by Growth in Residential Construction Industry

The global gypsum board market is poised to grow exponentially due to a surge in residential construction activities across major economies. Gypsum board, also known as drywall or plasterboard, has emerged as an ideal construction material for walls and ceilings in residential and commercial buildings owing to properties such as fire resistance, noise absorption and cost-effectiveness. Gypsum boards consist of a non-combustible gypsum core Encapsulated between two sheets of paper. It is used as an interior wall and ceiling surfacing material in residential homes and commercial structures such as offices, hotels and shopping malls. The Global gypsum board market is estimated to be valued at US$ 56.68 Bn in 2024 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the gypsum board market are Saint-Gobain, United Mining Industries, Taishan Gypsum Co., Ltd., Knauf, Baier Group, Yoshino Gypsum Co., Ltd., Gulf Gypsum Board, Gypsemna, Georgia-Pacific Gypsum LLC, and Arcat, Inc., among others. Key players are focusing on capacity expansion plans and product launches to strengthen their market share. For instance, in 2023 Knauf expanded its annual gypsum board production capacity in South Carolina, US to cater to the rising demand from residential construction sector.

The growing demand for gypsum boards from the residential construction sector is one of the major factors driving the market. Rapid urbanization and rising disposable incomes are encouraging home ownership, especially in developing countries. This is positively impacting the sales of gypsum boards for walls and ceilings in residential buildings.

The global gypsum board market is witnessing strong growth in Asia Pacific led by China, India and other Southeast Asian countries. Rising housing construction activities coupled with government initiatives to develop affordable housing are creating favorable environment for gypsum board producers in the region. Key players are expanding their presence in Asia Pacific through joint ventures, acquisitions and new manufacturing plants to gain a larger share of the high growth regional market.

Market Key Trends

One of the key trends gaining traction in the gypsum board market is the increasing preference for moisture resistant and humidity resistant varieties. Conventional gypsum boards have limitations in high moisture conditions as they absorb water easily. To address this, key players have developed advanced gypsum boards containing additives and moisture barriers that offer protection against dampness, moisture, and mold. They have properties like barrier-coating on paper surfacing that prevents water penetration into the core. Such innovative product variants are expected to support the market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: New companies entering this market would need substantial capital investment to develop facilities and compete with existing players. Bargaining power of buyers: Buyers have moderate bargaining power in this market due to availability of close substitutes.Bargaining power of suppliers: Suppliers of raw materials have low bargaining power due to availability of alternative options.Threat of new substitutes: Substitutes like cement, metal and wood offer threats but gypsum has an advantage of being light weight and fire resistance.Competitive rivalry: The rivalry is high among the existing players to cater to the growing demand.

North America captured the largest share of the global gypsum board market in 2023. The growth in this region is attributed to the increasing residential and commercial construction activities.

Asia Pacific is estimated to be the fastest growing region during the forecast period. This is owing to the expanding construction industry and rapid urbanization in nations such as India and China. Further developments in infrastructure, transportation and commercial spaces in countries like Japan, Indonesia and South Korea propel the demand for gypsum boards in the region.

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