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The gypsum board market is estimated to grow by USD 17.02 billion at a CAGR of 7.49% between 2023 and 2028. The rising number of infrastructural and construction activities, driven by factors such as population growth, urbanization, and economic development, is increasing the demand for construction materials and services. The rise in construction activities across the Asia-Pacific (APAC) region, fueled by rapid urbanization and industrialization, is contributing to market growth as well. The popularity of dry construction techniques, which offer advantages such as speed of construction, cost-effectiveness, and reduced environmental impact, is also driving the market as more construction projects adopt these methods.
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The market share growth by the residential segment will be significant during the forecast period. The is considered a lightweight construction material, which is widely used in the interiors and exteriors of residential buildings, including ceilings, walls, and partitions. The rapidly increasing construction activities in the residential sector due to accelerated urbanization is expected to increase the demand during the forecast period.
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The residential segment showed a gradual increase in the market share, from USD 10.37 billion in 2018. Moreover, they naturally exhibits properties such as fire resistance, light weight, durability, and sound isolation. Therefore, it is widely used in the construction of residential buildings across the world. Moreover, governments across the world are introducing various schemes to increase homeownership. For instance, the Malaysian government has announced a full stamp duty exemption for homebuyers who are buying homes for the first time in the country until 2025.
Additionally, the Malaysian government has extended the stamp duty exemption for buyers of abandoned housing projects in the country. Therefore, the exemption from stamp duty is expected to push new developers to take on half-completed projects and potentially accelerate the completion of abandoned housing projects in Malaysia. Similarly, in Australia, government schemes such as HomeBuilder and Solar Upgrade have been supporting the growth of residential construction activities. These factors are expected to drive the growth of residential construction activities in regions notably in APAC, propelling the growth of the regional market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market
Cabot Gypsum- The company offers a gypsum board comprising non-combustible, dimensionally stable gypsum rock sandwiched between a face layer of 100% recycled ivory-coloured paper and brown back paper.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including :
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
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APAC is projected to contribute 56% by 2028. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The rapidly growing construction industry and the rising demand for single-family and multi-family homes across countries in APAC, such as China, Japan, India, and others, are expected to support the growth of the market during the forecast period. In addition, ceiling boards and wallboards are used to upgrade the interior design of commercial and residential buildings. Moreover, rising migration to urban areas in APAC, along with the increased spending of governments on the real estate market for the construction of residential buildings, is expected to fuel the demand in APAC during the forecast period. Furthermore, changing lifestyles and the increasing demand for sustainable, cost-effective, and cost-saving products are driving the demand in APAC during the forecast period.
In the realm of construction, whether it's residential or commercial projects, contractors and builders alike focus on using advanced materials like Type-X board known for its fire-resistant properties. These boards, with aluminum foil backing and pre-decorated options, offer durability and safety, crucial in safeguarding against natural calamities and potential hazards like methane gas. Amidst repair activities, the industry is vigilant about minimizing environmental impact by reducing the use of toxic chemicals. E-commerce platforms play a pivotal role in sourcing and distributing these specialized materials, ensuring they meet stringent safety standards for various commercial and industrial spaces. As the sector continues to evolve, innovations in construction materials and practices will drive efficiency, sustainability, and safety across diverse building projects worldwide.
The rising number of infrastructural and construction activities is a key factor driving the global market. The market is poised for growth due to a surge in construction investments across major economies like China, India, Russia, and the US. Notably, the US Census Bureau highlights a spike in permits for residential construction, driven by the growing demand for multi-family buildings and urban migration trends. Similarly, countries such as Mexico, Australia, and Canada exhibit sustained momentum in residential construction, bolstered by moderate economic growth.
Moreover, regions like India and Australia anticipate a surge in demand for residential accommodation owing to rising population and urbanization rates. For instance, the Indian construction industry witnessed a 6.2% year-over-year growth in the final quarter of 2020, as reported by the Ministry of Statistics and Program Implementation (MOSPI). These trends indicate a rising number of infrastructural and construction activities, promising continued growth for the market in the foreseeable future.
The increase in M&A and partnerships will fuel the global market. Vendors in the market are adopting strategies such as mergers and acquisitions and partnerships to gain a competitive advantage over existing vendors as well as new entrants.
For instance, In November 2021, Compagnie de Saint Gobain SA acquired a minority stake in Livspace, which is a digital-first company focused on growing residential markets in India and other Southeast Asian countries. Similarly, In October 2021, Compagnie de Saint Gobain SA acquired RABONI Normandie, which is a multi-specialist distributor of construction materials in the market in France. The above factors will increase the growth of the global market during the forecast period.
The adverse impact of gypsum on the environment is a major challenge to global market growth. Gypsum board is a common construction material, which is also known as drywall or plasterboard. Gypsum board production can adversely impact the environment. This is because processing the gypsum releases particulates from the gypsum powder along with sulfur dioxide, nitrous oxide, as well as carbon monoxide, which are harmful to the environment.
Moreover, heating the gypsum involves high energy costs. One significant problem with gypsum is that, when left to decompose in landfills, it produces foul-smelling, lethal hydrogen sulfide gas. This hydrogen sulfide is a toxic gas that can build up in the environment as well as cause acid rain, which adversely impacts the environment. Rising environmental concerns across the world can result in a decrease in demand for gypsum boards. Therefore, these factors can hinder the growth of the market during the forecast period.
Our analysis of the Life Cycle of the Global market indicates a movement from the innovator’s stage to the laggard’s stage. The report illustrates the lifecycle of the market, focusing on the adoption rates of the major countries, including the US, China, Japan, India, and the UK. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2022 to 2027.
Global Market Customer Landscape
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
Drywall and Gypsum Board Market by Application and Geography - Forecast and Analysis
North America Drywall Texture Market by North America - Forecast and Analysis
Australia Construction Market Australia, APAC - Size and Forecast
In the realm of construction, both residential and commercial projects are thriving, driven by advancements in fire-resistant properties and sustainable building practices. Builders and contractors prioritize materials with superior thermal insulation, soundproofing, and humidity-resistant capabilities, essential for enhancing acoustics and maintaining structural integrity in diverse settings such as industrial, commercial, and institutional buildings. Pre-engineered metal buildings and prefabricated buildings are gaining popularity for their efficiency in meeting housing demands and reducing construction time. These structures often incorporate pre-decorated boards, gypsum drywall boards, and decorative plasters for functional and aesthetic purposes. Renovation and remodeling activities further drive the demand for fire-rated assemblies and innovative partition walls that cater to evolving building codes and regulations. Sustainable practices, including waste reduction and the use of eco-friendly raw materials, underscore the industry's commitment to environmental stewardship and meeting the diverse needs of today's infrastructure sector.
Moreover, In the realm of construction, both residential and commercial projects play a pivotal role in meeting diverse societal needs. Builders and developers focus on integrating fire-resistant properties into structures, ensuring safety and compliance with stringent building codes. False ceilings, aesthetics, and innovative interior walls using plasterboards and linings enhance the visual appeal and functionality of spaces. From roofs to floors, materials are chosen for their soundproof and shock-resistant qualities, addressing urban noise and structural stability concerns in industrial and commercial buildings alike. Embracing green building practices is paramount, aligning with global efforts to reduce pollution and promote sustainable living. Addressing housing demand across income levels, from single-family homes to multistory apartments and high-rise buildings, underscores the need for affordable housing initiatives and housing for all strategies. Renovation activities further enrich urban landscapes, revitalizing existing infrastructure while fostering community growth and economic resilience.
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Market Scope |
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Report Coverage |
Details |
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Page number |
169 |
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Base year |
2023 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.49% |
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Market growth 2024-2028 |
USD 17.02 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.83 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 56% |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Cabot Gypsum Co., China National Building Material Co. Ltd., Compagnie de Saint Gobain, Eagle Materials Inc, Fletcher Building Ltd., Gypelite India Pvt. Ltd., India GYPSUM PVT. LTD., Khorasan Gypsum, Knauf Digital GmbH, Koch Industries Inc., KYIV PROFIL LLC, National Gypsum Co., Osman Group, PABCO Building Products LLC, Shandong Baier Building Materials Co. Ltd., VANS Gypsum, Volma, and Yoshino Gypsum Co. Ltd. |
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Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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