Drywall Gypsum Board Market:
Drywall gypsum board market is estimated to grow at 5.95% CAGR from 2020 to 2027 (forecast period). The study discusses and examines the effects of the COVID-19 outbreak on the global drywall gypsum board market, including opportunities and threats, drivers, and risks.
Drywall and gypsum boards are panel products, usually known as wallboards, sheetrock, and plasterboard, used to construct interior walls and ceilings. These panel products serve as excellent fire-resistant building material by offering several advantages such as sound isolation, durability, and ease of installation.
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Key Players
The prominent participants in the drywall gypsum board market include USG Zawawi Drywall LLC SFZ (Oman), Knauf Middle East (Dubai), Gypsemna Co. LLC (Dubai), Global Mining Co. LLC (Oman), Gulf Gypsum Co. (Qatar), Etex Group (Belgium), Lafarge Group (France), Saint - Gobain Gyproc India Ltd (India), National Gypsum Co. (U.S.), Taishan Gypsum Co. (China), Yoshino Gypsum Co., Ltd. (Japan.)., Kingspan Group plc. (Ireland), Winstone Wallboards Limited (New Zealand), Supress Products, LLC (U.S.), and Gyptec Iberica (Portugal).
Market Dynamics
Increased acceptance of drywall and gypsum board as an alternative to plywood, hardboard, and fiberboard due to its unique properties such as lightweight, convenient to transport, non-combustible core, and long durability are some of the key factors predicted to fuel the growth of the global market over the forecast period. In addition, a growing emphasis on RD activities related to the cost reduction of installation and product innovation in order to improve the aesthetics of buildings is expected to increase the demand for the target product.
In addition, an increase in the emphasis on environmentally friendly green building materials to minimize carbon emissions, growing investment in infrastructure, and government measures and policies to encourage energy-efficient and sustainable development in both developed and emerging economies are also expected to help market growth.
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Market Segmentation
For this study, the global drywall gypsum board market has been segmented based on products and end-users.
Based on the product, the market has been segmented into wallboard, ceiling board, pre-decorated board, and others. Wallboard holds the largest market share of the product and is estimated to remain dominant over the forecast period, mainly due to the increasing use of wallboard in the construction of shops, offices, and malls, using it as a wall partition system. The ceiling board segment is anticipated to significantly contribute during the forecast period, primarily due to high demand from residential and non-residential construction sectors.
Based on end-user, the market has been segmented as residential and non-residential. Residential leads the application segment and is projected to rise at the highest CAGR during the forecast period. Growing demand for drywall gypsum board across the residential segment attributed to evolving customer preferences and increased consumer disposable income. In addition, increased home improvement and renovation projects also drive the demand for residential applications. The non-residential sector is expected to contribute significantly during the forecast period, mainly due to increased demand from hospitality, corporate offices, and education.
Regional Analysis
Region-wise, the global drywall gypsum board market has been segmented into North America, Asia Pacific, Europe, and the rest of the world.
The Asia Pacific region captured the largest market share, followed by Europe and North America in 2016. The demand for the market is driven by steadily growing construction activities in the region. China, Japan, India, and Singapore are the largest markets in the Asia Pacific. Economic growth in the region has made institutional and commercial infrastructure spaces more important. This encourages the development of the market. Key players worldwide are increasingly shifting their production facilities to high potential markets in the Asia Pacific, primarily due to the availability of low-cost labor and adequate stocks of raw materials. This has a positive impact on the growth of the market. China is one of the largest markets in the Asia Pacific region. The Chinese Government has issued a variety of favorable policies to minimize the share of the down payment for second-house loans and exclude sales tax for ordinary housing, which has helped to revive the commercial housing market. This will have a positive effect on the growth of the market.
North America is another significant market for drywall gypsum boards. Expanding residential and non-residential construction activities are driving the growth of the industry. The use of drywall in residential construction in Europe is expected to rise due to its growing popularity. In the rest of the world, the Middle East and South American regions are projected to make a major contribution during the forecast period, mainly due to evolving lifestyles and high growth in the construction sector.
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