The global gypsum board market is expected to reach USD 79.17 billion by 2025, according to a new report by Grand View Research, Inc. Rapid economic growth in Asia Pacific and GCC countries has led to tremendous increase in migration of rural population to urban areas, thereby spurring plasterboard demand for residential accommodation.
High purchasing and borrowing power, easy availability of housing finances along with increasing number of dual income families are some key factors driving construction industry growth. The Saudi Arabian government has taken various measures in 2016 in order to address affordable housing needs of middle income families. The ministry plans to provide over 2,33,651 residential units through 187 housing projects in its pipeline. These factors are positively influencing gypsum board market growth across the region.
Pre-decorated boards are gaining wide acceptance in various construction projects owing to their low maintenance and easy installation properties which makes them cost and time effective. Growing focus towards environmentally sustainable green building construction materials, which reduces overall overhead expenses has boosted industry growth.
Residential construction is anticipated to witness high growth rate in India owing to various government’s initiatives including Smart Cities, easing FDI norms, flexible housing loans and increasing investment in urban infrastructure development. These factors are further projected to augment gypsum board demand.
U.S. gypsum board market revenue by product, 2014 – 2025 (USD Million)
Browse full research report on Gypsum Board Market
Further key findings from the report suggest:
- The global gypsum board demand exceeded 11.68 billion square meters in 2016 and is expected to grow at a CAGR of 6.1% from 2017 to 2025
- Wallboard emerged as the dominant product segment in 2016 owing to the increasing demand of cost and time effective building materials in various green building projects
- Ceiling board is also increasingly being preferred by architects since it facilitates a beautiful, homogenous appearance along with a smooth finish without any visible joints
- Gypsum products holds the potential to replace traditional building materials including wood, steel and glass owing to its wide application scope
- Abundant mineral reserves in GCC economies, including Iran has led to increased production in the region, which has created ample growth opportunities for domestic as well as international players
- Key players include Etex Group, Global Mining Company LLC, Beijing New Building Material, Lafarge, Knauf Dubai, Gypsemna, USG Zawawi LLC, Saint Gobain Gyproc and UMI Company Ltd. among others
For more information: http://www.grandviewresearch.com