Increasing investment in the construction sector, rapid industrialization coupled with supporting government policies to drive the global gypsum board market through 2024. According to TechSci Research report, “Global Gypsum Board Market By Type, By Thickness, By Application, By Region, Competition, Forecast & Opportunities, 2024”, the gypsum board market is expected to grow at a CAGR of close to 6% during the forecast period on account of its increasing demand in the construction sector.
The Important Factors of the Global Gypsum Board Market
Gypsum boards are witnessing adoption in the construction and infrastructure industry on account of their quality, versatility, non-combustible core, and exceptional feature of providing sound control. With the rising population across the globe, the demand for commercial and domestic building constructions is also increasing, which is fuelling demand for the construction of buildings and repair activities. However, the high cost of machinery, raw material, other substitute products, and improper transportation facilities, are likely to hamper the growth of the gypsum board market during the forecast period.
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The global gypsum board market is segmented based on type, thickness, application, region, and company. Based on type, the market can be segmented into wall boards, ceiling boards and pre-decorated boards, and others. In 2018, wall boards represent the largest segment of the gypsum board market followed by pre-decorated boards, however, pre-decorated boards are expected to witness the highest growth until 2024. Based on application, the market can be categorized into the residential sector, institutional sector, industrial sector, and commercial sector.
In 2018, the residential sector was the dominant end-user segment in the gypsum board market. This can be attributed to the increasing number of affordable housing projects worldwide. The residential sector is followed by commercial and institutional sectors. The commercial sector is estimated to witness growth opportunities during the forecast period. Increasing acoustic and thermal insulation requirements for commercial structures such as theaters, malls, shops, and food centers are expected to be the primary driver for the growth of the market during the forecast period.
The Major Competitors of the Global Gypsum Board Market
- American Gypsum
- BGC (Australia) Pty Ltd
- USG Corporation (KNAUF)
- Beijing New Building Material Public Limited Company (BNBM Group)
- Chiyoda Ute Co. Ltd
- Continental Building Products, Georgia-Pacific LLC
- Global Gypsum Board Co. LLC (Gypcore)
- Jason Plasterboard (Jiaxing) Co. Ltd
- PABCO Building Products LLC
- Osman Group, and Saint-Gobain, among others, are some of the leading players operating in the global gypsum board market. Companies operating in the market are using organic strategies such as product launches, mergers, and collaborations to boost their share.
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“Asia-Pacific is expected to be the largest as well as the fastest growing market for gypsum board during the forecast period, owing to the rapidly increasing construction activities in the region. Moreover, increasing construction spending coupled with strong demand for institutional buildings in economies such as China, and India, among others is further expected to drive the Asia-Pacific gypsum market over the next few years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Gypsum Board Market By Type, By Thickness, By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of the global gypsum board market and provides statistics & information on market size, structure, and future market growth.
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The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global gypsum board market.
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