The gypsum board market, a fundamental sector of the construction and interior design industries, is projected to expand at a CAGR of 12.5% over the period from 2024 to 2032. The market is driven by the expansion of the construction industry, sustainable practices, and the rising demand for prefabricated metal buildings. Gypsum price volatility remains a constraint, necessitating proactive cost management strategies. In order to meet the evolving demands of the construction and interior design industries, it appears that key participants will concentrate on sustainability, innovation, and global expansion.
The robust development of the gypsum board market in 2023 was primarily attributable to the expansion of the construction industry. In residential, commercial, industrial, and institutional construction projects, the demand for gypsum boards increased due to their adaptability, cost-effectiveness, and fire resistance. This trend is anticipated to continue, with residential construction exhibiting the highest CAGR. This growth is being driven by urbanization, population growth, and rising housing demand. Residential construction makes extensive use of gypsum boards for wall and ceiling applications, contributing to their pervasive adoption and market dominance.
Sustainability and green building practices emerged as significant market drivers in 2023, causing the gypsum board market to adopt eco-friendly production processes and materials. Due to their recyclable nature and low volatile organic compound (VOC) emissions, gypsum boards are deemed environmentally favorable. Green building certifications such as LEED (Leadership in Energy and Environmental Design) have provided additional incentives for the use of gypsum boards in construction projects. As sustainability remains a focal point, the market is anticipated to experience the highest revenue growth and CAGR from 2024 to 2032, driven by increasing awareness of environmental concerns and the advantages of utilizing sustainable building materials.
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Pre-engineered metal buildings (PEMBs) grew in prominence in 2023, contributing significantly to the expansion of the gypsum board industry. Gypsum boards are commonly used in PEMBs for wall and ceiling applications due to their simplicity of installation, fire resistance, and affordability. This trend is anticipated to continue, with the segment of PEMB exhibiting the highest CAGR between 2024 and 2032. The construction industry's shift towards more efficient and sustainable building solutions, coupled with the versatility of gypsum boards in PEMB applications, is anticipated to drive the growth of this market segment.
The potential price volatility of gypsum, a key basic material used in the production of gypsum board, is a significant restriction on the gypsum board market. The market experienced price fluctuations in 2023 due to supply chain disruptions and gypsum deposit-related uncertainties. These fluctuations can have an impact on manufacturing costs and pricing, thereby influencing market stability. While efforts are made to secure stable gypsum sources and effectively manage costs, these obstacles continue to be a hindrance, necessitating proactive strategies to mitigate their impact and ensure a steady supply of gypsum boards on the market.
In 2023, the Wallboard product segment was led by the Gypsum Board Market in terms of revenue. This segment's dominance can be attributed to its extensive implementations in residential and commercial construction projects. Due to their ease of installation, affordability, and fire resistance, gypsum wallboards are extensively utilized for interior wall and ceiling applications. In addition, they are highly customizable, making them suitable for a wide range of aesthetic preferences. The Wallboard segment is anticipated to maintain its leadership position with the highest compound annual growth rate (CAGR) from 2024 to 2032. Increasing construction activities, particularly in the residential and commercial sectors, are driving this expansion.
In 2023, the Pre-engineered Metal Buildings (PEMBs) application segment led the Gypsum Board Market in terms of revenue. Due to the widespread use of gypsum boards in PEMBs for wall and ceiling applications, this segment leads in terms of both revenue and growth potential. PEMBs favor gypsum boards due to their simplicity of installation, affordability, and fire resistance, which aligns with the construction industry's emphasis on efficient and sustainable building solutions. The PEMBs segment is anticipated to maintain its dominance during the period between 2024 and 2032, with the maximum CAGR. The continued adoption of PEMBs and the adaptability of gypsum boards in this application are anticipated to drive market expansion.
From 2024 to 2032, the market for gypsum boards is anticipated to grow at the fastest rate in the Asia-Pacific region, particularly in China and India. This expansion is fuelled by rapid urbanization, infrastructure growth, and expanding construction activities. Powered by robust residential and commercial construction markets, North America is projected to maintain its position as the region with the highest revenue percentage throughout the forecast period. Europe is expected to show steady growth, driven by the adoption of sustainable construction practices and renovations in the residential and commercial sectors.
In 2023, prominent players in the gypsum board market engaged in intense competition. The market was dominated by corporations such as USG Corporation, Knauf Gips KG, Saint-Gobain, Lafarge, Global Mining Company LLC, BPB India Gypsum, and Etex Corp. These industry leaders prioritized strategies such as product innovation, product portfolio expansion, and global market expansion via mergers and acquisitions. In the period from 2024 to 2032, it is anticipated that these market participants will continue to prioritize sustainability and green building practices, offering eco-friendly gypsum board solutions. In addition, they will investigate potential collaborations and partnerships to expand their geographic reach and meet the changing demands of customers in the construction and interior design industries.
