The gypsum board market, a fundamental sector in the construction and interior design industries, is poised for strong growth with an expected CAGR of 12.5% during the forecast period of 2024 to 2032. The market is driven by the booming construction sector, sustainability practices, and the popularity of pre-engineered metal buildings. The price volatility of gypsum remains a restraint, necessitating proactive strategies to manage costs effectively. Competitive trends suggest that key players will focus on sustainability, innovation, and global expansion to meet the evolving demands of the construction and interior design industries.

Booming Construction Sector

In 2023, the gypsum board market witnessed robust growth, primarily driven by the booming construction sector. The demand for gypsum boards in residential, commercial, industrial, and institutional construction projects surged due to their versatility, cost-effectiveness, and fire-resistant properties. This trend is expected to continue, with the highest CAGR anticipated in the residential construction segment. Factors such as urbanization, population growth, and increasing housing demand are driving this growth. Gypsum boards are extensively used for wall and ceiling applications in residential buildings, contributing to their widespread adoption and market dominance.

Sustainability and Green Building Practices

Sustainability and green building practices emerged as significant drivers in 2023, pushing the gypsum board market to adopt eco-friendly manufacturing processes and materials. Gypsum boards are considered environmentally friendly due to their recyclability and low volatile organic compound (VOC) emissions. Green building certifications like LEED (Leadership in Energy and Environmental Design) have further incentivized the use of gypsum boards in construction projects. As sustainability continues to be a key focus, the market is expected to experience the highest revenue growth and CAGR during the forecast period from 2024 to 2032, driven by increasing awareness of environmental concerns and the benefits of using sustainable building materials.

Growing Popularity of Pre-engineered Metal Buildings

Pre-engineered metal buildings (PEMBs) gained substantial popularity in 2023, contributing significantly to the gypsum board market's growth. Gypsum boards are widely used in PEMBs for wall and ceiling applications due to their ease of installation, fire-resistant properties, and cost-effectiveness. This trend is expected to continue with the highest CAGR anticipated in the PEMB segment during the forecast period from 2024 to 2032. The construction industry's shift toward more efficient and sustainable building solutions, along with the versatility of gypsum boards in PEMB applications, is expected to drive the market's expansion in this segment.

Restraint in the Gypsum Board Market

One significant restraint in the gypsum board market is the potential price volatility of gypsum, a key raw material used in gypsum board production. In 2023, the market experienced price fluctuations due to supply chain disruptions and uncertainties related to gypsum deposits. These fluctuations can affect manufacturing costs and pricing, impacting market stability. While efforts are made to secure stable gypsum sources and manage costs effectively, these challenges remain a restraint, necessitating proactive strategies to mitigate their impact and ensure consistent gypsum board supply to the market.

Market Segmentation by Product: The Wallboard Product Segment Dominates the Market

In 2023, the Gypsum Board Market exhibited the highest revenue in the Wallboard product segment. This segment's dominance can be attributed to its extensive applications in construction, including both residential and commercial projects. Gypsum wallboards are widely used for interior wall and ceiling applications due to their ease of installation, cost-effectiveness, and fire-resistant properties. Moreover, they are highly customizable, making them suitable for a variety of design preferences. The Wallboard segment is expected to maintain its leadership position during the forecast period from 2024 to 2032, with the highest Compound Annual Growth Rate (CAGR). This growth is driven by increasing construction activities, particularly in the residential and commercial sectors.

Market Segmentation by Application: Pre-engineered Metal Buildings Dominate the Market

In 2023, the Pre-engineered Metal Buildings (PEMBs) segment emerged as the leading application segment in the Gypsum Board Market. This segment led both in terms of revenue and growth potential due to the widespread use of gypsum boards in PEMBs for wall and ceiling applications. Gypsum boards are favored in PEMBs for their ease of installation, cost-effectiveness, and fire-resistant properties, aligning with the construction industry's focus on efficient and sustainable building solutions. The PEMBs segment is expected to maintain its dominance during the forecast period from 2024 to 2032, exhibiting the highest CAGR. The continued adoption of PEMBs and the versatility of gypsum boards in this application are expected to drive market growth.

North America remains the Global Leader

From 2024 to 2032, the gypsum board market is expected to exhibit the highest CAGR in the Asia-Pacific region, particularly in countries like China and India. This growth is fueled by rapid urbanization, infrastructure development, and increasing construction activities. North America is projected to maintain its position as the region with the highest revenue percentage even during the forecast period as it did for 2023, driven by robust residential and commercial construction markets. Europe is expected to show steady growth, driven by the adoption of sustainable building practices and renovations in the residential and commercial sectors.

Market Competition to Intensify during the Forecast Period

In 2023, the gypsum board market witnessed intense competition among key players. Companies such as USG Corporation, Knauf Gips KG, Saint-Gobain, Lafarge, Global Mining Company LLC, BPB India Gypsum, and Etex Corp dominated the market. These industry leaders focused on strategies like product innovation, expanding their product portfolios, and global market expansion through mergers and acquisitions. As we move into the forecast period from 2024 to 2032, it is expected that these players will continue to prioritize sustainability and green building practices, offering eco-friendly gypsum board solutions. Additionally, they will explore collaborations and partnerships to expand their geographic reach and cater to evolving customer demands in the construction and interior design industries.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Gypsum Board market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Gypsum Board market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Gypsum Board market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Gypsum Board market?
• Which is the largest regional market for Gypsum Board market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Gypsum Board market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Gypsum Board market worldwide?