Gypsum Board Market Size, Share & Trends Report

Gypsum Board Market Size, Share & Trends Analysis Report By Product (Pre-decorated Board, Wallboard, Ceiling Board), By Application (Commercial, Residential), By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Feb, 2021
  • Base Year for Estimate: 2020
  • Report ID: 978-1-68038-722-3
  • Format: Electronic (PDF)
  • Historical Data: 2017 - 2019
  • Number of Pages: 143

Report Overview

The global gypsum board market size was valued at USD 45.08 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 11.8% from 2021 to 2028. Growing demand from the residential construction sector coupled with increasing consumer spending on advanced construction materials is expected to drive the product demand. The rapidly growing construction industry across the major economies, such as China, India, Brazil, Mexico, South Africa, and Russia, is expected to support the market growth. Moreover, the rising scope of innovative applications in the construction sector is likely to boost product demand. In the U.S., the market stood at USD 13.57 billion in 2020 and is anticipated to grow at a considerable CAGR over the forecast period.

The U.S. gypsum board market size, by product, 2017 - 2028 (USD Billion)

The growing construction industry and the rising demand for single-family and multi-family house constructions in the country are anticipated to augment the product demand over the forecast period. The increasing trend of making aesthetic improvements in the building structures due to the product’s ability to offer innovative designs and textures on its surface is likely to increase its penetration in high-end construction applications.

For instance, wallboards and ceiling boards are widely used to enhance the interior in residential and commercial buildings. Increasing urban migration in major economies, rise in government spending in the real estate market for residential construction, and the growing need for high-end residential homes are anticipated to aid the market growth. However, fluctuations in the raw material prices and strict regulations regarding gypsum mining may hamper the market growth.

Leading players in the market are focusing on increasing their production capacities and introduce advanced products with improved strength and durability. Moreover, the players are investing in R&D to develop products that are specific to interior decorative applications with the addition of designs and textures. These factors will support the market growth during the forecast period.

Product Insights

Wallboards emerged as the largest product segment in 2020 and accounted for a share of more than 50% owing to wide acceptance of wallboards as a substitute to plaster and lath. Increasing demand for sustainable construction is expected to drive the product demand during the forecast years. Moreover, continuous innovation in the product is likely to increase its penetration in high-end construction applications.

The gypsum ceiling board is increasingly replacing other conventional counterparts including plaster in ceilings and interior walls. These ceiling boards significantly improve the thermal and sound insulation in buildings at a relatively lower cost whilst offering high rigidity and core strength. A growing number of commercial construction projects across the globe is likely to increase the demand for ceiling boards.

The pre-decorated boards' segment is estimated to register the fastest CAGR from 2021 to 2028 due to the extensive usage of these products in various construction projects owing to their low maintenance and easy installation properties. These boards are widely utilized in commercial applications as they provide flexibility to changing workspace configuration while offering maximum stability and color retention to surfaces.

Other gypsum-based products including sheathing, plaster base, and lath are gaining traction in the market on account of their ability to enhance the architectural design and aesthetics of the building structures. Plaster-based panels consist of a special gypsum core along with multi-layered laminated face paper, which offers a high plaster bond with sag resistance and rapid installation while controlling water absorption.

Application Insights

The residential application segment accounted for the largest revenue share of over 47% in 2020 and is projected to expand further at the fastest CAGR from 2021 to 2028. Growing urban population coupled with increasing demand for aesthetically improved materials in the building architecture is likely to support the segment growth.

Moreover, a rising number of construction projects in major economies including China, India, Brazil, Russia, and the U.S. is likely to augment the product demand in this segment. Growing commercial construction activities across the globe are boosting the demand for construction materials with less environmental impact, which, in turn, is supporting the market growth.

Global gypsum board market share, by application, 2020 (%)

Gypsum is widely used in Pre-engineered Buildings (PEBs) in roofing and external wall applications. It is commonly used in industrial structures as it facilitates easy fitting in windows and doors while providing security. Pre-engineered buildings are highly economical and lightweight.

Moreover, design flexibility and easy fabrication offered by PEBs make them a preferred building material over other conventional alternatives, such as steel. Laminated gypsum wallboards, with the base layer stapled to the wall and the second finished layer laminated to the base layer, are the most commonly used gypsum product in institutional applications. Institutional construction activities are expected to witness a rapid growth rate in the coming years owing to the increasing number of K-12 school construction projects.

Regional Insights

North America led the global gypsum board market in 2020 accounting for the largest revenue share of over 43%. The regional market is characterized by a high demand for sustainable construction coupled with quick adoption of advanced technology and availability of skilled labor. Increasing residential and commercial construction spending in the region is another key factor driving the market growth. Moreover, the presence of prominent manufacturers in the region is likely to spur the demand over the forecast period.

Asia Pacific is projected to register a significant growth rate from 2021 to 2028. The well-established construction industry in the region coupled with growing construction projects in China and India is anticipated to drive product demand, thereby boosting the market growth in the coming years.

The Middle East & Africa is anticipated to be the fastest-growing regional market over the forecast period due to the growing construction industry along with growing investments in the region. Countries, such as Qatar, Oman, and Jordan, are likely to witness significant growth, in terms of revenue. Increasing gypsum production in Oman and Saudi Arabia is anticipated to remain a key driving factor for the region’s growth.

Favorable government regulations for the construction projects coupled with increasing investments from foreign players and public-private partnerships in the major economies are anticipated to create new growth avenues for the industry players. However, fluctuating raw material prices and mining restrictions in major economies are expected to hamper the growth.

Key Companies & Market Share Insights

Most of the major companies are focusing on mergers and acquisitions of small companies in the industry to extend the geographical reach, production capacity, and product portfolio. The market is highly competitive owing to the presence of numerous multinational companies. Increasing investments in R&D by the leading players for the development of new product designs and textures are further likely to intensify the competition. Some of the prominent players in the global gypsum board market include:

  • Saint-Gobain Gyproc

  • Knauf Gips KG

  • Gulf Gypsum Co.

  • USG Corp.

  • National Gypsum Company

  • LafargeHolcim Ltd.

  • Georgia-Pacific LLC

Gypsum Board Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 49.63 billion

Market volume in 2021

14,772.9 million square meters

Revenue forecast in 2028

USD 109.95 billion

Volume forecast in 2028

24,152.9 million square meters

Growth Rate

CAGR of 11.8% from 2021 to 2028 (Revenue-based)

Base year for estimation

2020

Historical data

2017 - 2019

Forecast period

2021 - 2028

Quantitative units

Volume in million square meters, revenue in USD million/billion, and CAGR from 2021 to 2028

Report coverage

Volume forecast, revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; U.K.; Russia; China; India; Japan; South Korea; Brazil; Bahrain; Kuwait; Qatar; Oman; Saudi Arabia; UAE; Jordan; Iraq; Iran; Egypt; Syria; Turkey; Libya; Sudan

Key companies profiled

Saint-Gobain Gyproc; Knauf Gips KG; Gulf Gypsum Co.; USG Corp.; National Gypsum Company; LafargeHolcim Ltd.; Georgia-Pacific LLC

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global gypsum board market report on the basis of product, application, and region:

  • Product Outlook (Volume, Million Square Meters; Revenue, USD Million, 2017 - 2028)

    • Wallboard

    • Ceiling Board

    • Pre-decorated Board

    • Others

  • Application Outlook (Volume, Million Square Meters; Revenue, USD Million, 2017 - 2028)

    • Pre-engineered Buildings

    • Residential

    • Industrial

    • Commercial

    • Institutional

  • Regional Outlook (Volume, Million Square Meters; Revenue, USD Million, 2017 - 2028)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

      • Russia

    • Asia Pacific

      • China

      • India

      • Japan

      • South Korea

    • Central & South America

      • Brazil

    • Middle East & Africa

      • Bahrain

      • Kuwait

      • Qatar

      • Oman

      • Saudi Arabia

      • UAE

      • Jordan

      • Iraq

      • Iran

      • Egypt

      • Syria

      • Turkey

      • Libya

      • Sudan

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