Gypsum Board Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 6.15 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Gypsum Board Market Analysis
The Gypsum Board Market size is estimated at 15.91 Billion square meters in 2024, and is expected to reach 21.44 Billion square meters by 2029, growing at a CAGR of 6.15% during the forecast period (2024-2029).
COVID-19 negatively impacted the gypsum board market. During the initial stages of the pandemic, many construction projects were delayed due to government-imposed lockdowns. Reduced construction activities led to lower demand for gypsum boards in residential, commercial, and infrastructure projects, impacting sales and revenues for manufacturers and distributors. However, as restrictions were lifted, there was a surge in construction and renovation projects, driving up demand for gypsum boards and related products.
- The significant factors that are driving the market's growth are the increasing demand for gypsum boards for residential construction and rising renovation and remodeling activities globally.
- However, fluctuations in the raw material prices are expected to hinder the growth of the market studied.
- Nevertheless, rapid urbanization, population growth, and future construction investments are expected to create lucrative growth opportunities for the gypsum board market during the forecast period.
- Asia-Pacific is expected to hold the most considerable market share over the forecast period.
Gypsum Board Market Trends
The Residential Sector to Dominate the Market
- The residential sector typically accounts for a significant portion of gypsum board consumption due to the construction of new houses and the renovation or remodeling of existing residential buildings. Gypsum boards are widely used in residential construction for interior walls, ceilings, and partitions due to their ease of installation, durability, fire resistance, and soundproofing properties.
- The residential sector also drives demand for gypsum boards through home improvement and renovation projects. Homeowners often use gypsum boards to renovate their homes, such as adding new walls, partitions, or ceilings or finishing basements. Gypsum boards are preferred for these applications due to their versatility and ease of customization.
- India’s construction industry is projected to grow to USD 1.4 trillion by 2025. By 2030, an estimated 600 million people are expected to live in urban centers, resulting in a need for 25 million additional mid and ultra-luxury units. Under the National Investment Plan (NIP), India has an infrastructure investment budget of USD 1.4 trillion, with 24% earmarked for renewable energy, roads and highways, and urban infrastructure and 12% for railways.
- In India, the demand for residential properties has rapidly increased due to growing urbanization and rising household income. According to the Indian Brand Equity Foundation (IBEF), in FY 2023, India’s residential property market witnessed the value of home sales at INR 3.47 lakh crore (USD 42 billion), marking a robust increase of around 48% Y-o-Y.
- In China, in November 2023, the finance department announced it would allocate CNY 42.5 billion (USD 5.87 billion) in subsidies toward affordable housing projects in cities for 2024. The central bank also announced in January 2023 that it was raising the funds to be made available for pledges, increasing it by CNY 500 billion (USD 69 billion) for projects related to affordable housing, revitalization of cities, and infrastructure development.
- According to the report released by the US Census Bureau, in April 2024, the number of privately owned homes that were finished increased to a seasonally adjusted yearly pace of 1,623,000. This marked an increase of 8.6% from the previously revised March 2024 figure of 1,495,000, which was 14.6% higher than the rate in April 2023.
- These trends are expected to facilitate the growth of the gypsum board market over the forecast period, thereby supplementing the residential construction sector.
Asia-Pacific to Dominate the Market Studied
- Asia-Pacific is experiencing rapid urbanization and population growth, particularly in countries like China, India, and Southeast Asia. This growth drives the demand for residential, commercial, and infrastructure construction, leading to increased consumption of gypsum boards for interior partition walls, ceilings, and other applications.
- The governments in Asia-Pacific have launched initiatives to promote infrastructure development, affordable housing, and urban renewal projects. These initiatives stimulate construction activity and create a favorable environment for the gypsum board market to thrive.
- According to the National Bureau of Statistics (NBS), in China, the construction industry’s business activity index (BASI) rose from 55.9 in November 2023 to 56.9 in December 2023. The BASI score above 50 indicates growth in the industry, and the October 2023 BASI score was 53.5.
- Moreover, according to the data released by the Global Times on April 2023, in order to boost the country's development, China increased investment in infrastructure during the 1st quarter of 2023 and launched over 10,000 projects throughout the country.
- According to the data released by the Indian Brand Equity Foundation (IBEF), the capital expenditure on infrastructure increased by 33% to INR 10 lakh crore (USD 122 billion) in the budget for 2023-24.
- Furthermore, according to the IBEF, the Indian government intends to spend USD 1.4 trillion over the next five years on infrastructure via the National Infrastructure Pipeline (NIP).
- According to data published by The Japan Times, several construction companies have started the construction of skyscrapers in Tokyo. The capital has had 103,100 housing units since 2022.
- Furthermore, according to an advisory panel from Japan's Infrastructure Ministry, the Japanese Ministry of Land, Infrastructure and Transport increased construction orders to domestic companies by up to JPY 5.1 trillion (USD 45.48 billion). This will, in turn, raise demand for gypsum boards across the country.
- The demand for gypsum boards in Asia-Pacific is expected to increase significantly over the forecast period due to all such ongoing and upcoming construction and renovation activities, along with the government's renewed focus on infrastructure.
Gypsum Board Industry Overview
The global gypsum board market is consolidated. The major players (not in any particular order) include Saint-Gobain, USGKnauf, Georgia-Pacific Gypsum LLC, American Gypsum Company LLC, and EtexGroup.
Gypsum Board Market Leaders
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Saint Gobain
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Georgia-Pacific LLC
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USGKnauf
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Etex Group
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American Gypsum Company, LLC
*Disclaimer: Major Players sorted in no particular order
Gypsum Board Market News
- October 2023: Etex Group acquired the plasterboard and fiber cement businesses of BGC, an Australian construction materials company. This acquisition would allow Etex Group to broaden its footprint in Australia. With a wide range of products and good access to the channels, this acquisition would reinforce the company's plasterboard offerings and position it well for increasing fiber cement production.
- October 2022: USGKnauf announced its plans to build a new gypsum wallboard plant in Huedin, Cluj County. The investment is expected to support Romania's energy savings campaign, encouraging renovation in the country's dwellings.
Gypsum Board Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Increasing Demand From Residential Construction
- 4.1.2 Rising Renovation and Remodeling Activities
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4.2 Restraints
- 4.2.1 Fluctuating Raw Material Prices
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
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5.1 Type
- 5.1.1 Wall Board
- 5.1.2 Ceiling Board
- 5.1.3 Pre-decorated Board
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5.2 Application
- 5.2.1 Residential Sector
- 5.2.2 Institutional Sector
- 5.2.3 Industrial Sector
- 5.2.4 Commercial Sector
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5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Thailand
- 5.3.1.6 Malaysia
- 5.3.1.7 Indonesia
- 5.3.1.8 Vietnam
- 5.3.1.9 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 France
- 5.3.3.4 Italy
- 5.3.3.5 Spain
- 5.3.3.6 Turkey
- 5.3.3.7 Russia
- 5.3.3.8 NORDIC
- 5.3.3.9 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Colombia
- 5.3.4.4 Rest of South America
- 5.3.5 Middle East and Africa
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 Nigeria
- 5.3.5.3 Egypt
- 5.3.5.4 Qatar
- 5.3.5.5 South Africa
- 5.3.5.6 UAE
- 5.3.5.7 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers, Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share(%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 American Gypsum Company LLC
- 6.4.2 Beijing New Building Material Public Limited Company (BNBM)
- 6.4.3 Etex Group
- 6.4.4 Everest Industries Limited
- 6.4.5 Georgia-Pacific Gypsum LLC
- 6.4.6 Global Gypsum Board Co. LLC (Gypcore)
- 6.4.7 Gypsotonne (VOLMA0)
- 6.4.8 HOLCIM Ltd
- 6.4.9 Jason Plasterboard (Jiaxing) Co. Ltd
- 6.4.10 National Gypsum Services Company
- 6.4.11 Osman Group
- 6.4.12 PABCO
- 6.4.13 Saint-Gobain
- 6.4.14 USGKnauf
- 6.4.15 VANS Gypsum
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Future Investments in the Construction Sector
Gypsum Board Industry Overview
Gypsum board, also known as drywall or plasterboard, is a building material composed of gypsum core sandwiched between paper facings. It is commonly used for interior wall and ceiling construction in residential, commercial, and institutional buildings. Gypsum boards are available in various thicknesses and sizes to suit different applications and construction requirements. They provide a smooth and durable surface for painting, wallpapering, or decorative finishes.
The gypsum board market is segmented by type, application, and geography. By type, the market is segmented into wallboard, ceiling board, and pre-decorated board. By application, the market is segmented into the residential, institutional, industrial, and commercial sectors. The report also covers the market sizes and forecasts for the gypsum board market in 27 countries across major regions. For each segment, the market sizes and forecasts are provided in terms of volume (million square meters).
| Type | Wall Board | |
| Ceiling Board | ||
| Pre-decorated Board | ||
| Application | Residential Sector | |
| Institutional Sector | ||
| Industrial Sector | ||
| Commercial Sector | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Thailand | ||
| Malaysia | ||
| Indonesia | ||
| Vietnam | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Turkey | ||
| Russia | ||
| NORDIC | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Colombia | ||
| Rest of South America | ||
| Geography | Middle East and Africa | Saudi Arabia |
| Nigeria | ||
| Egypt | ||
| Qatar | ||
| South Africa | ||
| UAE | ||
| Rest of Middle East and Africa |
Gypsum Board Market Research FAQs
How big is the Gypsum Board Market?
The Gypsum Board Market size is expected to reach 15.91 billion square meters in 2024 and grow at a CAGR of 6.15% to reach 21.44 billion square meters by 2029.
What is the current Gypsum Board Market size?
In 2024, the Gypsum Board Market size is expected to reach 15.91 billion square meters.
Who are the key players in Gypsum Board Market?
Saint Gobain, Georgia-Pacific LLC, USGKnauf, Etex Group and American Gypsum Company, LLC are the major companies operating in the Gypsum Board Market.
Which is the fastest growing region in Gypsum Board Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Gypsum Board Market?
In 2024, the North America accounts for the largest market share in Gypsum Board Market.
What years does this Gypsum Board Market cover, and what was the market size in 2023?
In 2023, the Gypsum Board Market size was estimated at 14.93 billion square meters. The report covers the Gypsum Board Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Gypsum Board Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Gypsum Board Industry Report
Statistics for the 2024 Gypsum Board market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Gypsum Board analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
