Gypsum Board Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

New York, Aug. 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Gypsum Board Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06316172/?utm_source=GNW
However, the market has recovered significantly in 2021, owing to rising consumption from various end-use applications including residential, commercial sectors, and others.

Key Highlights
Over the short term, key factors driving the growth of the market studied include, increasing product demand for residential construction and rising repair activities across the globe.
However, gypsum boards are prone to water damage, owing to their hygroscopic properties. They easily tend to absorb and retain water. Also, dumping gypsum boards in landfills can result in environmental issues such as leaching toxic chemicals into the groundwater and releasing methane gas. Such factors are hindering the studied market’s growth.
Nevethless, future investments in the construction sector is expected to create lucrative growth opportunities for the major players operating in the global gypsum board market over the forecast period.

Key Market Trends

Increasing Product Demand from the Residential Sector

The increasing demand for residential projects worldwide is expected to drive the global gypsum board market over the forecast period. Globally, there has been a significant undersupply to meet the demand for housing. This presented a major opportunity for investors and developers to embrace alternative methods of construction and new partnerships to bring forward development.
Gypsum board is used as a covering material for interior walls and ceilings in residential buildings. In addition, the product is used in building lightweight and durable walls. The low cost and lesser construction time required are factors benefiting the demand for these boards in the residential sector.
Major cities in economies including China, India, Brazil, Argentina, and others are expanding and require additional housing to accommodate people who are migrating from various regions of the country.
The primary drivers of the growth of the gypsum market are as follows, the rising trend of home construction, rapid urban migration in major economies, increased government spending in the real estate market for residential construction, along with the growing demand for high-class residential homes.
In addition, the gypsum market is being driven by rising real estate costs, particularly the development of single-family homes and multistory apartments in emerging economies. The market is expanding as a result of the rapidly expanding urban population and the rise in housing demand.
Residential construction widely relies on a variety of gypsum products such as gypsum boards, panels, finish compounds, and accessories. One of the factors driving demand for the residential construction market in China is the rising pace of urbanization, noting that at the end of 2020, China’s urbanization ratio was around 64% and this ratio is expected to rise over the next five years up to 70% to 75%. Between 2000 and 2020, an estimated 415 million new residents settled in China’s cities, and an estimated 208 million will settle by 2040, according to estimates by the United Nations.
The Indian government has been actively boosting housing construction, as it aims to provide homes to about 1.3 billion people. The country is likely to witness around USD 1.3 trillion of investment in housing over the next seven years and is likely to witness the construction of 60 million new homes in the country.
Furthermore, in the United Kingdom, with an investment of USD 333 million, the construction of a 40-story residential tower and a 14-story office building at Albion Street in Central Manchester was commissioned in the third quarter of 2021, with completion estimated by 2024.
In January 2022, James Hardie Building Products Inc. released the results from a survey of 1,000 United States homeowners, stating the driving forces behind the home renovation boom during the COVID era. The survey illustrates the impact of homeowners’ concerns about severe weather on their home renovation spending and choices.
Such trends are projected to augment the residential sector, thereby benefiting the demand for the gypsum board market over the forecast period.

North America Region to Dominate the Market

The North America region dominated the global market share. Rising regional residential, commercial and other construction activities are projected to benefit the product demand.
The United States has one of the world’s largest construction industries, which accounted for USD 1,469.15 billion in 2020 and grew further in 2021. According to the US Census Bureau, overall, in the full year of 2021, construction spending accounted for USD 1,589.0 billion, 8.2% above USD 1,469.2 billion in 2020, thereby increasing the consumption of gypsum boards in the country.
According to the Federal National Mortgage Association (Fannie Mae), residential house construction, including privately?owned housing units authorized by building permits in January, was at a seasonally adjusted annual rate of 1,899,000. This accounted for 0.7% above the revised December rate of 1,885,000 and 0.8% above the January 2021 rate of 1,883,000. ?
Apart from these activities, the United States is one of the most powerful nations with strong economic growth, being home to the world’s giant companies like Google, Facebook, Apple, Microsoft, and Amazon, investing in constructing new offices and data centers in the United States. ?
Furthermore, according to the American Institute of Architects, the overall non-residential building construction in the United States is expected to grow to 3.1% in 2022. The construction of hotels is expected to rise by 8.8% in 2022 and of office spaces by 0.1%.
Moreover, in Canada, according to the Canadian Construction Association, the construction sector is one of Canada’s largest employers and a major contributor to the country’s economic success. The industry contributes 7% of the country’s Gross Domestic Product (GDP).?
?As part of the ‘Investing in Canada Plan,’ the government has announced plans to invest nearly USD 140 billion in infrastructure developments by 2028. ? In addition, various government projects, such as New Building Canada Plan (NBCP) and Affordable Housing Initiative (AHI), are supporting the sector’s growth. ?In Canada, the residential and commercial sectors have been witnessing steady growth in the recent past.
All such ongoing and upcoming construction and renovation activities, coupled with the government’s refocus on the infrastructure sector, are expected to increase the demand for gypsum boards in the region at a noteworthy rate over the forecast period.?

Competitive Landscape

The global gypsum board market is consolidated at the top level with the presence of major players, such as Saint-Gobain, USGKnauf, and EtexGroup. These players occupy a significant share of more than 50% of the market. The market exhibits the presence of many players such as Georgia-Pacific LLC?, American Gypsum Company LLC?, and others operating in the regional market.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06316172/?utm_source=GNW

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