Gypsum Board Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)

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One of the industries that had to bear the brunt of COVID-19 was the construction industry. The major application of gypsum board is in the construction industry as it is used as a covering material for interior walls and ceilings in residential and commercial buildings and also used as a tile backer in limited wetting areas such as a bathroom, water closet and basement walls, kitchens, and laundry & utility rooms. Due to a ban on inter-state travel, lockdown regulations and safety measures many construction projects were halted and impacted the gypsum market. Owing to all these factors, COVID-19 has negatively impacted the gypsum board market.

- In the medium term, the major factors driving the market studied are the increasing investment in the construction sector in the emerging economies of Asia-Pacific and repair activities in developed nations.

- However, the gypsum board disadvantage associated like prone to water damage, can act as a restraint for the market.​

- North America dominated the market across the globe with the largest consumption from the countries, such as United States and ...
... Canada.

Key Market Trends

Residential Sector Application to Dominate the Market

- Gypsum boards are used in the houses for the walls (wall boards), ceilings (ceiling boards), exterior sheathing, fire-resistant partitions and membranes, etc. Single-layer gypsum boards are the most common in the residential sector. Due to the low-cost and lesser construction time required, the demand for these boards in the residential sector is increasing significantly. This sector has more opportunity in the future, due to the increasing construction activities in the emerging economies, owing to the increasing population and refugee issues in many countries.​

- Despite the higher demand across the world, there is still a significant undersupply in meeting the demand of housing, presenting a major opportunity for investors and developers to embrace alternative methods of construction and new partnerships, to bring forward development. Working in full compliance with the relevant building standards and regulations, the companies servicing gypsum boards are providing robust housing models to the consumers.​

- Governments in many countries are supporting to fulfill the supply-demand gap for housing. For instance, to provide for the housing supply crisis across the United Kingdom, the Manchester city council has collaborated with other developers to build 500 sites, through individual development programs across Greater Manchester and Liverpool.​

- The highest growth in the residential sector is expected in the Asia-Pacific region, due to the expanding housing construction market in China and India. Asia-Pacific has the largest low-cost housing construction segment, which is led by China, India, and various Southeast Asian countries.​

​- In India, the government initiated the project ‘Housing for All by 2022', which is expected to immensely drive the low-cost residential construction segment in the country through the forecast period. 51 lakh houses were sanctioned under the Pradhan Mantri Awas Yojana (Urban) within three years of its implementation, out of which, over 28 lakh houses were under construction, and 8 lakh houses were completed.​

- In Southeast Asia, Indonesia is one of the largest and fastest growing markets in the residential sector. The Indonesian government has also started a program to build around one million housing units across Indonesia, for which, the government has already allocated around USD 1 billion, from the budget.​

- In North America, the United States is the largest market for residential construction, and is one of the major growth markets in the world. The residential construction in the country is projected to have growth of almost 6% every year, as there is an increase in the single-family housing and multiple family housing in the country. Almost 80% of the individuals prefer single-family housing as an end goal, and almost 70% of people are executing this, due to which, the number of houses being constructed every year is increasing.​

- In Canada, various government projects, including the Affordable Housing Initiative (AHI), New Building Canada Plan (NBCP), and Made in Canada, are set to support the expansion of the sector hugely, thereby, driving the use of gypsum board in the industry.​

- Owing to the increasing middle-class population and residential buildings construction, coupled with the government initiatives and investments, the demand for gypsum board in the residential sector, across all the regions, is expected to increase during the forecast period.​
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North America to Dominate the Market

- The North American region dominated the global market share. More than 97% of the structures constructed in the United States used gypsum board.

- With the growing trend of multi-family building, and rise in migration to cities, the US Census Bureau has been providing more permits for the construction of new residential buildings.

- According to US Census Bureau, the construction spending in the United States in both private, as well as public construction in 2020, is estimated at over USD 1400 billion.

- Construction is one of the largest and most important sectors in Canada. Ranging from houses,
skyscrapers, schools, hospitals, and factories, to shopping centers, the construction industry in Canada involves a variety of engineering projects.​

- Canada's commercial and residential sectors are witnessing significant growth rates, majorly driven by government initiatives and rising immigration in the country.

- In addition, changing lifestyle and increasing demand for sustainable, cost-effective, sturdier buildings, and cost savings products are driving the demand for gypsum board. This growth is attributed to Canada's transition to a more high-tech, service-based economy, from an economy based on natural resources.

- Mexico's housing sector is showing signs of more sustainable momentum, underpinned by the moderate economic growth.​ Mexico's commercial sector continued to receive strong capital investments, both from foreign and domestic sectors, thus, driving new constructions, which, in turn, increased the consumption of asphalt modifiers in roofing, insulation of pipes, and others.​

- Owing to all the afore-mentioned factors, North-America region is expected to dominate the market during the forecast period.

Competitive Landscape

The gypsum board market is highly fragmented with a large number of players in the market. The major companies include Saint-Gobain, Knauf Gips KG, Georgia-Pacific, Continental Building Products, and BNBM group, among others.

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