growing demand from construction sector is driving the Drywall And Gypsum Board Market
Technavio analyzes that the Drywall And Gypsum Board Market is expected to grow at a CAGR of 7.7% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 20330.9 million.There are various factors that contribute to the growth of the market. The drywall and gypsum board market is experiencing significant growth, driven primarily by the construction sector's increasing demand. This sector's expansion is fueled by the rising preference for energy-efficient and cost-effective building solutions, making gypsum products an ideal choice for both residential and commercial projects. Additionally, the market's growth is further propelled by the industry's ongoing shift towards sustainable and eco-friendly construction practices.
In the commercial construction sector, the demand for energy-efficient and resilient building materials is on the rise. Drywall and gypsum boards are increasingly being utilized due to their superior fire resistance and sound attenuation properties. The global population growth, projected to reach 8.5 billion by 2030, is driving the need for new residential units. Modern residential designs prioritize the use of these advanced wallboard solutions, providing optimal thermal performance and ensuring a safe, comfortable living environment. Natural calamities and the increasing awareness of energy efficiency further boost the market growth for drywall and gypsum boards.
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Drywall And Gypsum Board Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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The Drywall and Gypsum Board Market encompasses the production, sale, and installation of Gypsum board and related products, including wallboard and ceilings, for both residential and commercial settings. These offerings cater to various applications such as fireproofing, soundproofing, and green construction. In the residential sector, gypsum-based products are used for interior walls, aesthetic building projects, and energy-efficient construction. In commercial settings, they are utilized for fire resistance, sound attenuation, and acoustic attenuation. Additionally, gypsum board is used in ceilings and for affordable housing projects. The market is driven by construction activities, urban migration, and the housing sector. Natural calamities and the need for moisture resistance and additives also influence market growth. Green drywall, with its moisture resistance and energy efficiency, is a growing trend in the market.
The global building products market encompasses businesses producing a range of components, including drywall and gypsum board, as well as windows and doors, flooring, ceiling and wall fixtures, roofing and gutter materials, insulation materials, cabinets, plumbing fixtures, and home improvement products and equipment. According to Technavio, the market size is determined by the consolidated revenue generated by these manufacturers. Factors driving the expansion of the global building products market include the burgeoning construction sector, with significant growth observed in both developed and developing economies. Urbanization and infrastructure development in emerging markets, particularly in the areas of residential and healthcare facilities, are key contributors to this trend. Additionally, the increasing demand for fireproofing and soundproofing solutions in commercial settings further bolsters market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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