Gypsum Market Will Surpass US$ 7.8 Bn by 2032 - Future Market Insights, Inc.
Growing product demand from the residential construction sector coupled with increasing consumer spending on advanced construction materials is expected to drive the product demand. Growing construction projects in China and India is projected to fuel the product demand over the forecast period
NEWARK, Del., June 23, 2022 /PRNewswire/ -- The global gypsum market is projected to reach $7.8 billion by 2032 with a 6% annual growth rate, fueled largely by increasing construction of residential and commercial projects across the globe.
Gypsum is a vital construction material and is used widely in Portland cement, building plaster, and several other construction products. The construction industry is a key application segment in the gypsum market. It is used for various applications such as cement, plaster, drywall manufacturing, and others. Growth in construction industry is expected to elevate the consumption of gypsum over the forecast period.
"Surging demand for gypsum in the agriculture sector for soil enhancement, along with expansion of the building and construction sector across emerging economies will drive sales in the market over the forecast period," says an FMI analyst.
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Key Takeaways:
- Global gypsum market is expected to reach US$ 7.8 Bn by the end of the forecast period growing at a CAGR of 6.2%.
- Cement industry is key consumer of gypsum owing to its vital role in the building and construction sector.
- East Asia is expected to lead the market in terms of production and consumption of gypsum owing to strong presence of end users in the region.
- China is expected to be the dominant producer of crude gypsum, followed by the U.S.
- India will emerge as a lucrative pocket amid rising construction of smart cities across various urban cities.
Why is Demand for Gypsum Board/Drywall Is Increasing?
Drywall is also known as plasterboard, wallboard, sheet rock, and gypsum board. Gypsum is a key material used in the production of drywall. Use of drywall is currently growing in the construction industry, especially in developed countries such as the U.S., China, and Germany.
In the U.S., maximum percentage of gypsum sold is consumed for drywall manufacturing. According to the United States Geological Survey (USGS), a typical new American home contains more than 7 KT of gypsum alone.
The drywall market has been growing at a significant rate since the past few years, which has had a positive impact on the gypsum market.
Majorly of synthetic gypsum is used for drywall manufacturing, due to which production of synthetic gypsum is increasing significantly.
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How is Gypsum useful in Agriculture Industry?
While farmers have used gypsum (calcium sulfate di-hydrate) for centuries, it has received renewed attention in the recent years, owing to several benefits associated with gypsum.
For instance, gypsum is considered a rich source of calcium and sulfur for plant nutrition. Plants are becoming more deficient in sulfur and soil is not supplying enough of the same. Gypsum is an excellent source of sulfur for plant nutrition and for improving crop yield.
It also improves acid soils and treats aluminum toxicity. One of gypsum's main advantages is its ability to reduce aluminum toxicity, which often accompanies soil acidity, particularly in subsoil.
Besides this, gypsum is used to improve soil structure. Flocculation, or aggregation, is needed to give favorable soil structure for root growth and air and water movement. Gypsum has been used for many years to improve aggregation and inhibit or overcome dispersion in sodic soils.
Owing to the above mentioned advantages of gypsum, its adoption is increasing significantly in agriculture.
Competitive Landscape
Prominent manufacturers involved in the production of gypsum are laying emphasis on expansion by establishing new plants that will help them to increase their production capacities and gain access to new distribution networks, which is expected to increase their customer base. Moreover, they are engaged in strengthening their product portfolio by strategic acquisition and mergers to attract maximum consumer base.
- In line with this, in March 2020, Knauf AG announced plans for a second gypsum wallboard production line in Bukhara, Bukhara region. The plans also include an investment of US$ 2.4 Mn in an additional gypsum mixture line at its Bukharagips plant.
- In August 2021, the company announced acquisition of Southwest Rock Products. This acquisition helps company to develop its construction product portfolio
Key market participants in the global Gypsum market elaborated in the report includes
- Knauf AG
- LafargeHolcim
- Yoshino Gypsum Co. Ltd.
- Global Mining company
- Saint Gobain
- Jonoub Gypsum
- Georgia Pacific
- Zawami Minerals Co.
- Rajasthan State Mines
- FCI Arawali Gypsum
- AI Jood Natural Resources
- American Gypsum
- Gypsco
- Vinayak Gypsum
- Gypsona
- Boero USA
- Arcosa Specialty Chemicals
Key gypsum producers are laying emphasis on expansion by establishing new plants that will help them to increase their production capacities and gain access to new distribution networks. Moreover, several manufacturers are engaged in strengthening their product portfolio by strategic acquisition and mergers to attract maximum consumer base.
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More Insights into the Gypsum Market Report
In its latest report, FMI offers an unbiased analysis of the global Gypsum market, providing historical data for the period of 2017-2021 and forecast statistics for the period of 2022-2032. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of Product type, End Use, and Region
Gypsum Market by Category
By Product Type:
- Natural
- Synthetic
By End Use:
- Cement
- Drywalls
- Plaster
- Soil Amendment
- Gypsum Blocks
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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