The global gypsum market is set to grow at a 6.2% CAGR by 2031, driven by demand in construction and cement industries, especially in East Asia.
The global gypsum market is estimated to expand at 6.2% CAGR over the forecast period between 2021 and 2031, finds Future Market Insights (FMI) in a recent market analysis. Domestic consumers of gypsum are expected to remain dominant end users. This can be attributed to expansion of key end-use industries such as the construction sector, especially in emerging economies. 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 primary end user in the gypsum market and growth of the construction industry has a direct impact on the growth of the gypsum market.
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In the construction industry, gypsum is used for several applications such as in the production of cement, plaster, drywall manufacturing, and others. Growth in construction industry is expected to elevate the consumption of gypsum over the forecast period.
Outbreak of novel corona virus has obstructed the global economy at various levels. With the consecutive waves of COVID-19 pandemic and stricter governmental regulations imposed to stop its further spread economy graph witnessed negative slope. Demand for gypsum was also impacted heavily by COVID-19 outbreak owing to disturbance in supply chain network and complete halt on production and construction activities.
“Consistently growing demand for construction products especially cement is expected to bolster the sales of gypsum over the assessment period of 2021-2031,” says an FMI analyst.
Key Takeaways:
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Competitive Landscape
Key participants in the global gypsum market elaborated in the report includes Azko Nobel, Sherwin Williams Company, Asian Paints Ltd., Nippon Paints, Valspar Corporation, Jotun, BASF-SE, RPM International Inc., KANSAI Paints Co., Ltd. and Berger Paints.
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, several manufacturers are engaged in strengthening their product portfolio by strategic acquisition and mergers to attract maximum consumer base.
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 2016-2020 and forecast statistics for the period of 2021-2031. 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
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The article discusses the growth and demand in the global gypsum market, particularly driven by the construction industry.
COVID-19 disrupted supply chains and halted production, impacting gypsum demand and market growth.
East Asia, particularly China, dominates gypsum production and consumption, with significant growth potential in India.
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