LONDON, July 12, 2016 /PRNewswire/ -- The global gypsum board market is expected to reach USD 54.12 billion by 2022, according to a new report by Grand View Research, Inc. Increasing residential and commercial construction spending in Asia Pacific and Middle East is anticipated to drive global gypsum board market growth over the next seven years.
Developed regions such as North America and Europe are expected to witness significant growth due to recovery of housing sector post recession. U.S. is expected to remain a key gypsum board market over the forecast period owing to increasing wallboard usage in non-load wearing walls and suspended ceilings.
Middle East & Africa is also anticipated to emerge as one of the key market due to growing construction industry along with escalating investments in the region. Countries such as Oman, Qatar and Jordan are expected to witness double-digit growth in terms of revenue. Rising gypsum production in Saudi Arabia and Oman is expected to remain a key driving factor for market growth over the next seven years
Wallboard emerged as the leading product segment and accounted for over half of the total market volume in 2014. Pre-decorated board is expected to witness the highest growth of 6.0% from 2015 to 2022. Pre-decorated boards are ready-to-use and do not require any further treatment.
Further key findings from the report suggest:
Global gypsum market demand 10,700.0 million square meters in 2014 and is expected to reach 15,804.7 million square meters by 2022, growing at a CAGR of 5.1% from 2015 to 2022.
Residential emerged as the leading application segment and accounted for 49.9% of total market volume in 2014. Rapidly increasing population coupled with increasing migration towards urban areas in emerging markets of Asia Pacific, Middle East and Latin America is anticipated to boost application segment growth over the forecast period.
Asia Pacific was the leading regional market with demand share estimated over 40% in 2014. Increasing construction spending coupled with strong demand for institutional buildings in China, India and South East Asian countries is expected to drive the regional market. The region is also expected to witness the highest growth of 6.4% from 2015 to 2022.
Middle East & Africa is expected to witness brisk growth to account over 7% of the global market by 2022. Ceiling board demand in Brazil is expected to rise over the forecast period and have positive impact on the overall regional market.
Gypsum board industry is moderately fragmented with presence of large number of prominent market participants across the globe. Some leading companies operating in the global market include Etex Corp, Global Mining Company LLC and Saint-Gobain Gyproc. Other companies include National Gypsum Company, Lafarge, UMI Company Ltd., Taishan Gypsum Co. Ltd., Knauf Dubai, Baier Group, Yoshino Gypsum Co. Ltd., USG-Zawawi LLC, Beijing Tonglanhai Technology Co. Ltd., Gulf Gypsum Co., Beijing New Building Material and Gypsemna.
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