Plasterboard Market be worth USD 36.21 Billion by 2027, registering a CAGR of 5.9% – Report by Market Research Future (MRFR)
New York, July 02, 2021 (GLOBE NEWSWIRE) — Plasterboard Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Plasterboard Market Research Report, Form, Type, End-Use and Region – Forecast till 2027” the market is projected to be worth USD 36.21 Billion by 2027, registering a CAGR of 5.9% during the forecast period (2021 – 2027), The market was valued at USD 22.58 billion in 2020.
COVID-19 Impact on Plasterboard Market
The COVID-19 pandemic has affected the growth of the plasterboard market considerably. Countries across the globe have enforced lockdowns that has severely impacted most global companies thus compelling people in staying in their homes that in turn has minimized the physical interaction among people. The majority of the industry players have allowed employees in working remotely from their homes in ensuring the continuity of business during the outbreak that is likely to hamper the growth of the market in the forecast period. The strict restrictions imposed on new building and construction activities for complying with the social distancing norms may impede the growth of the construction industry and that in turn may limit the global plasterboard market growth.
Supply operations and manufacturing in the construction sector have been disrupted due to the COVID-19 crisis. Shift in the preference of consumers towards essential products is likely to impact the market in the forecast timeframe. The pandemic moreover has led to the shutting down of international borders that has caused a severe decline in the global demand for plasterboard and related products. The government authorities worldwide have also resulted in restrictions on travel. The market is also expected to be impacted for the decrease in the installation of plasterboards in the construction sector.
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Key Players
Eminent players profiled in the global plasterboard market report include-
- Welded Tubes
- Inc. (US)
- WELDED TUBE OF CANADA CORP. (US)
- Tenaris SA (US)
- Sandvik AB (Sweden)
- Marmon/Keystone Canada Inc. (US)
- EVRAZ PLC (Russia)
- Associated Tube Group (Canada)
- National Gypsum Company (US)
- LafargeHolcim Ltd (Switzerland)
- Fletcher Building Limited (New Zealand)
- KNAUF Gips KG (Germany)
- Boral Limited (Australia)
- Georgia Pacific LLC (US)
- USG Corporation (US)
- Gypsum Management and Supply Inc. (US)
- Saint-Gobain SA (France)
- Etex Group (Belgium)
- Armstrong World Industries Inc. (US)
Industry Updates
Saint-Gobain has announced an investment of about $25 million in its plasterboard plant in Fredrikstad, Norway with an aim to increase its production capacity by 40% and transform the same to make it the world’s first carbon-neutral plasterboard plant. This investment has been supported by the Norwegian Government Agency Enova. The new facility is predicted to be operational sometime in early 2023.
Browse In-depth Market Research Report (107 pages) on Plasterboard
https://www.marketresearchfuture.com/reports/plasterboard-market-1976
Alluring Features that Boost Market Growth
As per the latest MRFR report, numerous factors are propelling the global plasterboard market share.
Plasterboard Market Drivers/Plasterboard Market Trends
Burgeoning Demand in Construction Industry to Boost Market Growth
The burgeoning need for plasterboards in the construction equipment industry is predicted to boost the plasterboard market revenue over the forecast period. There is an increasing preference for the usage of plasterboards over the traditional system in the construction industry due to its alluring features such as easy installation, versatility, low cost, and superior quality. Besides, plasterboards are also more eco-friendly. Hence, the changing construction industry trends that are resulting in the adoption of more modern, eco-friendly, durable, and fast building techniques are adding to the market growth.
Opportunities
Inclination towards Luxury Housing to offer Robust Opportunities
The inclination of consumers towards luxury housing is likely to offer robust opportunities for the market in the forecast period. Besides, product desirability in housing systems and demand for new and refurnishing construction projects are also adding market growth.
Restraints
Poor Acceptance of Plasterboard to act as Market Restraint
The poor acceptance of plasterboard among end-users owing to pre-defined mindsets about plasterboard may limit the plasterboard market value over the forecast period.
Challenges
Lack of Awareness to act as Market Challenge
The lack of awareness regarding the recyclability of plasterboard among end users coupled with environmental concerns may act as market challenge over the forecast period.
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Market Segmentation
- By Type
By type, the fire resistance segment will lead the market over the forecast period due to the rising concerns about safety, stringent government regulations to safe construction of offices and shopping malls, and the gradual shift of consumers and building contractors towards modern, eco-friendly, and cost efficient building techniques.
- By End Users
By end users, the non-residential segment will dominate the market over the forecast period for its easy and quick installation and flexible architecture.
Regional Analysis
APAC to Spearhead Plasterboard Market
The Asia Pacific region is likely to spearhead the market in the forecast period. Substantial investments in the R&D of advanced technologies in the infrastructure and construction sector, heavy investments being made in infrastructure by Asian countries, growing economies, the need to develop and upgrade the economic infrastructure in Japan and Australia, massive investments by the government, growing real estate sector, rising population, development of sustainable and eco-friendly construction techniques, the presence of developing countries such as China and India, rapid industrialization, and the increasing economy are adding to the global plasterboard market growth in the region.
Segmentation of Market covered in the research:
Information by Form (Square-Edged and Tapered-Edged), Type (Damp-Proof Plasterboard, Fire-Resistant Plasterboard, Impact-Resistant Plasterboard, Insulated Plasterboard, Moisture-Resistant Plasterboard, sound-insulated Plasterboard, Standard Plasterboard and Thermal Plasterboard), By End-Use Industry (Residential and Non-Residential) and by Region (North America, Europe, Asia-Pacific and the Rest of the World)
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