Global Drywall and Building Plaster Market: Overview
Drywall refers to panels made from gypsum plaster pressed between thick sheets of paper. They are used to make ceilings or walls. Drywall construction has emerged as a speedier alternative to the traditional plaster. Rapid expansion of construction activities worldwide is giving impetus to the global market for drywall and building plaster. With the number of construction firms across countries projected to increase, the innovation of drywall-based construction techniques is likely. This in turn is expected to give a major boost to the market for drywall and building plasters.
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The drywall and building construction market is broadly classified into residential and non-residential, based on end user. Of these, the demand from the residential sector is the highest, Regionally, the global drywall and building plaster market can be segmented into Asia Pacific, North America, Europe, and Rest of the World. Increasing demand from the construction industry in China and the U.S. is offering a significant boost to the drywall and building plaster market.
The report presents a comprehensive overview of the growth trajectory exhibited by the global drywall and building plaster market. It studies in detail the various factors influencing the market’s growth trends. The most lucrative regional markets for drywall and building plasters are identified in the report to aid enterprises in determining future growth strategies.
Global Drywall and Building Plaster Market: Key Opportunities and Threats
The U.S. and China are expected to dominate the global market for drywall and building plasters. These countries are projected to account for the largest share in the overall demand generated for drywall between 2016 and 2023. Additionally, product sales in the U.S. are expected to grow at an impressive rate during this period. After witnessing a slight decline in demand in the U.S. during 2006 and 2011, the drywall market in the country exhibited robust growth post the economic rebound.
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The rapidly increasing nonresidential building construction sector in the U.S. will give an impetus to the demand for drywall and building plasters in the country. In China as well, the market for drywalls and building plasters is expected to expand at an impressive pace. This growth will be aided by the rising construction activities in China.
Other countries that are projected to show lucrative prospects for the drywall and building plasters market include India, Thailand, Mexico, Turkey, and Saudi Arabia. Increasing demand for urban housing will boost expenditure on residential building constructions in these countries, consequently propelling the market for drywall and building plasters. Going forward, local companies operating in the construction market in these countries will increase their spending on modern building materials. Thus, the demand for drywall and building plasters is anticipated to rise exponentially in the coming years.
Global Drywall and Building Plaster Market: Regional Outlook
Regionally, North America and Europe will emerge as two of the most lucrative markets for drywalls and building plasters. The market is poised to report above average growth in Asia Pacific, Latin America, Eastern Europe, and the Middle East and Africa. The use of drywall in residential construction is expected to increase due to its rising popularity. This is likely to be a key factor bolstering demand for drywalls and building plastics from these regions.