Persistence Market Research in its latest report projects that the global drywall & building plasters market will expand at a CAGR of 5.4% during the forecast period (2017-2025) to reach a valuation of US$ 65,004.8 Mn.
New York, NY -- (SBWIRE) -- 07/10/2017 -- Drywall & building plasters find widespread applications in new building constructions as well as in upgrade, maintenance and repair work of old residential & nonresidential structures. This, in turn, is anticipated to drive their sales in the years to come. Moreover, economic growth in certain countries is expected to fuel investments in residential & commercial infrastructure, which is expected to play a major role in boosting the market's growth. Growth in demand for drywall & building plasters is directly linked with proceedings in the construction industry.
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Lately, preference for drywall has increased to a significant level as compared with other construction materials such as cement concrete owing to its superior characteristics and ease of application, hence making it a suitable alternative. In 2016, global drywall & building plaster market stood at around US$ 40,624.6 Mn. The report titled "Drywall & Building Plaster Market Global Industry Trend Analysis 2012-2016 and Forecast, 2017-2025" projects that close to 14,202 million square meters of drywall is likely to be sold towards the end of 2025.
Key Insights of the Report Include:
By product type, building plasters will continue to account for a higher value share of the market than drywall throughout the assessment period. On the other hand, drywall is expected to register a faster CAGR in terms of value. By 2017-end, the drywall segment is estimated to account for around 42.3% share of the overall market.
Application of drywall & building plaster in residential and hotels & restaurant construction is expected to remain robust in 2017 and beyond. These application segments are expected to account for a large percentage of the global market revenue.
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The market in Asia Pacific is estimated to remain dominant over 2025, owing to several massive ongoing and upcoming construction projects in countries such as China and India. In addition, the region has been exhibiting a higher demand for drywall & building plasters than other regions, on account of its high growth rate & market size of the building construction market. Meanwhile, North America will continue to be the second largest market for drywall & building plaster over the forecast period. In Europe, factors such as increasing awareness about the product advantages and growing requirement of maintenance & repair activities are expected to fuel the demand for drywall & building plasters.
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Some of the leading companies operating in the global market for drywall & building plaster include Knauf Gips KG, Compagnie de Saint-Gobain S.A., Etex S.A., USG Corporation, Fermacell, Gyptec Iberica, Georgia-Pacific, National Gypsum Properties, LLC, USG Boral Building Products, PABCO Building Products, LLC, American Gypsum Company LLC, ROCKWOOL International A/S, Continental Building Products, LafargeHolcim, Winstone Wallboards Limited, China National Building Material Company Limited, Kingspan Group plc., Yoshino Gypsum Co., Ltd., Supress Products, LLC, Lime Green Products Ltd.
Many of these players are focusing on increasing their market presence by achieving recognitions through accreditations for technological excellence and quality of the material.