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Growing product demand from the residential construction sector coupled with increasing consumer spending on advanced construction materials is expected to drive the product demand. Growing construction projects in China and India is projected to fuel the product demand over the forecast period
NEWARK, Del. , June 23, 2022 /PRNewswire/ -- The global gypsum market is projected to reach $7.8 billion by 2032 with a 6% annual growth rate, fueled largely by increasing construction of residential and commercial projects across the globe.
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 key application segment in the gypsum market. It is used for various applications such as cement, plaster, drywall manufacturing, and others. Growth in construction industry is expected to elevate the consumption of gypsum over the forecast period.
"Surging demand for gypsum in the agriculture sector for soil enhancement, along with expansion of the building and construction sector across emerging economies will drive sales in the market over the forecast period," says an FMI analyst.
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Why is Demand for Gypsum Board/Drywall Is Increasing?
Drywall is also known as plasterboard, wallboard, sheet rock, and gypsum board. Gypsum is a key material used in the production of drywall. Use of drywall is currently growing in the construction industry, especially in developed countries such as the U.S., China , and Germany .
In the U.S., maximum percentage of gypsum sold is consumed for drywall manufacturing. According to the United States Geological Survey (USGS), a typical new American home contains more than 7 KT of gypsum alone.
The drywall market has been growing at a significant rate since the past few years, which has had a positive impact on the gypsum market.
Majorly of synthetic gypsum is used for drywall manufacturing, due to which production of synthetic gypsum is increasing significantly.
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How is Gypsum useful in Agriculture Industry?
While farmers have used gypsum (calcium sulfate di-hydrate) for centuries, it has received renewed attention in the recent years, owing to several benefits associated with gypsum.
For instance, gypsum is considered a rich source of calcium and sulfur for plant nutrition. Plants are becoming more deficient in sulfur and soil is not supplying enough of the same. Gypsum is an excellent source of sulfur for plant nutrition and for improving crop yield.
It also improves acid soils and treats aluminum toxicity. One of gypsum's main advantages is its ability to reduce aluminum toxicity, which often accompanies soil acidity, particularly in subsoil.
Besides this, gypsum is used to improve soil structure. Flocculation, or aggregation, is needed to give favorable soil structure for root growth and air and water movement. Gypsum has been used for many years to improve aggregation and inhibit or overcome dispersion in sodic soils.
Owing to the above mentioned advantages of gypsum, its adoption is increasing significantly in agriculture.
Prominent 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, they are engaged in strengthening their product portfolio by strategic acquisition and mergers to attract maximum consumer base.
Key market participants in the global Gypsum market elaborated in the report includes
Key gypsum producers 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. Moreover, several manufacturers are engaged in strengthening their product portfolio by strategic acquisition and mergers to attract maximum consumer base.
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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 2017-2021 and forecast statistics for the period of 2022-2032. 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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