(MENAFN- IMARC Group)
The latest report by IMARC Group, titled“ Drywall Market Report by Type (Standard, Fire-Resistant, Mold/Moisture Resistant), Application (Residential, Commercial, Industrial), and Region 2024-2032 ”, offers a comprehensive analysis of the industry, which comprises insights on the market. The global drywall market size reached US$ 44.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 88.1 Billion by 2032, exhibiting a growth rate (CAGR) of 7.88% during 2024-2032.
Factors Affecting the Growth of Drywall Industry:
Rapid Urbanization and Construction Activities:
In recent years, rapid urbanization has become a global phenomenon, with more individuals migrating to urban areas in search of better opportunities and improved living standards. This rise in urbanization has led to a substantial increase in construction activities worldwide. As a result, the demand for drywall, a fundamental building material used in the construction of residential and commercial structures, has seen a significant boost. Urbanization has spurred the construction of new residential complexes, office buildings, shopping centers, and infrastructure projects such as airports and hospitals. The versatility, cost-effectiveness, and ease of installation of drywall make it a preferred choice for interior wall and ceiling applications. Consequently, drywall manufacturers are witnessing a rise in demand, further driving the growth of the global drywall market.
Sustainable Building Practices and Green Construction:
In the environmentally conscious world, sustainable building practices and green construction have gained immense importance. Drywall plays a pivotal role in meeting sustainability goals in the construction industry. Manufacturers are now producing drywall with recycled materials and developing more energy-efficient production processes. Additionally, drywall contributes to improved energy efficiency within buildings due to its insulation properties. Governments and organizations worldwide are implementing stringent regulations and incentives to promote eco-friendly construction practices. This has led to increased adoption of drywall products that meet these standards, further propelling the growth of the global drywall market. Architects and builders are increasingly specifying drywall as a key component in sustainable building designs, contributing to its rising prominence in the construction sector.
Rising Renovation and Remodelling Activities:
Apart from new construction projects, renovation and remodeling activities also drive the global drywall market. As older buildings and structures require updates and facelifts, drywall is often chosen for interior renovations due to its versatility and ability to create modern and aesthetically pleasing interiors. Homeowners and commercial property owners frequently opt for drywall installations during renovation projects, as it allows for easy modification of spaces, installation of insulation, and integration of electrical and plumbing systems. This adaptability has made drywall a preferred choice for revamping interiors. The ongoing trend of remodeling and refurbishing existing structures is contributing significantly to the sustained demand for drywall products, thereby influencing the global drywall growth of the market.
For an in-depth analysis, you can request the sample copy of the report:
Leading Companies Operating in the Drywall Industry:
American Gypsum Company LLC (Eagle Materials Inc.) CertainTeed (Compagnie de Saint-Gobain S.A.) Georgia-Pacific Gypsum LLC (Georgia-Pacific LLC) USG Corporation (Gebr. Knauf KG)
Drywall Market Report Segmentation:
By Type:
Standard Fire-Resistant Mold/Moisture Resistant
Standard dominates the market due to its widespread use and cost-effectiveness, making it the preferred choice for a broad range of construction and renovation projects.
By Application:
Residential Commercial Industrial
Residential holds maximum number of shares due to the consistently high demand for drywall in housing construction and renovation, driven by population growth, urbanization, and the need for affordable and aesthetically pleasing interior solutions in residential properties.
Regional Insights:
North America Asia-Pacific Europe Latin America Middle East and Africa
Asia Pacific's dominance in the drywall market is attributed to its robust economic growth, burgeoning population, and extensive construction and infrastructure development initiatives, which have driven substantial demand for building materials, including drywall, in the region.
Global Drywall Market Trends:
Continuous advancements in drywall technology have played a crucial role in market expansion. Innovations in manufacturing processes have led to the development of drywall products with enhanced fire resistance, sound insulation, and moisture resistance properties. These technological improvements cater to specific construction needs, making drywall increasingly attractive to builders and contractors. Additionally, economic factors, such as the cost-effectiveness of drywall, have a direct impact on its market growth. Drywall is generally more affordable than alternative wall construction materials, making it an economical choice for various construction projects. This affordability makes it particularly appealing in regions where cost-consciousness is a priority, contributing to the sustained demand for drywall products.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Contact Us:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: No:(D) +91 120 433 0800
United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163
MENAFN08022024004122016232ID1107825696
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.