Booming Construction Sector in Asia Pacific to Boost Market Growth
The construction sector particularly in booming economic regions, including Asia Pacific and Middle East & Africa, has experienced exponential growth over the past couple of decades. The rise of the construction sector in these regions is largely attributed to economic growth, increasing government support, and a strong focus on modernization and infrastructure development. The growth of the construction sector is expected to have a direct impact on the overall growth of the global gypsum plaster market in the upcoming decade. Moreover, benefits offered by gypsum plaster over conventional water curing processes is one of the key factors expected to drive the gypsum plaster market during the forecast period.
Another key factor that is expected to play an influential role in driving the adoption of gypsum plaster is the environment-friendliness of the product. Gypsum plaster has emerged as a popular plastering choice among construction companies, and is increasingly being used to plaster internal surfaces. In addition, gypsum plaster offers exceptional acoustic and thermal properties due to which, the demand is expected to witness steady growth during the forecast period. Gypsum plaster is free from shrinkage cracks, fast tracks construction, and is nearly 50% lighter in weight compared to traditional sand-cement plaster. These factors are likely to propel the gypsum plaster market in the upcoming years.
At the back of these factors, along with increasing focus on research and development, the global gypsum plaster market is projected to reach ~US$ 600 Mn by the end of 2030. A surge in the number of residential and non-residential construction projects, increasing foreign direct investments, and encouraging government initiatives are anticipated to play an imperative role in fueling the demand for gypsum plaster, especially in the Asia Pacific region.
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New Engineering and Construction Techniques to Drive Demand
Technological advancements coupled with increasing investments in research and development have paved the way for innovative and cutting-edge engineering and construction techniques due to which, the demand for environment-friendly products, such as gypsum plaster has steadily grown. The increasing usage of special retarders and the introduction of new chemical combinations by several key players operating in the current gypsum plaster market are likely to fuel the growth of the market. In addition, surge in demand for lightweight construction materials and focus on minimizing the structural load of buildings is projected to provide an impetus for the growth of the global gypsum plaster market in the upcoming years. Market players operating in the gypsum plaster market are increasingly swaying toward upgrading their existing manufacturing infrastructure to launch high-quality gypsum plaster and minimize the production cycles to save costs. The entry of new and advanced machinery for the production of gypsum plaster is expected to play an essential role in the driving the gypsum plaster market during the assessment period.
While R&D, along with product development, is anticipated to gain momentum, several leading players involved in the current gypsum plaster market landscape are expanding their global presence by constructing new manufacturing facilities. For instance, in March 2018, Saint-Gobain announced that the company is set to launch India’s largest plasterboard manufacturing facility. The move was largely driven by anticipated growth of the construction sector in India. Similarly, several players in the gypsum plaster market are increasingly investing in developing regions to tap onto the existing and upcoming opportunities.
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Demand to Remain Lower than Initial Projections amid COVID-19 Pandemic
The onset of the COVID-19 pandemic is expected to have a strong impact on the global gypsum plaster market in 2022. As the construction sector gradually recovers from the sluggish first two quarters of 2022, due to stringent lockdown measures, restrictions on transportation, etc., the demand for gypsum plaster is projected to grow at a consistent pace in the upcoming months. The decline in the number of construction projects or delays and postponement of several existing projects is a major factor projected to have a negative impact on the gypsum plaster market in 2022. However, as operations across several core industries gradually return to normalcy, a construction boom across the Asia Pacific region is anticipated, mainly in the COVID-19-free era due to which, the demand for gypsum plaster is expected to grow at a steady rate beyond the last quarter of 2022.
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The global gypsum plaster market is anticipated to grow at a moderate CAGR of 3.5%, in terms of volume, during the forecast period. The market growth is largely driven by the booming construction sector in developing regions, favorable functional and physical properties of gypsum plaster over traditional cement plastering, increasing support from governments, and advancements in technology. Market players should focus on expanding their production capacity and expanding their presence in the upcoming markets to consolidate their market share.
Gypsum Plaster Market: Overview
- Gypsum plaster is formulated with the addition of various additives to enhance the setting profile of the plaster. Gypsum plaster is commonly applied onto internal bare brick walls, RCC ceilings, and hollow and concrete blocks. Prominent raw materials utilized in the production of gypsum plasters are mined natural gypsum or synthetic gypsum. Once natural gypsum is obtained from mines or via the synthetic route, it is broken up and crushed. Subsequently, crushed gypsum mineral is fired at low temperatures up to nearly 150°Cto form calcined gypsum. Furthermore, additive and retarders are added to gypsum plaster to delay the setting.
- Based on raw material, the global gypsum plaster market can be bifurcated into natural gypsum and synthetic gypsum. The natural gypsum segment is expected to dominate the global gypsum plaster market in 2019. The synthetic gypsum segment is anticipated to offer lucrative opportunities by the end of the forecast period.
- Synthetic gypsum is often used as a substitute to natural gypsum. Furthermore, its low cost of manufacturing is helping it replace natural gypsum in the production of gypsum plaster. It is primarily produced as a by-product of industrial processing and offers same characteristics as that of natural gypsum. Furthermore, it is environment-friendly. These factors have boosted the consumption of synthetic gypsum across the globe.
Key Growth Drivers of Gypsum Plaster Market
- Gypsum plaster offers excellent thermal and acoustic characteristics by offering smooth finishing onto the surface of the walls. Furthermore, gypsum plaster offers low thermal conductivity; hence, it maintains pleasant temperature inside the building structure.
- Saint-Gobain S.A.’s Gyproc brand of gypsum plaster is formulated with special additives to make it lightweight and enhance productivity of the gypsum plaster by 20%. Thus, addition of additives and retarders helps reduce the dead load on the building structure, thereby propelling its demand as compared to that of conventional plastering materials such as sand cement This is estimated to drive the demand for gypsum plaster in the near future.
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Impact of COVID-19 on Gypsum Plaster Market
- The coronavirus pandemic has put brakes on the global real estate segment. Furthermore, disruption in the supply chain of building materials has resulted in the suspension of production and distribution of materials utilized in the construction sector. Movement of workers from urban to rural areas and shortage of laborers at construction sites have led to the shutdown of the global construction sector.
- Saint-Gobain S.A.’s sales in the first quarter of 2022 fell by8%year-on-year to US$ 11.01 Bn from US$ 12.2 Bn in the first quarter of 2019. The company, in the press release of Global Gypsum online portal, predicted that demand for construction materials would increase globally in the second quarter of 2022, as the construction sector across many countries is considered as an essential industry.
Asia Pacific to Dominate Gypsum Plaster Market
- Increase in government initiatives to develop infrastructure and affordable housing projects, and rise in foreign direct investments (FDI) are key factors expected to boost the construction sector in Asia Pacific. Increase in urbanization in India and China is expected to boost the demand for space in these countries in the near future. Properties of gypsum plaster such as excellent glossy finish onto plastered surfaces, excellent adhesion strength, and good workability are fueling the demand for gypsum plaster in the construction sector in the region.
- Presence of a large number of manufacturers of gypsum plaster in Asia Pacific is expected to drive the gypsum plaster market in the region in the near future. Major players operating USG Boral Building Products Pte. Limited, N.K.V. Gypsum Plaster Company Limited, SANKHLA BROTHER’S, Winstone Wallboards Ltd., Sam Gypsum Private Limited, JK Lakshmi Cement Ltd., Magicrete Building Solutions, and Vinayak Gypsum & Interiors Pvt. Ltd.
- The gypsum plaster market in Middle East & Africa is primarily dominated by the presence of global producers such as Saint-Gobain S.A. and domestic manufacturer Global Gypsum Company Ltd. Saint-Gobain S.A. operates under the name Saint-Gobain Gyproc Egypt in Middle East & Africa. It is the largest manufacturer and distributor of all forms of gypsum products in the region.
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Leading Players in Gypsum Plaster Market
- Major players operating in the global gypsum plaster market include –
- Saint-Gobain S.A.
- Knauf Gips KG
- Global Gypsum Company Ltd.
- Escayescos, SL
- USG Corporation
- James Hardie Industries plc.
- Georgia-Pacific Gypsum II LLC
- YOSHINO GYPSUM CO.,LTD.
- VG-ORTH GmbH & Co. KG
- La Maruxiña
- Winstone Wallboards Ltd.
- K.V. Gypsum Plaster Company Limited
- Sam Gypsum Private Limited.
- Saint-Gobain S.A. and Knauf Gips KG cumulatively held the highest share of the global gypsum plaster market in 2019. Saint-Gobain S.A. is a leading global company that specializes in the manufacture and supply of gypsum-based products, including gypsum plaster and plasterboard. The company filed more than 400 patents in 2019. It is a global leader in manufacture and supply of gypsum plaster.