Growth in Drywall Market Mirrors Growth in Industry

Preference for drywall has increased to a significant level as compared with other construction materials such as cement concrete due to its superior characteristics and ease of application making it a suitable alternative.

Persistence Market Research in its latest report projects that the global drywall and building plasters market will reach $65 billion by 2025. In 2016, global drywall and building plaster market stood at around $41 billion. Close to 14,202 million square meters of drywall are likely to be sold towards the end of 2025.

Drywall and building plasters find widespread applications in new building construction as well as in upgrade, maintenance, and repair work of old residential and nonresidential structures. Economic growth in certain countries is expected to fuel investments in residential and commercial infrastructure, which is expected to play a major role in boosting the market's growth. Growth in demand for drywall and building plasters is directly linked with proceedings in the construction industry.

Building plasters will continue to account for a higher value share of the market than drywall throughout the assessment period. Application of drywall and building plaster in residential and hotels and restaurant construction is expected to remain robust. These application segments are expected to account for a large percentage of the global market revenue.

The market in Asia Pacific is estimated to remain dominant over 2025, due to several massive ongoing and upcoming construction projects in countries such as China and India. North America will continue to be the second largest market for drywall and building plaster over the forecast period. In Europe, factors such as increasing awareness about the product advantages and growing requirement of maintenance and repair activities are expected to fuel the demand for drywall and building plasters. The growth of this construction material will coincide with the overall growth of the construction industry.

Posted: 9/20/2017 6:21:08 PM



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