Global Drywall Panels Industry Analysis 2023-2024 & 2028: Rising Adoption of Eco-Friendly Materials, Surge In Renovation Projects, Aesthetic Versatility Influencing the $71 Billion Market - ResearchAndMarkets.com

The "Global Drywall Panels Market: Analysis By Type (Regular, Type X, Moisture-Resistant, Plaster Baseboard, Paperless and Others), By Application (Residential, Commercial and Others), By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.

The global drywall panels market was valued at US$49.23 billion in 2022. The market value is expected to reach US$71.03 billion by 2028. The drywall panels market is projected to grow at a CAGR of 6.30% over the years 2023-2028.

The global drywall panels market is fragmented. However, the market share of organized players has increased significantly over the last few years and is expected to continue given the wide product offerings, better service, and higher brand visibility.

The global drywall panels market has experienced substantial growth, driven primarily by various influential factors. Rapid urbanization has led to increased construction demand, fueling the need for efficient, cost-effective building materials like drywall panels. Rising disposable incomes have empowered consumers to invest in housing, consequently boosting construction and renovation activities. Government initiatives and investments in infrastructure further amplify this growth, creating a conducive environment for the construction sector.

In 2022, the market was led by Asia Pacific, driven significantly by the region's burgeoning population, fostering substantial demand for drywall panels. The expanding populace, coupled with rapid urbanization, fuels the necessity for new residential and commercial structures, where drywall panels have emerged as a favored construction material, further elevating their requisition in this area. Furthermore, Asia Pacific enjoys a manufacturing advantage due to lower production costs, notably in countries like China and India. This advantage sustains the industry's growth, with reduced labor and material expenses enabling competitive pricing, thereby enhancing market accessibility. Additionally, government support contributes to bolstering market expansion.

Meanwhile, North America, especially the US, has seen remarkable growth in the drywall panel industry, influenced by a construction sector increasingly prioritizing sustainability and energy efficiency. Drywall panels' eco-friendly nature aligns with these industry shifts, driving their demand amidst growing environmental consciousness. Canada exhibits similar trends, leveraging urbanization, population growth, and governmental backing to stimulate construction, thereby escalating the demand for drywall panels.

Additionally, the surge in renovation projects, especially in mature markets, has contributed significantly to the expanding market. These panels' versatility, ease of installation, and benefits in terms of fire resistance and soundproofing have made them a preferred choice, aligning with the evolving demands of modern construction practices worldwide. This confluence of factors is expected to sustain and further propel the growth of the global drywall panels market.

Market Segmentation Highlights

In 2022, regular drywall panels remained the dominant segment in the market, while the Type X drywall panels segment is projected to experience the highest Compound Annual Growth Rate (CAGR) throughout the forecast period. This surge in Type X drywall panels' popularity stems from their prized fire-resistant properties, significantly impacting the broader drywall panels market.

Their utilization in fire-prone zones like garages and workshops highlights their crucial role in bolstering safety measures. The market stability and expansion are significantly influenced by Type X drywall's provision of a reliable fire prevention solution, broadening the market's product range and extending its use into environments susceptible to fires.

During 2022, the Residential segment dominated the market share, while the Commercial segment is anticipated to experience the most rapid expansion in the forecasted period. Drywall panels, serving as versatile construction components, find widespread use in offices, retail spaces, educational institutions, garages, warehouses, and industrial facilities within the Commercial sector.

These panels cater to various purposes like walls, ceilings, and partitions, with Type X variants specifically ensuring crucial fire safety. The escalating demand for drywall panels within these sectors propels market growth, largely propelled by ongoing commercial and institutional construction ventures.

Key Attributes:

Market Dynamics

Growth Drivers

• Rapid Urbanization
• Rising Construction Activities
• Increase In Disposable Income
• Surge In Renovation Projects
• Upsurge In Government Investment

Challenges

• Fierce Competition
• Harmful Drywall Concerns
• Volatile Raw Material Cost

Market Trends

• Adoption of Eco-Friendly Construction Materials
• Recycling of Drywall Panels
• Expansion In Emerging Economies
• Aesthetic Versatility
• Technological Advancements

Competitive Landscape:

• China National Building Material Group Co., Ltd
• Etex Group
• Saint-Gobain S.A.(Certain Teed)
• Georgia-Pacific LLC
• American Gypsum Company LLC
• Knauf Gips KG (USG Corporation)
• Beijing New Building Materials Public Co., Ltd.
• National Gypsum Company
• Gypsemna Co.
• PABCO Gypsum
• Yoshino Gypsum Co., Ltd.
• Sadaf Gypsum Co.

For more information about this report visit https://www.researchandmarkets.com/r/mbh6r8

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