The global market for gypsum board reached $37.25 billion during 2018 and is estimated to grow 11.4% a year from 2019 to 2025, climbing to $79.17 billion, according to a new report by Market Insights.
Key drivers are increasing demand from the subdivision of residential real estate and growing expending capacity of the consumer for the construction materials.
The Asia Pacific region, led by China, is responsible for about 40% of the demand, primarily for pre-engineered metal building construction and residential construction.
Iran, China and the U.S. are the main manufacturers of gypsum. China single-handedly produces more than half of the world’s supply. North America’s market share is likely to dip as it gradually migrates to more renewable materials.