Increasing commercial development and rising number of residential buildings to drive the India Gypsum Board Market through 2027.
According to TechSci Research report, “India Gypsum Board Market By Type (Wall Board, Ceiling Board, Pre-decorated Board, Others), By Thickness (1/2inch, 5/8inch, Other Thicknesses), By Application (Residential Sector, Commercial Sector, Institutional Sector, Industrial Sector), By Region, By Top 10 States, Competition Forecast & Opportunities, 2017-2027”, India gypsum board market was valued at INR2073.37 crore in 2021 and is projected to grow at a CAGR of 10.78% through 2027, to reach INR3811.65 crore by 2027. The growth in the gypsum board market can be attributed to the increasing demand from construction sector. Gypsum board is gaining traction as an alternative to conventional plastering process because of convenience, versatility and quality. Increasing awareness related to eco-friendly and safer construction material is bolstering the growth of the market.
Indian metro cities are undergoing massive construction boom, with hundreds of high-rises and more than 100 super tall skyscrapers under construction. With surge in land prices and unavailability of space in urban areas, many developers are developing high rise buildings in Central Business Districts and residential areas across the nation. Upcoming skyscrapers are expected to accelerate the demand for gypsum boards in India. As 50% of India’s population is expected to live in the urban areas by 2030, resulting in lack of space, constructing buildings is inevitable, which creates a vast opportunity of growth for gypsum boards market in the country in the upcoming period.
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India gypsum board market is segmented into type, thickness, application, regional distribution, and company. Based on type, the market can be segregated into wall board, ceiling board, pre-decorated board, and others. In 2021, wall board was the dominating segment by type in India Gypsum Board Market and accounted for a share of 51.69% owing to wide acceptance of wallboards as a substitute to plaster and lath. Also, increasing demand for sustainable construction and growing number of commercial construction projects are accelerating the demand for this segment.
Based on application, the market can be segmented into residential sector, commercial sector, institutional sector, industrial sector. Surging demand for housing coupled with growing use of gypsum boards for molding of interior design elements and sculptural forms is expected to contribute to the dominant share of residential sector through 2027.
Sakarni Plaster (India) Private Limited, Unity Gyptech Products, INDIA GYPSUM PVT LTD, Saint-Gobain Gyproc India Ltd., Vinayak Gypsum & Interiors Pvt. Ltd., Shubham Plasters, Eros Minerock Products LLP, Gypelite India Private Limited, Gypcore India Pvt Ltd, USG Boral Building Products India Private Limited, Ocean International and VANS Gypsum Pvt. Ltd. are the leading players operating in the India gypsum board market. Gypsum board market is highly fragmented with Saint-Gobain Gyproc India Ltd. accounting for share of roughly 12% in 2021.
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“Maharashtra is the largest market with a share of 12.42% in India Gypsum Board Market as of 2021 and is anticipated to be the dominant state over the forecast years as well, due to the increasing construction of commercial and residential buildings in the state, especially in Mumbai. Favorable government regulations for the construction projects such as Smart City Development, Delhi-Mumbai Industrial Corridor Project, Mumbai Development Plan 2034, Bengaluru Mumbai Industrial Corridor Project, and Welfare Scheme for Building & Other Construction Workers are anticipated to create new opportunities for industry players in the state. Moreover, the government project ‘Housing for All by 2022’, is expected to immensely drive the low-cost residential construction segment in the country, which in turn will further boost the India gypsum board market.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Gypsum Board Market By Type (Wall Board, Ceiling Board, Pre-decorated Board, Others), By Thickness (1/2inch, 5/8inch, Other Thicknesses), By Application (Residential Sector, Commercial Sector, Institutional Sector, Industrial Sector), By Region, By Top 10 States, Competition Forecast & Opportunities, 2017-2027” has evaluated the future growth potential of India gypsum board market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India gypsum board market.
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