Gypsum-based Products Market: Introduction
In Asia Pacific, the gypsum-based products market was valued at ~US$ 168 Mn in 2019. It is anticipated to expand at a CAGR of more than 4% between 2020 and 2030. The market in India was valued at ~US$ 25 Mn in 2019. It is expected to expand at a CAGR of more than 3.5% by the end of the forecast period.
Key Trends in Gypsum-based Products Market
The adoption of new digital technologies, such as 3D printing or smart materials, is likely to drive the construction industry across the region. Companies such as Vinci, ACS, Skanska, Strabag, Balfour Beatty, and BAM have been adopting new technologies and are shifting focus toward digital technologies in the construction sector. Engineers utilize 3D printing technologies for the development of detailed models as well as life-size objects, in order to build 3D printed houses in less than 24 hours at relatively low costs.
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Furthermore, the Internet of Things (IoT) helps the construction sector to collect data and enable remote real-time inspection of the infrastructure. The application of drones in the construction sector has enabled construction companies to gather high quality and precise information for the inspection and delivery of data in a very short time, thus making this technology a resourceful solution in the construction industry.
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Building designers, architects, and general contractors can download virtual objects containing Saint-Gobain products and incorporate them into their Building Information Model (BIM) in order to lower the overall cost. Saint-Gobain has developed a project with strategic impact to create a comprehensive object library and offer a variety of services to building professionals.
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The rise in governmental initiatives to boost the construction sector in India is expected to augment the demand for gypsum-based products in the country in the near future. For instance, as of June 2019, the Government had shortlisted a list of 99 cities to be included in the first five-year phase of the Smart Cities Mission. The total proposed investment for these 99 shortlisted cities would be around US$ 22 Bn. Construction activities of these 99 cities are estimated to be completed before 2023. After having rolled out the Smart Cities Mission to 100 cities in a phased manner, the Central Government of India is planning to expand the Smart Cities Mission to all 4,000 cities in the country.
In November 2016, the Ministry of Urban Development approved a long-term project to develop water supply and sewerage networks in the states of Gujarat, Rajasthan, Punjab, Bihar, and Tripura for the next three financial years under the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) scheme. A total budget of US$ 0.77 Bn was granted for the first three financial years.
Asia Pacific to Dominate Gypsum-based Products Market
Based on volume and value, Asia Pacific led the global gypsum-based products market. Rapid urbanization and increase in investments in the construction sector across the region are expected to drive the demand for gypsum-based products in Asia Pacific in the near future. The increase in R&D spending and introduction of gypsum-based products are projected to offer significant opportunities to market participants in the construction sector in the near future.
Key Players Operating in Gypsum-based Products Market
Major players operating in the global and India gypsum-based products 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., and Kingspan Group.a