Market Trends of Gypsum Concrete Industry
This section covers the major market trends shaping the Gypsum Concrete Market according to our research experts:
Increasing Demand from Residential Construction
- In residential construction, sound transmission has become an important consideration, along with structural design due to increasing trend of high-rise housing towers, along with basement parking. Due to closely attached residential flats in high-rise housing towers, sound-proof and heat insulating material are widely suitable. Therefore, while gypsum concrete exhibits such required properties, it is widely suitable for use in residential construction.
- Residential construction has been witnessing strong growth in regions, like Asia-Pacific, North America and Europe which is expected to significantly contribute to the growth of gypsum concrete market.
- Asia-Pacific has been witnessing strong growth in the residential construction in countries such as India, China, Philippines, Vietnam, and Indonesia. In these countries, demand is majorly driven by the increased migration as a result of growing service industry, rising population, and rise in income levels.
- In Indonesia, the government planned to invest in construction sector about USD 450 billion by 2021, which is expected to provide boost to residential construction in the country.
- India is likely to witness an investment of around USD 1.3 trillion in housing over the next seven years, where the country is likely to witness the construction of 60 million new homes. The availability of affordable housing is expected to rise around 70% by 2024, in India. Besides, the Indian government's ‘Housing for All by 2022’ is also a major game changer for the industry.
- Therefore, such robust growth in residential construction across these regions are likely to boost the demand for gypsum concrete market during the forecast period.
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North America Region to Dominate the Market
- North America dominated the global market share. With growing investments and the construction activities in the region, the demand for gypsum concrete is projected to grow during the forecast period.
- The construction industry in the United States continued to expand, owing to a strong economy and positive market fundamentals for commercial real estate, along with an increase in federal and state funding for public works and institutional buildings.
- The construction industry has been showing steady growth so far, and this is projected to continue at a rate of 4.5% through 2020.
- The US residential sector’s growth is slower than the non-residential sector. In the country, the growing population is expected to boost the demand for housing. Furthermore, about 20 million households are projected to be constructed over the next decade. The US commercial construction sector is expected to witness growth in the next few years.
- Single‐family housing units and building with five units or more are at a rate of 866,000 and 509,000 respectively.
- The expenditures of United States on commercial building construction are forecasted to grow more than 4% annually through the forecast period.
- Hence, all such trends in the construction sector is expected to drive the growth of gypsum concrete market during the forecast period.
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