Gypsum Plaster Market to Witness Exponential Growth by 2024
Recently, the construction sector witnessed a number of new technologies, new trends, and innovations across all applications. This has augmented the construction industry, providing higher performance. Gypsum plaster is a modern-day solution replacing the old method of surface plastering using sand cement. Gypsum surface plaster has caught attention and gaining popularity for the last few years, owing to its excellent and unique properties. Gypsum plaster has excellent insulation properties and it can provide both thermal and acoustic insulation. In addition, it offers impact resistance and protection against fire, moisture, and vapors. Incorporation of gypsum plaster during construction activities results in minimum curing time and aids in faster construction, reduction in the POP cost, and reduction in electricity bills; as gypsum plaster keeps houses cool during summers and hot during winters due to its low thermal conductivity.
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Based on plaster system, the gypsum plaster market can be segmented into machine-applied plaster, manually applied plaster, finishes, and others. Machine-applied plaster is a leading segment of the gypsum plaster market, followed by the finishes segment. The trend is expected to continue during the forecast period. Based on raw material, the market can be segmented into natural gypsum and synthetic gypsum. The synthetic gypsum segment dominates the market and is expected to expand significantly during the forecast period. Based on end-user, the market can be segmented into residential and non-residential. Demand for gypsum plaster in the residential sector is projected to increase during the forecast period, due to the rising demand for housing in urban areas across all regions. Furthermore, demand for gypsum plaster in the non-residential sector is also likely to increase in the near future, due to rising non-residential construction activities in Middle East & Africa. Rising expenditure on modern construction materials is anticipated to drive the gypsum plaster market during the forecast period.
Rise in demand for an alternative plaster material in the cement manufacturing industry and preference for repairing the existing infrastructure rather than constructing the new one are some of the key factors likely to boost the gypsum plaster market during the forecast period. Conventional plastering methods such as sand cement plastering require water curing for long duration and involve crack formation due to high heat of hydration. As compared to sand cement plastering, gypsum plastering requires less curing time and does not involve crack formation. Furthermore, being light in weight and possessing low thermal conductivity, it aids in decreasing the structural load of building, thereby saving on the energy cost. These all features raise the demand for gypsum plaster in the construction industry and among consumers. However, gypsum plaster is more expensive than cement or cement lime plaster. Being slightly soluble in water, it is not suitable for exterior finishes. These are some of the factors estimated to hamper the growth of the market during the forecast period. However, continuous research and development activities in the field of plaster formulation and material science are likely to create new opportunities for manufacturers operating in the gypsum plaster market.
In terms of region, the global market for gypsum plaster can be segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. North America is anticipated to be the leading market for gypsum plaster in the near future. The rise in construction activities, particularly in rebuilding and renovation, and the consequent rise in demand for plasterboards are factors estimated to propel the demand for gypsum plaster during the forecast period. The building & construction industry in Asia Pacific is expanding significantly, due to rapid urbanization in countries such as China and India. This, in turn, is boosting the market for gypsum plaster. Rise in demand for residential houses in countries such as Germany and France is also driving the demand for gypsum plaster in these countries. Major companies manufacturing cement concrete are focusing on cost-saving and development of high-performance plaster products. Companies are adopting strategies such as partnerships, joint ventures, and mergers and acquisitions in order to raise their market share and extend the distribution network. Furthermore, product innovations and rising expenditure on the infrastructure development in different developing countries are a few other factors augmenting the global gypsum plaster market.
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Key players operating in the global gypsum plaster market include BUILDON, Saint Gobain, Zahid Group, Grenzebach Group, and Knauf Gips KG.
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