Drywall & Building Plaster Market Size, Regional Demand, Trends and Forecast to 2024-2032

Drywall & Building Plaster Market Size and Forecast

Drywall & Building Plaster Market size was valued at USD 5.13 Billion in 2024 and is projected to reach USD 8.06 Billion by 2031, growing at a CAGR of 5.80% from 2024 to 2031.

• Drywall is an internal wall construction comprised of gypsum plaster sandwiched between two layers of thick paper. It is fastened or screwed directly to the wall frame, then taped and finished with compound to give a smooth surface for painting or wallpapering. Drywall is a popular alternative since it is inexpensive, easy to install, and can accommodate insulation.
• Building plaster, on the other hand, is a mixture of lime, sand, and water that is put in layers to interior walls and ceilings to create a smooth, long-lasting surface. Plaster may be shaped into a variety of decorative components and is noted for its fire resistance and sound insulation.

Global Drywall & Building Plaster Market Dynamics

The key market dynamics that are shaping the drywall & building plaster market include:

Key Market Drivers

• Growing Construction Industry, particularly in Developing Countries: Rapid urbanization and infrastructure development in emerging nations are driving up demand for drywall and building plaster. According to Oxford Economics’ Global Construction 2030 research, construction output is anticipated to increase by 85% to $15.5 trillion by 2030, with China, the United States, and India leading the way, accounting for 57% of total global growth.
• Increasing Focus on Green Building Materials: The transition to sustainable construction techniques is increasing demand for environmentally friendly drywall and plaster choices. According to the World Green Building Council, green building is increasing every three years, with 47% of enterprises planning to make 60% of their construction projects green by 2021.
• Rising Popularity of Prefabricated and Modular Construction: The use of prefabricated and modular construction technologies is driving up demand for drywall and building plaster, which are ideal for off-site construction. According to a McKinsey & Company estimate, prefabricated building’s market share in new real estate construction in the United States and Europe could reach $130 billion by 2030, saving up to $22 billion annually.

Key Challenges:

• Volatility of Raw Material Prices: The cost of major components, particularly gypsum, varies greatly due to supply chain disruptions, mining laws, and demand-supply imbalances. This uncertainty increased manufacturers’ production costs, making it difficult to maintain consistent pricing for consumers and potentially diminishing profit margins in a competitive market.
• Competition from Alternative Materials: Construction material innovations, such as prefabricated panels, concrete alternatives, and environmentally friendly solutions, are gaining popularity. These alternatives provide advantages such as increased durability, reduced environmental impact, and improved insulating qualities, diverting demand away from traditional drywall and building plaster products, and limiting market development.

Key Trends:

• Growing Demand for Eco-friendly Materials: Manufacturers are progressively creating drywall and plaster products created from recycled materials and low-emission technologies as sustainability becomes a more important consideration in building. This transition not only fits regulatory requirements but also appeals to environmentally conscious consumers who favor sustainable building practices, which drives innovation in product compositions and manufacturing procedures.
• Increasing Use of Drywall in Residential Construction: With rising housing demand, particularly in metropolitan areas, drywall is becoming the favored material for interior walls due to its ease of installation and low cost. This tendency is further bolstered by the growing popularity of open floor plans and modern design aesthetics, in which drywall serves as a versatile alternative for constructing useful and visually appealing living spaces.

Global Drywall & Building Plaster Market Regional Analysis

Here is a more detailed regional analysis of the drywall & building plaster market:

Asia Pacific:

• According to Market Research, the Asia Pacific region is estimated to dominate the drywall & building plaster market over the forecast period. The Asia Pacific region is witnessing unprecedented urban growth, which is driving up demand for construction materials such as drywall and building plaster. According to the Asian Development Bank, Asia’s urban population will increase from 1.84 billion in 2017 to 3.0 billion by 2050, accounting for 64% of the region’s overall population. This urbanization trend is driving enormous construction projects throughout the region, boosting the drywall and building plaster market.
• Many Asian countries are implementing programs to solve housing shortages, hence supporting the construction industry. For example, India’s “Housing for All” plan seeks to construct 20 million affordable homes in urban areas by 2022. The National Housing Bank forecasts that approximately 10 million dwellings were sanctioned under this strategy as of 2021, creating demand for cost-effective construction materials like drywall and plaster.
• Furthermore, the Asia Pacific region is experiencing an increase in green building certifications, indicating a shift toward more sustainable construction materials. According to the World Green Building Council, mainland China had the most LEED (Leadership in Energy and Environmental Design) certified buildings outside of the United States in 2021, with 1,079 projects totaling more than 48 million gross square meters. This trend is driving up demand for environmentally friendly drywall and plaster products in the region.

Europe:

• Europe region is estimated to exhibit significant growth during the forecast period. The European Union’s goal to decrease energy usage in buildings is driving up demand for high-performance insulation materials such as specialist drywall and plaster. According to the European Parliament, buildings account for around 40% of the EU’s total energy consumption and 36% of its greenhouse gas emissions. The Energy Performance of Buildings Directive requires all new structures to be almost zero-energy by 2021, which encourages the use of energy-efficient construction materials.
• Furthermore, the rising use of prefabricated and modular construction methods in Europe is driving up demand for drywall and building plaster. According to a European Construction Sector Observatory analysis, the prefabricated buildings industry in Europe was worth €32.8 billion in 2018 and is expected to increase at a CAGR of 4.8% between 2019 and 2025. Sweden, Germany, and the Netherlands are leading the way, with prefabrication accounting for up to 20% of new residential buildings in certain markets.

North America:

• North America is estimated to exhibit substantial growth during the forecast period. The North American housing sector, especially in the United States, continues to fuel demand for drywall and building plaster. According to the US Census Bureau and the US Department of Home and Urban Development, private-sector home starts in February 2023 were at a seasonally adjusted annual pace of 1,450,000. This is a 13.8% rise from the revised January estimate of 1,321,000, demonstrating robust growth in residential buildings.
• Furthermore, the trend of house improvement and renovation in North America is driving up demand for drywall and building plaster goods. According to Harvard University’s Joint Center for Housing Studies’ Leading Indicator of Remodeling Activity (LIRA), homeowner remodeling and repair spending will increase by 9.2% annually by the fourth quarter of 2023, with annual homeowner improvement and maintenance expenditure potentially reaching $485 billion.

Global Drywall & Building Plaster Market: Segmentation Analysis

The Drywall & Building Plaster Market is segmented based on Product, Application, and Geography.

Drywall & Building Plaster Market, By Product

• Drywall
• Building Plaster

Based on Product, the market is segmented into Drywall and Building Plaster. The drywall segment is estimated to dominate the drywall & building plaster market due to its widespread use in both residential and commercial construction. Drywall’s lightweight nature, ease of installation, and versatility make it the favored material for interior wall construction. Furthermore, its fire-resistant capabilities and capacity to improve sound insulation contribute to its dominance, particularly in industries such as hotels, educational institutions, and retail areas, where these characteristics are highly desired.

Drywall & Building Plaster Market, By Application

• Residential
• Commercial
• Industrial
• Others

Based on Application, the market is segmented into Residential, Commercial, Industrial, and Others. The commercial segment is estimated to dominate the drywall & building plaster market due to the increased demand for drywall and plaster goods in the development of office buildings, retail stores, hotels, and restaurants. Commercial projects frequently necessitate lightweight, fire-resistant, and soundproof materials, thus drywall and plaster are the favored interior wall and ceiling finishes.

Drywall & Building Plaster Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the World

Based on Geography, the Drywall & Building Plaster Market is classified into North America, Europe, Asia Pacific, and the Rest of the World. According to the analyst, the Asia Pacific region is estimated to dominate during the forecasted period. The region’s dominance is fueled by rising urbanization, increased construction activity, and increased expenditures in residential and commercial infrastructure, particularly in China and India. The Asia Pacific market is likely to maintain its lead during the forecast period, owing to various ongoing and prospective building projects in the region.

Key Players

The “Drywall & Building Plaster Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Knauf Gips, Saint-Gobain, Etex, USG, Fermacell, Gyptec Iberica, Georgia-Pacific, National Gypsum, PABCO Building Products, Eagle Materials, Rockwool International, Continental Building, LafargeHolcim, Winstone Wallboards, China National Building Material, Kingspan Group, Yoshino Gypsum, Supress Products, and Lime Green Products.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Drywall & Building Plaster Market Recent Developments

• In May 2024, RWC Building Products announced the acquisition of New Mexico Plaster and Supply, a significant provider of plaster and concrete supplies situated in Albuquerque, New Mexico. This strategic development intends to strengthen RWC’s expertise in the stucco industry and increase its geographic footprint, reaffirming the company’s dedication to community involvement and exceptional service.
• In July 2024, Canvas, the world’s first robotic drywall finishing company, will introduce the 1200CX, a tiny robot meant to speed drywall finishing procedures. This breakthrough method cuts mud application and sanding time from five days to two, while catching 99% of dust, resulting in increased productivity and cleanliness on project sites.

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