India Gypsum Plaster Market to Surpass INR 677.36 Crore by 2027
Growing application of gypsum
plaster and its usage in residential sector to drive the India Gypsum Plaster
Market through 2027.
According to TechSci Research report, “India
Gypsum Plaster Market By Application (Red Bricks, Concrete Blocks, RCC
Surface, Others), By Packaging Size (Less than 10 Kg, 10-20 Kg, 21-25 Kg, Above
25 Kg), By End User Industry (Residential, Offices, Retail, Industrial,
Schools, Infrastructure, Hospitality, Hospitals), By Region, Competition Forecast
& Opportunities, 2017-2027”, India gypsum plaster market was valued at INR495.69
crore in 2020 and is projected to grow at a CAGR of 6.13% to reach INR677.36
crore by 2027. The growth in the India gypsum plaster market can be ascribed to
increased construction activities to accommodate growing population. As part of
the “Housing for All” scheme and infrastructure reforms enacted by the
government, gypsum plaster demand is forecast to surge in the next five years. In
the Union Budget, 2020, Finance Ministry has proposed extending tax holiday to
develop affordable housing projects. Additionally, the government of India is
focusing on developing infrastructure and construction activities by
introducing policies such as FDI norms, large budget allocation to
infrastructure, etc. This rising demand from the buildings and the construction
sector is driving the market for gypsum plaster in the country.
Indian government made 100% Foreign Direct Investment
(FDI) for gypsum products. Moreover, the government’s smart city initiative is
expected to provide necessary push for the growth of gypsum plaster market in
the country by 2027. Besides, increasing demand for gypsum boards, as a
cost-effective alternative for other building materials is anticipated to fuel
the growth of the market through 2027. Moreover, gypsum plaster is an
eco-friendly product produced by the use of special retarder and chemical
combination. Increased usage of gypsum plaster is opening new avenues of growth
for the manufacturers of the product.
Due to the COVID-19 pandemic, lockdown was imposed all
over the country. On the supply side, the manufacturing sector was impacted,
which halted production in plants. As a result, production was curtailed, and
market size plummeted to INR462.86 crore in FY2021. While on the demand side,
halt/slowdown in construction activities in end-user industries contributed to
the declined demand for gypsum plaster.
Browse 41 market Figures and 10 market Tables spread
through 136 Pages and an in-depth TOC on “India Gypsum Plaster Market”.
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India
gypsum plaster market is segmented into application, packaging size, end user
industry, regional distribution, and company. Based on end user industry, the market
can be segmented into residential, offices, retail, industrial, schools,
infrastructure, hospitality, hospitals. Among these, residential sector is
anticipated to grow at the highest CAGR, in the next five years, to contribute
26.49% market share by 2027 to the gypsum plaster market. Increasing demand for
housing coupled with increasing use of plaster for molding of interior design
elements and sculptural forms are driving the segmental growth of residential
sector.
Sakarni
Plaster (India) Private Limited, Saint-Gobain Gyproc India Ltd., J.K. Lakshmi
Cement Ltd, Walplast Products Pvt. Ltd., DCM Shriram Ltd. (Shriram Cement
Works), Kaya Maya Industries (Trimurti Wall Care Products Pvt Ltd), TMC Gypsum
India Ltd., Birla White, USG Boral, VV Paiint, VANS Gypsum Pvt. Ltd. are the
leading players operating in the India gypsum plaster market. Plaster
manufacturers are investing in organic and inorganic strategies to increase
their share in the market. For instance, Sakarni Plaster (India) Private
Limited has partnered with Gipskarton for the manufacturing of gypsum products.
Similarly, J.K. Lakshmi Cement Ltd. has partnered with companies such as NTPC,
Reliance and L&T for increasing their share in the market.
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“South
is the dominant region in India Gypsum Plaster Market accounting for a share of
31.18% in FY2021, due to increasing usage of gypsum plaster in the region. Use
of gypsum plaster in the South region is growing due to the ongoing residential
and infrastructural projects in the region, with major focus on getting high
strength, high ductility and fire proofing of the application area. Furthermore,
large presence of offices, higher per capita income and high retail growth are
some major factors driving the Gypsum Plaster market in the region.”, said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“India Gypsum
Plaster Market By Application (Red Bricks, Concrete Blocks, RCC Surface,
Others), By Packaging Size (Less than 10 Kg, 10-20 Kg, 21-25 Kg, Above 25 Kg),
By End User Industry (Residential, Offices, Retail, Industrial, Schools,
Infrastructure, Hospitality, Hospitals), By Region, Competition Forecast &
Opportunities, 2017-2027” has evaluated the future growth potential of India gypsum
plaster 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 plaster market.
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