India Gypsum Board Market
has valued at INR 2284.44 Crore in 2022 and is anticipated to project robust
growth in the forecast period with a CAGR of 9.81% through 2028. Gypsum board is the technical term used by
manufacturers to refer to a specific board that has a gypsum core and a paper
front. It is commonly used as a construction material for tasks like interior
design. A typical surface material used in the construction of walls and
ceilings is gypsum board. Gypsum board comes in many different kinds, some of
which include wallboard, backing board, core board, fire-resistant gypsum
board, water-resistant gypsum board, and gypsum form board.
Rising Number of Residential Buildings
Gypsum board installation is expanding as a
result of the rising demand for residential construction brought on by the
growing population. Financial incentives and favourable government policies,
such as "Housing for All," that promote the Indian housing industry
are factors that are driving the short-term development of building operations.
Long-term development will be fueled by the nation's expanding population,
which necessitates continuing expenditures in the residential building
construction industry and therefore expands the market for Indian makers of
gypsum board. For instance, In 2022, the Investment Information and Credit
Rating Agency of India Limited estimates that Indian corporations would invest
more than USD 48 billion, in infrastructure and real estate, including
residential infrastructure. This factor is expected to responsible to register
a high CAGR during the forecast period.
Technological Developments
Gypelite India Private Limited, Sakarni
Plaster (India) Private Limited, Knauf Gypsum India Private Limited, and other
major players in the gypsum board market are concentrating on increasing their
production capacities and introducing cutting-edge technological products with
improved strength and durability. Additionally, market participants are
spending money on research and development to increase the style and texture of
their product offerings for interior decorative applications. During the
projection period, these technological advancements will boost market
expansion. For instance, the state-of-the-art plasterboards known as
"sheetrock" would be produced at USG Boral's cutting-edge
manufacturing facilities in Khushkhera, District Alwar, Rajasthan, and Sri City,
Andhra Pradesh, with respective capacities of 10 million square metres and 30
million square metres. Unlike any other plasterboard product on the market,
these plasterboards were produced via abundant research and development to use
scientific principles in the production processes. In the hot, humid
environment, these plasterboards have a better core strength, which results in
good sagging resistance.
Increasing Urbanization
India has experienced a dramatic increase in
the number of metropolitan towns and cities as a result of rising population
and economic expansion. India's urban population will increase further and
perhaps double during the next two decades. The future housing need of the
expanding population will necessitate more housing, which is predicted to have
a favourable impact on the Indian gypsum board industry. Additionally, India
needs integrated infrastructure development, including the construction of
high-rise buildings, apartments, and skyscrapers, in order to meet the
challenges of this rapid urbanisation. This tends to create a significant
opportunity for growth for the India gypsum board market during the forecast
period. For instance, India is quickly urbanising, and by 2050, it is predicted
that 50% of its population will reside in cities. India's urbanisation rate in
2021 was 1.34%. India's urbanisation rate increased 1.5% over the previous year
in 2021. As a result, the market is anticipated to expand during the course of
the projection period.
Increasing Commercial Development
The rising residential building across the
nation is predicted to result in a rise in gypsum demand during the anticipated
time. It is projected that when the notion of changing the appearance of
building structures gains more traction, the product will be used in more
high-end construction projects. This is because the product may provide
state-of-the-art surface textures and patterns. Gypsum boards, as opposed to
traditional plaster and lath, speed up, simplify, and reduce the cost of
interior changes and restorations. Additionally, the construction industry and
industrial settings are increasingly using specialised gypsum boards that are
heat resistant and robust.