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.