New York, July 27, 2023 (GLOBE NEWSWIRE) -- The global synthetic gypsum market size is slated to expand at ~16% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 40 billion by the end of 2035, up from a revenue of ~USD 13 billion in the year 2022.This is due to the increasing demand for synthetic gypsum in various applications, such as construction, cement, drywall, and manufacturing, as well as the low cost of synthetic gypsum compared to traditional materials such as limestone and natural gypsum. It has been estimated that the drywall installation industry in the United States is worth USD 47 billion, including the installation of insulation.
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In the United States, there are approximately 200 manufacturers of gypsum for the drywall industry, which generates a value of USD 7 billion.The increasing use of drywall in new constructions and renovation is driving the demand for synthetic gypsum. This is because drywall is made up of a mixture of gypsum and other materials, and synthetic gypsum is the most commonly used form of gypsum in drywall.
Synthetic Gypsum Market: Key Takeaways
- Market in Asia Pacific to propel the highest growth
- The agriculture segment to garner the highest growth
- Market in North America to grow at a highest rate
Significant Increase Occurred in Cement Production to Boost Market Growth
The increased demand for infrastructure projects, such as roads and bridges, has led to higher demand for cement. This, in turn, has led to increased production of cement to meet the rising demand. In September 2022, cement production in India saw a significant increase of 13% compared to the same month in the previous year. This growth reinforces India's position as the second largest cement producer globally, contributing to over 8% of the total global installed capacity.
When Gypsum is added to cement, it helps to slow the setting time of the cement, allowing contractors time to properly place and shape the concrete. The increased demand for Synthetic Gypsum has been driven by the increased production of cement as more and more construction projects are being undertaken.
Synthetic Gypsum Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Construction of Residential and housing buildings to Drive Growth in the Asia Pacific Region
The synthetic gypsum market in the Asia Pacific region is poised to estimate the largest market share by the end of 2035. This is primarily driven by the increasing government initiatives to provide affordable housing solutions. For instance, the Indian government launched the "Housing for All by 2022" initiative, to provide affordable housing for all citizens.
Additionally, the region has seen a surge in public infrastructure investments, which has encouraged the use of synthetic gypsum in the construction of energy-efficient and cost-effective structures. This has further driven the market growth in the region. Synthetic gypsum is an ideal material for use in plasterboards as it is lightweight, fire-resistant, and easy to manufacture. It is also much less expensive than natural gypsum, which makes it an attractive option for builders looking to reduce costs.
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Region's Stringent Regulations On Emissions from Coal-Fired Power Plants to Drive the Growth in the North America Region
The North American synthetic gypsum market is forecast to gain significant revenue by the end of 2035. This is due to the region's stringent regulations on emissions from coal-fired power plants and the need to reduce them. In the United States, coal-fired power plant emissions are estimated to increase by approximately 17% from 2020 to 2025. In the United States, new proposed standards would prevent the emission of more than 580 million metric tons of CO2 from coal and new natural gas-fired power plants.
Flue gas desulfurization (FGD) systems are highly efficient in reducing emissions from coal-fired power plants, and the resulting synthetic gypsum is used in various industries such as agriculture, cement production, and wallboard manufacturing. This has led to an increased demand for synthetic gypsum in the region, leading to an expected increase in the North American synthetic gypsum market.
Synthetic Gypsum Segmentation by Application
- Construction Materials
- Agriculture
The agriculture segment is anticipated to hold the largest revenue by the end of 2035. Synthetic gypsum can help to improve the physical and chemical properties of the soil, which leads to more efficient water and nutrient uptake by crops. It also helps to reduce water runoff and erosion, leading to less pollution and increased soil fertility. These benefits have led to an increased awareness of the potential benefits of synthetic gypsum, resulting in a growing demand for it in the agriculture sector. It has been found that out of a large number of soil tests conducted in farmers' fields, more than 70% of the soils suffer from either acidity or alkalinity.
Synthetic gypsum can improve soil structure, increase water infiltration and retention, reduce soil compaction, and reduce salinity. These benefits can improve crop yields and help farmers manage their land more sustainably.
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Synthetic Gypsum Segmentation by End User
- Construction
- Power Plants
- Chemical
Looking ahead to 2035 it is projected that the construction segment will claim a significant share of revenue. This can be accredited to the surge in construction activities consequently driving up the demand for construction materials. Spending on engineering and construction has increased by 6% compared to 2020, and total construction has increased by 13%. To accommodate an expected 8 billion urban residents by 2050, the industry must construct 12,500 buildings per day.
Synthetic gypsum has better physical properties than natural gypsum, such as higher strength, better water resistance, and higher fire resistance, which makes it more suitable for use in construction materials. It is also more resistant to cracking and chipping and has better fire and sound insulation properties, making it an ideal material for construction applications.
A few of the well-known market leaders in the synthetic gypsum market that are profiled by Research Nester are Saint-Gobain, Knauf, USG Corporation (now part of Gebr. Knauf KG), National Gypsum Company, Etex Group, LafargeHolcim, Boral Limited, Yoshino Gypsum Co., Ltd., Georgia-Pacific Gypsum LLC, and other key market players.
Recent Development in the Synthetic Gypsum Market
- The Knauf Group reported that a two-year process of acquiring USG Corporation had been completed in September 2021. As a result of combining the two companies, a worldwide leader in building materials has been created with a distinctive position in the gypsum industry.
- A deal was signed by LafargeHolcim with Firestone Building Products FSBP in February 2023 to acquire a leading manufacturer of roofing solutions and building envelope solutions. By acquiring this company, LafargeHolcim strengthens its construction position.
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