The India Gypsum Board Market is growing rapidly with a CAGR of 9.81% and is expected to grow in the future. The demand for the product is anticipated to rise in tandem with rising consumer expenditure on high-tech construction materials in the residential construction industry. Owing to the product's capacity to offer cutting-edge designs and textures on its surface, the trend of making aesthetic improvements to building structures is on the rise, which would be anticipated to expand the product's penetration in high-end construction applications. Owing to this, the market is expected to grow during the forecast period.
Gypsum demand is expected to increase over the projected period as a result of the increasing residential construction across the country. The idea of altering the aesthetics of building structures is becoming more popular, which is anticipated to increase the product's penetration in high-end construction applications. This is due to the product's ability to offer cutting-edge designs and textures on its surface. In contrast to the conventional plaster and lath, gypsum boards make interior modifications and restorations faster, simpler, and less expensive. Additionally, special gypsum boards that are heat resistant and durable are finding incremental use in the real estate sector and industrial set-ups.
In FY2022, Wall Board was the dominating segment by product type in India Gypsum Board market and accounted for a share of 47.29% owing to wide acceptance of wallboards as a substitute to plaster and lath. Also, increasing demand for sustainable construction and growing number of commercial construction projects is accelerating the demand for this segment.
Wallboard is the premier building material for residential, commercial, and institutional structures. They are widely utilized in partitioning and decorative applications, majorly in multi-family residential construction. Moreover, continuous innovation in the product is likely to increase its penetration in high-end construction applications.
Major market players in the India Gypsum Board Market are Sakarni Plaster (India) Private Limited, Everest Industries Ltd, India Gypsum Pvt Ltd, Saint-Gobain Gyproc India Ltd, Vinayak Gypsum & Interiors Pvt. Ltd, SCG International India Pvt Ltd, Eros Minerock Products LLP, Gypelite India Private Limited, Gypcore India Pvt Ltd, Knauf Gypsum India Private Limited, Ocean International and VANS Gypsum Pvt. Ltd.
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