Booming Construction Sector in Asia Pacific to Boost Market Growth
The construction sector particularly in booming economic regions, including Asia Pacific and Middle East & Africa, has experienced exponential growth over the past couple of decades. The rise of the construction sector in these regions is largely attributed to economic growth, increasing government support, and a strong focus on modernization and infrastructure development. The growth of the construction sector is expected to have a direct impact on the overall growth of the global gypsum plaster market in the upcoming decade. Moreover, benefits offered by gypsum plaster over conventional water curing processes is one of the key factors expected to drive the gypsum plaster market during the forecast period.
Another key factor that is expected to play an influential role in driving the adoption of gypsum plaster is the environment-friendliness of the product. Gypsum plaster has emerged as a popular plastering choice among construction companies, and is increasingly being used to plaster internal surfaces. In addition, gypsum plaster offers exceptional acoustic and thermal properties due to which, the demand is expected to witness steady growth during the forecast period. Gypsum plaster is free from shrinkage cracks, fast tracks construction, and is nearly 50% lighter in weight compared to traditional sand-cement plaster. These factors are likely to propel the gypsum plaster market in the upcoming years.
At the back of these factors, along with increasing focus on research and development, the global gypsum plaster market is projected to reach ~US$ 600 Mn by the end of 2030. A surge in the number of residential and non-residential construction projects, increasing foreign direct investments, and encouraging government initiatives are anticipated to play an imperative role in fueling the demand for gypsum plaster, especially in the Asia Pacific region.
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New Engineering and Construction Techniques to Drive Demand
Technological advancements coupled with increasing investments in research and development have paved the way for innovative and cutting-edge engineering and construction techniques due to which, the demand for environment-friendly products, such as gypsum plaster has steadily grown. The increasing usage of special retarders and the introduction of new chemical combinations by several key players operating in the current gypsum plaster market are likely to fuel the growth of the market. In addition, surge in demand for lightweight construction materials and focus on minimizing the structural load of buildings is projected to provide an impetus for the growth of the global gypsum plaster market in the upcoming years. Market players operating in the gypsum plaster market are increasingly swaying toward upgrading their existing manufacturing infrastructure to launch high-quality gypsum plaster and minimize the production cycles to save costs. The entry of new and advanced machinery for the production of gypsum plaster is expected to play an essential role in the driving the gypsum plaster market during the assessment period.
While R&D, along with product development, is anticipated to gain momentum, several leading players involved in the current gypsum plaster market landscape are expanding their global presence by constructing new manufacturing facilities. For instance, in March 2018, Saint-Gobain announced that the company is set to launch India’s largest plasterboard manufacturing facility. The move was largely driven by anticipated growth of the construction sector in India. Similarly, several players in the gypsum plaster market are increasingly investing in developing regions to tap onto the existing and upcoming opportunities.
REQUEST FOR COVID19 IMPACT ANALYSIS:
Demand to Remain Lower than Initial Projections amid COVID-19 Pandemic
The onset of the COVID-19 pandemic is expected to have a strong impact on the global gypsum plaster market in 2020. As the construction sector gradually recovers from the sluggish first two quarters of 2020, due to stringent lockdown measures, restrictions on transportation, etc., the demand for gypsum plaster is projected to grow at a consistent pace in the upcoming months. The decline in the number of construction projects or delays and postponement of several existing projects is a major factor projected to have a negative impact on the gypsum plaster market in 2020. However, as operations across several core industries gradually return to normalcy, a construction boom across the Asia Pacific region is anticipated, mainly in the COVID-19-free era due to which, the demand for gypsum plaster is expected to grow at a steady rate beyond the last quarter of 2020.