India Gypsum Board Market Overview, 2029

India Gypsum Board Market Overview, 2029

The Indian gypsum board market is expanding rapidly, owing to a convergence of key factors. In terms of product and trend, regular gypsum boards continue to dominate, although specialty versions such as fire-resistant, water-resistant, and acoustic boards are becoming increasingly popular. Recent developments in innovation have focused on the development of lightweight, high-strength boards to speed up construction operations. There is also a clear trend towards the emergence of environmentally friendly boards made from recycled materials, indicating a growing awareness of sustainability within the business. Cultural preferences for modern, aesthetically pleasant living environments are driving the demand for gypsum boards. This cultural transformation, combined with the country's rapid urbanisation, is fueling the market's strong development trajectory. Furthermore, the expanding real estate sector, which includes both residential and commercial segments, is driving up demand for gypsum boards because they are essential to modern construction procedures. Government initiatives concentrating on infrastructure development are particularly important in driving market expansion, since expenditures in infrastructure projects need the usage of gypsum boards for a variety of purposes.

According to the research report “India Gypsum Board Market Overview, 2029,"" published by Bonafide Research, the India Gypsum Board Market is projected to add more than USD 2.5 Billion from 2024 to 2029. However, despite these prospects, the market faces hurdles. A major hurdle to gypsum board installation is a lack of skilled labour. The scarcity of educated specialists creates a substantial barrier to the broad use of gypsum boards in construction projects, potentially impeding market expansion. Furthermore, price changes caused by global market dynamics might have an impact on market players' profitability and pricing strategies. In terms of legislation and regulations, compliance with certifications such as the Bureau of Indian Standards (BIS) certification is required for gypsum boards to ensure product quality and safety standards. Furthermore, fire safety rules are getting more demanding, necessitating adherence to strict safety standards to ensure the safety of people and property. As a result, market participants must traverse different regulatory frameworks to maintain compliance while profiting on the growing prospects in the Indian gypsum board market. Prices in the gypsum board market are impacted by a variety of factors, including board type, thickness, and brand reputation. Prices vary between ₹35 to ₹120 per square metre, depending on product qualities and market conditions. Different board varieties cater to a wide range of application requirements, including standard, moisture-resistant, and fire-resistant variants, with each commanding a different price based on its performance attributes and manufacturing complexity.

The gypsum board market segmentation encompasses various product types and applications. In terms of products, leading offerings include wallboard, commonly known as drywall or gypsum board, prized for its ease of installation and fire-resistant properties, making it a staple in both residential and commercial construction projects. Additionally, ceiling board, another form of gypsum board, finds extensive use in providing smooth finishes for ceilings while offering lightweight and fire-resistant characteristics. Pre-decorated board, featuring decorative finishes applied during manufacturing, caters to diverse aesthetic preferences. Furthermore, the Type X board stands out for its enhanced fire resistance, serving specific application needs. Regarding applications, residential usage dominates, with gypsum board widely employed in houses, apartments, and condominiums for interior walls and ceilings due to its ease of installation, durability, and soundproofing capabilities. The industrial sector witnesses growing adoption, utilising gypsum board for construction purposes across various industries. In the commercial sphere, gypsum boards find extensive application in non-residential buildings such as offices, retail stores, and hospitals, offering attributes like fire resistance, sound control, and durability. Other applications encompass pre-engineered metal buildings and institutional structures, which often demand customised solutions to meet specific design requirements. This comprehensive segmentation reflects the diverse utility and versatility of gypsum board across residential, industrial, and commercial sectors, catering to a wide range of construction needs with its unique properties and applications.

The Indian government's ""Smart Cities Mission"" and ""Housing for All"" programs are key factors driving the market landscape for gypsum boards. These activities not only increase demand for construction materials, but also highlight the importance of sustainable and creative building solutions. Under the Smart Cities Mission, metropolitan areas across India are undergoing transformational growth, generating significant potential for gypsum board manufacturers and suppliers to meet changing building needs. Similarly, the Housing for All initiative seeks to provide affordable housing to all inhabitants, thereby promoting construction activity and increasing demand for gypsum boards in residential projects. Participation in trade fairs like India Build and ACREX India provides a strategic opportunity for businesses to promote their products, network with industry peers, and increase their market reach. These events allow companies to showcase their latest innovations, innovative solutions, and sustainable practices in the construction industry. Companies that actively participate in such trade fairs can increase their visibility, form lucrative connections, and stay up to date on developing trends and customer preferences, giving them a competitive advantage in the marketplace.

When comparing India's gypsum market to its regional counterparts, particularly China, various differences appear. While China has a greater market size, India has a faster growth rate, showing tremendous room for expansion and development. Despite its small size, the Indian market offers profitable potential for investors and businesses thanks to its fast growing construction sector and rising demand for gypsum products. However, India faces competition from Southeast Asian countries for gypsum imports, which presents pricing, quality, and market share concerns. Nonetheless, India's abundant gypsum reserves provide a competitive advantage by ensuring a consistent supply of raw materials for domestic manufacture while minimising reliance on imports. The COVID-19 epidemic had a substantial influence on India's gypsum business, causing temporary interruptions in building and affecting demand for gypsum goods. The statewide lockdowns and limitations implemented to combat the virus's spread caused building project delays and cancellations, resulting in lower usage of gypsum materials. However, as the economy slowly recovered and construction activity resumed, the market began to rebound, aided by government stimulus measures and pent-up demand. Moving forward, the Indian gypsum market is likely to continue to rise, fueled by infrastructure development, urbanisation, and increased building investment. While the pandemic caused challenges for the sector, it also demonstrated the tenacity and adaptability of India's gypsum market, laying the groundwork for continued growth and prosperity in the post-pandemic age.

Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Gypsum Board market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product
• Wallboard
• Ceiling Board
• Pre-decorated Board
• Others

By Application
• Residential
• Industrial
• Commercial
• Others (Pre-Engineered metal building and Institutional)

The approach of the report:
This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Gypsum Board industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.