Synthetic Gypsum Market is expanding at a CAGR of over 5% during 2023-2030
As per PMR analysis, the global synthetic gypsum market is projected to reach a market value of US$ 3.3 Billion by 2030, expanding at a CAGR of over 5% during the forecast period of 2023-2030. The increasing demand for synthetic gypsum from various industries such as cement & concrete, wallboard & insulation, agricultural & industrial applications, among others is aiding the growth of the Synthetic Gypsum Market globally.
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The Synthetic Gypsum Market is an essential part of the manufacturing industry in many countries. Synthetic gypsum is a by-product of power production that is frequently used in building materials, such as wallboard and cement. Synthetic gypsum has a wide range of applications due to its excellent physical and chemical properties. Synthetic gypsum can be used as a fertilizer, soil conditioner, hydraulic binder, and desulfuriser. Synthetic gypsum is also becoming an important source of sulphates. As such, the Synthetic Gypsum Market continues to grow rapidly.
Moreover, growing environmental concerns over coal-fired power plants have resulted in increased adoption of synthetic gypsum for wallboard production due to its high sulfur content than natural sources. This trend is expected to drive the Synthetic Gypsum Market over the forecast period. Additionally, favorable government policies and regulations pertaining to energy conservation are creating an upsurge in demand for synthetic gypsum in various end-use industries , which will create lucrative opportunities for market players operating in this space during the forecast period.
Further, advancements in technology have led to increased efficiency in processing raw material into finished products resulting in improved product quality and reduced lead times which has triggered higher demand for synthetic gypsum among end users such as construction companies who are seeking cost efficient solutions without compromising on product quality.
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Key Takeaways from Synthetic Gypsum Market Study
- In terms of regional growth, Asia Pacific is the manufacturing hub for cement, and is anticipated to witness rapid growth in the global synthetic gypsum market.
- Drywall manufacturing is the most significantly growing application segment in this market in terms of synthetic gypsum consumption.
- Urbanization and growth in the agriculture sector for FGD gypsum, which is used as a fertilizer for improving soil amendment and crop productivity, are expected to push the growth of the synthetic gypsum market over the coming years.
- Rapidly growing demand for drywall and cement in the construction industry is expected to generate increased demand for synthetic gypsum.
- While the synthetic gypsum market is projected to grow at a healthy pace, the ongoing COVID-19 pandemic is anticipated to have a significant negative impact on demand. This is expected to continue during 2020–21.
“Owing to the COVID-19 pandemic impact across the globe, the market in North America and Europe is expected to be impacted moderately, owing to less demand from end users. However, governments are likely to play a strong role over the coming months, as they are looking to create jobs and fuel the growth of the manufacturing sector in a strategic manner to avoid getting burdened with debt,” says a PMR analyst.
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Key Companies-
- LafargeHolcim
- Compagnie de Saint-Gobain S.A
- National Gypsum Properties LLC
- Knauf Gips KG
- Boral limited
- PABCO Building Products, LLC
- USG Corporation
- American Gypsum
- FEECO International, Inc.
- Synthetic Material LLC
- Georgia Pacific Gypsum LLC
- Gyptec IBERICA
- Delta Gypsum
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