12 Important Drywall Industry Statistics You Must Know in 2020
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12 Important Drywall Industry Statistics You Must Know in 2020
Drywall is a crucial interior component in residential and commercial buildings. Other names for drywall are gypsum board, wallboard, and plasterboard. The drywall and installation industry installs drywall panels and other forms of insulation, and apply plaster to interior walls of buildings and homes. Drywall installers are also called hangers or drywallers. In addition to covering interior walls, covering pipes, and electrical lines, drywall provides fire resistance and absorbs sounds. This list includes the 12 important drywall industry statistics you must know for 2020.
Drywall Market Overview
Increasing investment in emerging economies of the Asia Pacific and repairment projects in developed nations are major elements that drive the global drywall market. Residential sectors are predicted to increase in demand, meaning new residential construction and remodeling projects. However, traditional gypsum board products “shall not be used where there is direct exposure to water or continuous high humidity conditions.”
Furthermore, the gypsum board’s incompetence in performing in water may hinder the demand for growth in some regions. Blue board drywall, paperless drywall, purple drywall, and cement board are types of moisture-resistant drywall for better protection against the threat of moisture damage. Keep reading for the most important drywall industry statistics every drywall contractor should know.
Drywall Market Segment
Important Drywall Industry Statistics
#1 Drywall & Insulation Installers rank 13th in US for market size
In terms of the market size in the United States, the drywall and insulation installers industry are the 13th ranked construction industry overall. Moreover, this industry is the 179th largest market size in the US.
#2 Global drywall market size: CAGR of 11.9%
The global drywall market size in 2019 was estimated at USD 40.87 billion. In terms of revenue from 2020 to 2027, it is expected at a CAGR of 11.9%. The increasing spending on advanced building materials and the growing demand for the residential and commercial construction sector drives the growth of the drywall industry. The accelerating growth of the construction industry among major economies (Brazil, China, India, Mexico, South Africa, and Russia), is predicting to support market growth.
#3 US drywall Market size: CAGR of 10.6%
For the United States, the drywall market in 2019 was USD 12.96 billion, and for the anticipated forecast period (2020-2027) of 10.6% CAGR. With the rising trend of single/multi-family homes, the construction industry expects to sustain the gypsum product demand in the upcoming years. For drywall and insulation installers combined, the market size is $61 billion, and there are 120,075 businesses.
#4 Residential was the largest market share in 2019: 50.5%
In 2019, in terms of revenue, the residential segment attributed to the largest share of 50.5%. Due to the growing urban population along with the heightened demand for aesthetically improved materials supports the growth.
#5 Drywall product sales in 2019: 24,000 million square feet
According to Statista, the US consumed 42 million metric tons of drywall. Additionally, with the increased demand for drywall, 24,000 million square feet of drywall product was sold. In North America, drywall construction is more prevalent than traditional lath and plaster methods because the application is quicker.
#6 Employment of drywall installers increase by 2%
From 2018 to 2028, according to US Bureau of Labor Statistics, the drywall installers’ employment is projected to grow slower than average for all occupations, at 2 percent. Drywall is the most common interior wall material in buildings. Therefore, the demand for drywall and ceiling tile installers and tapers will come from residential and commercial building construction. Remodeling projects also forecast drywall services because owners of existing buildings may want to make improvements or design changes. The drywall and insulation industry itself employs two-thirds of these workers. Due to the employment growth in other industries, drywall and insulation employment is predicted to decline over the decade. However, there is going to be a demand for these workers to replace those who leave the occupation.
#7 Asia Pacific holds the largest share in the market
Last year, the Asia Pacific dominated the global gypsum market with a share of approximately 30%. Over the forecast period, it is expected to escalate a 14.2% revenue-based CAGR. The Asia Pacific is a well-established construction industry, and regions like China and India are expected to drive demand.
#8 Gypsum production in 2019: 20 million tons valuing at about $160 million
The leading gypsum producing states are Iowa, Nevada, Kansas, Oklahoma, and Texas. They together accounted for approximately 64% of total output.
#9 There are 63 operating gypsum panel manufacturing plants in the US
In early 2019 of last year, the production capacity was approximately 34.1 billion square feet per year.
#10 700,000 tons of gypsum scrap is recycled.
This amount produced by wallboard manufacturing was recycled onsite from new construction and demolition. Gypsum is recyclable and can operate for agricultural purposes and feedstock for new wallboard production. Athletic field marking, cement production, water treatment, and sludge drying are other markets that demand recyclable gypsum.
#11 Synthetic gypsum totaled roughly 50% of the supply of gypsum products
The synthetic gypsum was sold for applications in residential, commercial, and industrial markets.
#12 Over 97% of structures in the US required gypsum board
In comparison to other regions, North America itself dominated the global market share. The market is highly competitive in terms of the high number of multinational key players. Companies like USG Corporation, National Gypsum, and Georgia Pacific focus on enhancing the product portfolio, extending the geographical reach and production capacity. These players invest highly in R&D for gypsum for design and texture introductions to boost the competitive environment.
Conclusion
Furthermore, Drywall is the core structural component of buildings, both residential and commercial. Although the US economy fluctuates, there is hope that more people buy homes to boost real estate and drywall industry sales. It is crucial to stay in the loop with drywall industry statistics to forecast future market uncertainties.
The drywall industry is making its comeback from the 2008 mortgage crisis. Building manufacturers made their attempt to get back into the market and had to raise prices from this downturn. In result, contractors endured high costs of building materials. There is always fear with repeating history, which could dramatically affect the drywall industry again.
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