North America Glass Fiber Reinforced Gypsum Market To Witness A Significant Growth Of USD 1.68 Billion By 2030

 San Francisco, 17 March 2023: The Report North America Glass Fiber Reinforced Gypsum Market Size, Share & Trends Analysis Report By Product (Type X, Type C), By Application (Exterior, Interior), By End-use (Non-Residential, Residential), By Region, And Segment Forecasts, 2022 - 2030

The North America glass fiber reinforced gypsum market size is expected to reach USD 1.68 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 6.3% from 2022 to 2030. The demand for glass fiber reinforced gypsum in the region is expected to witness significant growth owing to the growing rehabilitation and modernization of existing structures.

Type X is used in residential and commercial buildings, such as schools, hospitals, and shopping centers. Type X is economical, quick to install, and maintains excellent temperature tolerance. They are also reusable and have a low carbon footprint. The increasing adoption of Type X plasterboards in non-residential construction projects is expected to boost the growth of the segment.

The demand in the residential application segment is expected to grow owing to the increase in population. The increasing population is demanding more space for accommodation, especially in tier 1 cities. To fulfill the demand, construction activities are increased by both government and private sector companies. Governments in many countries such as India are also emphasizing the development of rural areas.

The interior application segment is expected to lead the North America glass fiber reinforced gypsum industry during the forecast period, in terms of volume and value. The growth of the interior segment can be attributed to the ability of North America glass fiber reinforced gypsum to be used as load-bearing walls, partition walls, and others, which are economical.

Due to the presence of established industry players controlling the majority of the market share, the North America glass fiber reinforced gypsum industry is consolidated. As a result of tremendous growth opportunities in the region's construction sector, global players are focusing on expansion in Asia Pacific, including China and India. To strengthen their market position, established players are emphasizing business expansion through both organic and inorganic growth.

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North America Glass Fiber Reinforced Gypsum Market Report Highlights

• The growing demand for the type X product segment is likely to expand at a CAGR of 5.5% over the forecast period. Type X wallboard is used as a covering material for interior walls and ceilings in residential and commercial applications that often require specific fire-rated assemblies. It is designed for direct attachment by screws, nails, or adhesive to wood or metal framing and even existing surfaces
• Type C product segment is expected to reach USD 6.08 billion in revenue by 2030, as it is easier to install and accepts all types of paints, wall covering, and textures. Type C has more glass fibers as well as more vermiculite components, giving it a fire resistance of 2-4 hours, but it is more expensive when compared to type X
• The non-residential end-use segment held the dominant share of 6.1% in 2021. Non-residential construction is expected to lead the market, owing to rising demand from the commercial building sector for partition walls and load-bearing walls. The demand for glass fiber reinforced gypsum in non-residential is also expected to increase during the forecast period owing to its wide usage in institutions, hospitals, offices, airports, gymnasiums, auditoriums, movie theatres, museums, and other commercial building construction worldwide
• The U.S. accounted for a market share of 76.1% in 2021. It accounts for a substantial share of the market in terms of demand, owing to the growing construction industry. The global players are focusing on expansion in the U.S. market on account of tremendous growth opportunities in the construction sector in the region
• GFRG is gaining popularity among architects and designers for its ability to create new forms on ceilings and walls. The increasing use of glass fiber reinforced gypsum in ordinary construction trades by architects is a major factor driving the growth of the industry. The growing number of indoor applications is likely to drive market expansion

List of Key Players in North America Glass Fiber Reinforced Gypsum Market

• CertainTeed
• USG Corporation
• Georgia-Pacific
• Formglas Products Ltd
• Stromberg Architectural
• Owens Corning
• American Gypsum
• Advanced Architectural Stone
• Meridian Precast Inc.
• Petra Design

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