Synthetic gypsum market worth 1.80 Billion USD by 2023
The report “Synthetic Gypsum Market by Type (FGD gypsum, Citrogypsum, Fluorogypsum, Phoshogypsum), Application (Cement, Drywall, Soil amendment, Dental), and Region (Americas, Europe, Asia Pacific, and Middle East & Africa) - Global Forecast to 2023” The synthetic gypsum market is projected to reach USD 1.80 Billion by 2023. The market is projected to witness significant growth over the next few years with the increasing demand for new constructions due to rapid urbanization and industrialization with large-scale investment in the commercial and infrastructural sectors. The rising demand for synthetic gypsum in emerging economies and the increasing inclination toward sustainable construction methods are increasing the reliance on modern construction materials, thus creating growth opportunities for the synthetic gypsum market.
The drywall segment is estimated to dominate the market in 2018 and is projected to be the fastest-growing application in the next five years. As a result of rapid urbanization and industrialization, this market is mostly driven by the surge in demand for new constructions across the world. The increasing public and private investments in construction applications of emerging economies in Asia Pacific, the Middle East, and South America drive the growth of this market.
FGD synthetic gypsum finds application in several sectors, which drives its demand. This segment dominates the synthetic gypsum market and is projected to grow at a higher rate during the forecast period. FGD gypsum is used in the agriculture sector as a fertilizer to improve crop yield. It also finds application in the building & construction industry to make decorative panels and PoP structures. Hence, the FGD synthetic gypsum type accounted for a relatively larger share in synthetic gypsum market among all other types.
Asia Pacific contributes a major share in the global synthetic gypsum market. Due to the increasing industrialization as well as the large population in China, Japan, and India, these countries are experiencing high demand for building & construction. The rapid urbanization in these countries demands faster and cheaper construction of buildings and facilities without compromising on quality. Additionally, the increasing government investments in infrastructural constructions provide the potential for growth of the synthetic gypsum market in these countries.