Growing application of gypsum plaster and its usage in residential sector to drive the India Gypsum Plaster Market through 2027.
According to TechSci Research report, “India Gypsum Plaster Market By Application (Red Bricks, Concrete Blocks, RCC Surface, Others), By Packaging Size (Less than 10 Kg, 10-20 Kg, 21-25 Kg, Above 25 Kg), By End User Industry (Residential, Offices, Retail, Industrial, Schools, Infrastructure, Hospitality, Hospitals), By Region, Competition Forecast & Opportunities, 2017-2027”, India gypsum plaster market was valued at INR495.69 crore in 2020 and is projected to grow at a CAGR of 6.13% to reach INR677.36 crore by 2027. The growth in the India gypsum plaster market can be ascribed to increased construction activities to accommodate growing population. As part of the “Housing for All” scheme and infrastructure reforms enacted by the government, gypsum plaster demand is forecast to surge in the next five years. In the Union Budget, 2020, Finance Ministry has proposed extending tax holiday to develop affordable housing projects. Additionally, the government of India is focusing on developing infrastructure and construction activities by introducing policies such as FDI norms, large budget allocation to infrastructure, etc. This rising demand from the buildings and the construction sector is driving the market for gypsum plaster in the country.
Indian government made 100% Foreign Direct Investment (FDI) for gypsum products. Moreover, the government’s smart city initiative is expected to provide necessary push for the growth of gypsum plaster market in the country by 2027. Besides, increasing demand for gypsum boards, as a cost-effective alternative for other building materials is anticipated to fuel the growth of the market through 2027. Moreover, gypsum plaster is an eco-friendly product produced by the use of special retarder and chemical combination. Increased usage of gypsum plaster is opening new avenues of growth for the manufacturers of the product.
Due to the COVID-19 pandemic, lockdown was imposed all over the country. On the supply side, the manufacturing sector was impacted, which halted production in plants. As a result, production was curtailed, and market size plummeted to INR462.86 crore in FY2021. While on the demand side, halt/slowdown in construction activities in end-user industries contributed to the declined demand for gypsum plaster.
Browse 41 market Figures and 10 market Tables spread through 136 Pages and an in-depth TOC on “India Gypsum Plaster Market”.
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India gypsum plaster market is segmented into application, packaging size, end user industry, regional distribution, and company. Based on end user industry, the market can be segmented into residential, offices, retail, industrial, schools, infrastructure, hospitality, hospitals. Among these, residential sector is anticipated to grow at the highest CAGR, in the next five years, to contribute 26.49% market share by 2027 to the gypsum plaster market. Increasing demand for housing coupled with increasing use of plaster for molding of interior design elements and sculptural forms are driving the segmental growth of residential sector.
Sakarni Plaster (India) Private Limited, Saint-Gobain Gyproc India Ltd., J.K. Lakshmi Cement Ltd, Walplast Products Pvt. Ltd., DCM Shriram Ltd. (Shriram Cement Works), Kaya Maya Industries (Trimurti Wall Care Products Pvt Ltd), TMC Gypsum India Ltd., Birla White, USG Boral, VV Paiint, VANS Gypsum Pvt. Ltd. are the leading players operating in the India gypsum plaster market. Plaster manufacturers are investing in organic and inorganic strategies to increase their share in the market. For instance, Sakarni Plaster (India) Private Limited has partnered with Gipskarton for the manufacturing of gypsum products. Similarly, J.K. Lakshmi Cement Ltd. has partnered with companies such as NTPC, Reliance and L&T for increasing their share in the market.
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“South is the dominant region in India Gypsum Plaster Market accounting for a share of 31.18% in FY2021, due to increasing usage of gypsum plaster in the region. Use of gypsum plaster in the South region is growing due to the ongoing residential and infrastructural projects in the region, with major focus on getting high strength, high ductility and fire proofing of the application area. Furthermore, large presence of offices, higher per capita income and high retail growth are some major factors driving the Gypsum Plaster market in the region.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Gypsum Plaster Market By Application (Red Bricks, Concrete Blocks, RCC Surface, Others), By Packaging Size (Less than 10 Kg, 10-20 Kg, 21-25 Kg, Above 25 Kg), By End User Industry (Residential, Offices, Retail, Industrial, Schools, Infrastructure, Hospitality, Hospitals), By Region, Competition Forecast & Opportunities, 2017-2027” has evaluated the future growth potential of India gypsum plaster market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India gypsum plaster market.
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