The global drywall and insulation contractor market is expected to grow from $474.33 billion in 2022 to $529.04 billion in 2023 at a compound annual growth rate of 11.5 percent. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short-term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The drywall and insulation contractor market is expected to reach $782.29 billion in 2027 at a CAGR of 10.3 percent.
The drywall and insulation contractor market consists of revenues earned by entities by providing cellulose insulation, mineral wool insulation, fiberglass insulation and spray foam insulation. The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end-consumers are included.
Drywall and insulation contractors refer to a business or entity that is primarily engaged in building insulation, drywall and plaster work. Plaster work includes laying lath to receive plaster as well as applying plain or decorative plaster.
The work includes new construction, changes, additions and repairs.
Europe was the largest region in the drywall and insulation contractor market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the drywall and insulation contractor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of drywall and insulation are standard, fire-resistant, and mold- or moisture-resistant. The standard drywall and insulation refer to the gypsum panel.
These are used for various applications, including construction and decoration and furniture manufacturing that are used by residential and commercial end-users.
The increasing number of residential constructions are expected to propel the growth of the drywall and insulation contractor market going forward. Residential construction involves the construction of new spaces or renovation of old spaces, such as buildings, apartments and housing units that are intended for personal occupancy.
Drywall and insulation contractors perform various tasks, such as drywalling, plastering and insulation for residential buildings or spaces to reduce drafts significantly, especially in the winter and windy months. They are used to maintain the home’s temperature with the aid of an additional layer.
For instance, in 2022, according to a report shared by ToolSense, an Austria-based software company related to construction, facility services, mining, agriculture, logistics or manufacturing, the number of housing units built in 2021 was 1,337,800, a 4 percent rise over the previous year. Between March and July 2020, the volume of residential building rose by 275 percent.
Therefore, the increasing number of residential constructions are driving the growth of the drywall and insulation contractor market.
Technological advancements are the key trends gaining popularity in the drywall and insulation contractor market. Major companies operating in the drywall and insulation contractor market are focusing on technologically advanced products to sustain their position in the market.
For instance, in January 2022, Canvas, a U.S.-based construction robotics start-up, launched a drywall finishing robot to increase the safety and attraction of drywall finishing to a work force that is becoming increasingly scarce. The Canvas system automates mudding and sanding, two of the most challenging steps in the finishing of drywall.
These are able to finish a project faster while still delivering consistently high-quality finishes.
In March 2023, Installed Building Products Inc., a U.S.-based installer of insulation and complementary building products, acquired Anchor Insulation Co. Inc. for an undisclosed amount. With this acquisition, IBP expanded its presence for industrial, commercial and residential customers across the northeastern United States. Anchor Insulation is a U.S.-based insulation contractor that provides mechanical and industrial insulation to residential, commercial and industrial clients.
The countries covered in the drywall and insulation contractor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, U.K. and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The drywall and insulation contractor market research report is one of a series of new reports that provides drywall and insulation contractor market statistics, including drywall and insulation contractor industry global market size, regional shares, competitors with a drywall and insulation contractor market share, detailed drywall and insulation contractor market segments, market trends and opportunities, and any further data you may need to thrive in the drywall and insulation contractor industry. This drywall and insulation contractor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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