The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Dry Construction Market.
It was estimated prior to this unanticipated outbreak that the Dry Construction Market was likely to witness an impressive CAGR of 5.3% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Market Share Analysis
Dry Construction Market Share: By Type
Based on the type, the market is segmented as supporting framework and boarding. The supporting framework segment held the larger share of the market in 2019, and is expected to remain dominant during the forecast period. They offer a wide range of advantageous properties such as fire protection, sound installation, and stability, which is driving the growth of the segment.
Dry Construction Market Share: By Material Type
Based on the material type, the dry construction market is segmented as plasterboard, wood, metal, plastic, and others. The plasterboard segment dominates the market, owing to the increasing demand for plasterboard in construction applications. Further, they can be installed easily and aid in speeding up the construction process.
Dry Construction Market Share: By System Type
Based on the system type, the dry construction market is segmented as ceiling system, wall system, flooring system, and others. The ceiling system segment dominates the market, owing to its favorable properties such as water resistance, aesthetic appeal, and ease of installation.
Dry Construction Market Share: By Application Type
Based on the application type, the dry construction market is segmented as residential and non-residential. The residential segment dominates the market, its growth can be attributed to the surge in construction projects due to increasing population, majorly in emerging countries.
Dry Construction Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the largest as well the as fastest-growing dry construction market during the forecast period, with China, Japan, and India being the major countries with lucrative growth opportunities. The growth of the market is driven by factors such as rapid industrialization, urbanization, increasing population, income and rising spending power of the people, new construction projects, and fast implementation of construction sites in the region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period. Extensive building renovation and refurbishment activities being carried out in countries such as the USA, Canada, and Mexico, are fueling the demand for dry construction.
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