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Drywall and Insulation Contractors Market 2024: Growth Trends and Forecast
Drywall and Insulation Contractors Market 2024
According to The Business Research Company's, The drywall and insulation contractors market size has grown strongly in recent years. It will grow from $516.2 billion in 2023 to $565.93 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to construction and real estate boom, housing market trends, energy efficiency and building codes, renovation and remodeling activities, population growth and urbanization..
The drywall and insulation contractors market size is expected to see strong growth in the next few years. It will grow to $828.41 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to sustainable construction practices, government incentives for energy efficiency, green building certifications, affordable housing initiatives, adoption of smart home technologies.. Major trends in the forecast period include digital tools for design and planning, fire-resistant insulation, rising demand for drywall finishes, weather-resistant insulation systems, skilled labor shortages and workforce training..
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Market Drivers and Trends:
The increasing number of residential constructions are expected to propel the growth of the drywall and insulation contractors 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 dry walling, 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% rise over the previous year. Between March and July 2020, the volume of residential building rose by 275%. Therefore, the increasing number of residential constructions are driving the growth of the drywall and insulation contractors market.
Technological advancements are the key trends gaining popularity in the drywall and insulation contractors' market. Major companies operating in the drywall and insulation contractors market is focusing on technologically advanced products to sustain their position in the market. For instance, in January 2022, Canvas, a US-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 can finish a project faster while still delivering consistently high-quality finishes.
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Major Key Players of the Market:
Gottstein Corporation; CRM Construction Inc.; MDB Construction & Restoration Services LLC; Contemporary Wall Systems Inc.; Contract Applicators Inc.; Eagle Painting Company Inc.; Canin Coatings Inc.; EJN General Contractor LLC; Adept Construction Services Ltd.; AAP Construction Group Corp.; Henderson-Johnson Co. Inc.; Flagler County Painting LLC; Asher Contractors LLC; McCahill Painting Co.; Jays and Fancy Interiors Inc.; Universal Scientific Industrial Co. Ltd.; Installed Building Products Inc.; TruTeam Software Solutions; Masco Corporation; TopBuild Corp.; Knauf Fiber Glass; Owens Corning Fiberglass Company; CertainTeed Corporation; Johns Manville Corp.; GMS Inc.; Bay Insulation Systems Inc.; Thermafiber Inc.; Cellofoam North America Inc.; Guardian Building Products Inc.; Rmax Operating LLC; KPS Global LLC; Atlas Roofing Corporation; Carlisle Construction Materials LLC; GAF Materials Corporation; Firestone Building Products Ltd.; Henry Company; Sika Corporation; Tremco Incorporated; BASF Corporation; Dow Chemical Company; Huntsman Corporation; Icynene-Lapolla; Lapolla Industries Inc.; North Carolina Foam Industries; Rhino Linings Corporation; Spray Foam Systems LLC; Demilec Inc.; Accella Polyurethane Systems; Covestro LLC; General Coatings Manufacturing Corp.
Drywall And Insulation Contractors Market 2024 Key Insights:
• The drywall and insulation contractors market will grow to $828.41 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%.
• Surging Residential Constructions Fuel Growth In Drywall And Insulation Contractors Market
• Technological Advancements Transform The Drywall And Insulation Contractors Market
• Europe was the largest region in the drywall and insulation contractors' market in 2023
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