Overview and Scope
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.
Sizing and Forecast
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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Segmentation & Regional Insights
The drywall and insulation contractors market covered in this report is segmented –
1) By Type: Standard, Fire-resistant, Mould Or Moisture resistant
2) By Application: Construction And Decoration, Furniture Manufacturing
3) By End User: Residential, Commercial
Europe was the largest region in the drywall and insulation contractors’ market in 2023. Asia-Pacific is expected to be the fastest-growing region in the drywall and insulation contractors market during the forecast period. The regions covered in the drywall and insulation contractors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the drywall and insulation contractors’ market are focused on developing innovative products, such as spray polyurethane foam (SPF), to gain a competitive edge in the market. Spray polyurethane foam (SPF) is a type of insulation that is applied as a liquid and expands to fill cavities or seal gaps. It is a highly effective insulator that can help to reduce energy costs and improve comfort. For instance, in September 2023, Firestable Insulation Company, a US-based provider of spray foam technology, launched the Stablebase 2.0 Max R. It is a spray-applied, two-component, next-generation hydrofluoroolefins (HFO) blown, closed-cell polyurethane foam solution with zero Ozone Depletion Potential (ODP) and a low Global Warming Potential (GWP) of less than two. With an industry-leading high 7.5 R-value and improved thermal performance, Stablebase 2.0 is an insulation system that can be used in both residential and commercial settings and save operational energy expenses.
The drywall and insulation contractors market report table of contents includes:
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List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Drywall And Insulation Contractors Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Drywall And Insulation Contractors Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Drywall And Insulation Contractors Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 74: Gottstein Corporation Financial Performance
Table 75: CRM Construction Inc. Financial Performance
Table 76: MDB Construction & Restoration Services LLC Financial Performance
Table 77: Contemporary Wall Systems Inc. Financial Performance
Table 78: Contract Applicators Inc. Financial Performance
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