Key Trend In The Gypsum Market 2024-2033: Adapting 3D Mine Visualizers For Enhanced Productivity And Decision-Making
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What Will be the Size and Growth Rate of the Global Gypsum Market?
The gypsum market size has experienced a substantial expansion in recent years. It is expected to escalate from $35.56 billion in 2023 to $39.8 billion in 2024, demonstrating a compound annual growth rate CAGR of 11.9%. This growth during the historical period can be credited to increased mining production and bold government initiatives for gypsum mine expansion.
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The Gypsum market is forecasted to experience rapid growth in the upcoming years. The market size is projected to reach $59.38 billion by 2028, indicating a compound annual growth rate CAGR of 10.5%. The future growth can be attributed to a surge in demand for plaster of paris and an escalation in cement production.
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What are the Major Trends and Drivers in the Gypsum Market?
Innovative trends in the forecast period involve the adoption of lithium battery-powered gypsum haulers over traditional diesel-powered mining machinery and equipment. There is also an anticipated increase in investment, especially in technologies focusing on accident prevention and enhancing safety for miners. Hence, Key industry players are targeting technologies like 3D mine visualizers to obtain a real-time digital model of a mine to boost productivity.
A significant climb in cement production is projected to be a substantial growth driver for the gypsum mining market. Cement is an essential building material required to adhere to building units. It is primarily used for regulating the setting time of the cement and, without it, the cement clinker would instantly solidify by mixing with water and releasing heat. Cement production in India increased by 19.4% in June 2022 compared to June 2021, according to stats from the India Brand Equity Foundation. This rise in cement production is projected to foster the growth of the gypsum market.
Who are the Key Players in the Industry?
Major industry leaders operating in the gypsum market include Rio Tinto Group, Iluka Resources Limited, FCI Aravali Gypsum and Minerals, zawawi minerals, kunooz oman holding, Rajasthan State Mines and Minerals Limited and many more. These industry leaders are consistently exploring new strategies and trends to bolster their market presence.
What is the Market Segmentation of the Gypsum Market?
The gypsum market report segments the industry by application, focusing on Gypsum For Construction, Agricultural Gypsum, and Other types of Gypsum. Additionally, market segmentation also considers Mining Type, differentiating between Underground Mining and Surface Mining.
Regional Market Analysis:
South America was the major regional player in the gypsum market in 2023. Other regions analyzed in the gypsum market report include Asia-Pacific, Western Europe, Eastern Europe, North America, Middle East, and Africa.
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