Analysis of the development status of China's gypsum board industry and the development prospects of the indust
Nov 05, 2019
First, the development status of gypsum board industry
1. Real estate leads the industry in demand, and product performance is extended.
At present, gypsum board has been widely used in the interior partition walls, ceilings, wall covering panels and various decorative panels of various buildings such as houses, office buildings, shops, hotels and industrial plants. From the product classification point of view, gypsum board products are divided into paper gypsum board, paperless gypsum board, decorative gypsum board, fiber gypsum board and other categories, of which gypsum board is the most important gypsum board product, the output ratio is about 80%.
China's gypsum board industry has been developing steadily. The national gypsum board production increased from 173 million square meters in 2002 to about 3.5 billion square meters in 2014, an increase of nearly 20 times. The expansion of the domestic gypsum board market is inseparable from the demand brought about by urbanization. The nation's housing completion area has rapidly increased from 325 million square meters in 2002 to 1 billion square meters in 2015, nearly double the growth. However, from the fact that the growth rate of gypsum board is obviously faster than the growth rate of building completion area, the superior characteristics of gypsum board are gradually being explored, and the application field of gypsum board is being continuously widened, so the consumption of gypsum board has made great progress. At the same time, the amount of gypsum board used in the unit area of domestic gypsum board has also shown a steady increase.
2, gypsum board consumption expansion potential
Gypsum board is mainly used in the renovation of ceilings in China. From the perspective of product application, China's gypsum board is used for ceiling decoration and decoration accounting for more than 70%, and the partition wall system is only less than 30%. The domestic partition wall materials are still mainly made of traditional materials such as clay bricks. In contrast to developed markets in Europe and the United States, gypsum board is mainly used in the construction of partition walls, accounting for about 80% of the total, and less than 20% for ceiling decoration. For the standard Europe and the United States, the penetration rate of gypsum board in the partition wall market has a large room for improvement.
Gypsum board is mainly used in tooling in China, including commercial real estate and public buildings, accounting for about 75%. The proportion of gypsum board in residential areas with a relatively large space is relatively low, only about 25%. In contrast to developed markets in Europe and the United States, gypsum board is mainly used in the residential sector, accounting for about 80%. There is still much room for expansion in the application of gypsum board in the residential sector.
At the same time, from the perspective of the development of China's real estate industry, after the rapid development of domestic housing completion, the accumulated stock of housing has been expanding, and the accompanying demand for secondary decoration will continue to increase, and gypsum board as a more cost-effective The environmentally friendly decoration products are expected to further enhance the demand for gypsum board products in the vast stock market.
3. Paper price supports product price, cost center trend moves up
In addition to desulfurization gypsum and fuel power, in the cost structure of gypsum board, facial paper is also the main source of raw material cost. Gypsum board face paper is a new type of green paper-making paper developed in China in recent years. It is widely used in the production of gypsum board for building decoration. Its main function is to cover both sides of gypsum core during production to increase the strength and toughness of gypsum board. , facial paper can contribute 80% strength of gypsum board. The main raw material for face paper is waste paper, which accounts for the largest proportion of cost.
4. The timing of price increases is getting mature, and the profit center trend is moving up.
Due to the lack of price data on face paper, the main raw material US waste 8# price data is used instead. It can be seen that the gross profit rate of the company in the past years has been significantly declining. The company has grown into a leading domestic company with a market share of more than 50%. The decline in gross profit margin is more due to the occupation of small manufacturers.
Second, the gypsum board industry development prospects forecast
The global market for gypsum board is currently around 10 billion square meters, with a market size of around 70 billion yuan. From the general development law of the gypsum board industry, the demand for gypsum board in the high-speed development area will also increase significantly.