As the COVID-19 pandemic first hit in March 2020, millions of people settled down to work from makeshift home offices. However, not many of them thought it would mark a long-lasting shift in traditional ways of working. Fast-forward to the current day and you will find that many companies have voiced their support for hybrid working models, where people spend a part of the week in the office and the other part working from home or via co-working spaces. This has, in turn, brought a shift in requirements in the residential real estate sector, given the increased hours that individuals spend at their homes.
How COVID-19 has changed consumer needs and construction practices
Prior to the Coronavirus pandemic, professionals with families would prefer living close to their offices to save on commuting time, even if it meant opting for smaller houses. However, location is no longer the top priority for consumers now. With the shift in the way we work that has made work-from-home the new normal, in-house workstations have become mandatory. This has encouraged people to choose alternatives that offer sufficient space to accommodate their needs, as opposed to choosing spaces closer to commercial areas to avoid hours of commute.
Along with the necessary requirements of workstations, consumers are also spending most of their time at home now, as opposed to the outside. Prior to the pandemic, this was not the case. This has also resulted in an urgent need to make aesthetic improvements in existing building structures, according to the preference of the individuals. The growing need for these changes should be considered, keeping in mind the limited time in the hands of consumers to execute and felicitate the new normal. This gives rise to the demand for faster and safer building alternatives that can abide by time and safety concerns.
Keeping this in mind, industry experts are also gradually responding to the new demands by bringing forward alternatives that offer unique sustainable solutions and are a step ahead in catering to the current needs of consumers.
Drywalls: The new alternative in residential realty
One such alternative that fits in the current scenario, is gypsum wallboards and ceiling boards, also popularly known as drywalls. These are widely used to enhance the interiors in residential and commercial buildings, as they are fire-resistant, cost-efficient, and can be used, not only for the construction of regular walls and ceilings but also as partitions. These can be removed and installed easily and can be cut into desired shapes and sizes. The versatility of this material, along with the product’s ability to offer innovative designs and textures on its surface, is also likely to increase its penetration in high-end construction applications. Prior to the pandemic, the relevance of advanced materials and their function in homes was limited to their traditional use, which is for the ceiling in the case of drywalls. However, the pandemic has brought an array of options to the consumers, to innovate and reinvent spaces.
Along with aesthetic awareness, there is also active awareness about the environment, enabling consumers to choose suitable products and materials. This makes materials like drywalls an obvious choice, due to their sustainable properties, such as minimum water usage (offers 99% saving of water than masonry construction). The material also contributes towards LEED, IGBC, and GRIHA rating points and the product consists of recycled content. The array of advantages offered by drywalls are now more relevant than ever, to new constructions.
According to Grand View Research, the residential application segment accounted for the largest revenue share of gypsum boards of over 47% in 2020 and is projected to expand further at the fastest CAGR from 2021 to 2028. The global gypsum board market size was valued at USD 45.08 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 11.8% from 2021 to 2028.
It is evident that there is an upward rise in the acceptance of drywalls in the market. This can be attributed to its unique properties and the convenience that the material offers in building, making it an obvious choice for faster and safer alternatives in residential constructions.
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