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Joint Compound Market
Increasing Demand from New Residential construction Will Drive Joint Compound Sales at 3.8% through 2031
JUMEIRAH LAKES TOWERS, DUBAI, UNITED ARAB EMIRATES, December 8, 2021 /EINPresswire.com / -- The detailed study by FMI on the joint compound
market provide insights into growth prospects uplifting the sales across segments on the basis of product type, end use, and application. The study uncover crucial trends and opportunities that are favoring the demand outlook of the joint compound market over the assessment period.
As per the latest study by FMI, the global joint compound market is set to reach US$ 1.87 Bn in 2021. Increasing use of joint compounds in construction applications to create a seamless base for paint on interior walls by sealing joints between sheets of drywall is fueling the demand in the market.
Historically, the joint compound market grew at a sluggish rate of 1.1% CAGR between 2016 and 2020. However, with surging applications in residential construction across India, China, Australia, and Brazil, sales of joint compounds are anticipated to total 1,164.1 kilotons in 2021.
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Also, owing to the rising trend of urbanization across these aforementioned emerging economies, demand for joint compound is expected to increase in industrial and residential sector. On account of this, the market is estimated to expand at a 5% CAGR over the forecast period 2021-2031.
Joint compound is extensively being used for the construction of sustainable and green buildings as compared to its substitutes, such as spackle and vinyl, owing to attributes such as eco-friendly, cost-effective, and lightweight.
In addition to this, increasing development of commercial buildings such as airports, hotels, offices, and others is anticipated to create high revenue generation opportunities in the market.
On the basis of product type, the ready-mix segment is projected to outrank other segments in the market, accounting for nearly 56.9% of the overall sales in 2021. Primary factors driving the growth in the segment are easy to apply, lightweight, and suitable for hand-applying for wall textures.
“Increasing government investment for the development of smart cities, green buildings, airports, hotels, and other infrastructures across the U.S., Russia, China, and India is expected to accelerate the growth in the market,” says a FMI analyst.
Key Takeaways from Joint Compound Market Study
•The U.S. market is forecast to expand by 3.7% year-over-year growth in 2021, accounting for nearly 96% of the value share in North America.
•China is expected to hold the largest share in East Asia market, accounting for more than 80.6% of the sales in the region through 2031.
•India is anticipated to emerge as the most remunerative market in South Asia Pacific, contributing 37.3% of the revenue share between 2021 and 2031.
•Russia joint compound market is estimated to register healthy growth, expanding at 4.4% CAGR during the assessment period.
•Based on applications, the new construction segment is projected to exhibit the fastest growth in the market, accounting for 58% of the demand share by 2031.
Key Drivers
•Growing applications of joint compound for filling of cracks, holes, and cover seams in walls, and ceilings during refurbishment activities is expected to propel the demand across the refurbishment segment.
•Ongoing development in residential sector, owing to rising number of single-family homes across the U.S., Germany, and Japan is driving the sales of joint compounds in the residential segment.
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Key Restraints
•Risk of throat irritation, phlegm production, coughing, asthma, and rashes due to breathing dust from drywall joint compounds is hampering the growth in the market.
•High cost of joint compounds and availability of substitutes such as spackling compound is hindering the sales in the market.
Competitive Landscape
As per FMI, the top players in the global market are estimated to account for nearly 65% to 70% of total joint compound sales in 2021.
Key manufacturers are aiming at adopting strategies such as collaborations, joint ventures, agreement, acquisition, and partnerships with other companies to expand their product manufacturing and increasing their market share. For instance,
•In December 2020, Saint-Gobain, a French multinational corporation, announced acquiring a Peruvian manufacturer of plasterboard, El Volcan Soluciones Constructivas for approximately €20 million. The acquisition will assist the company to increase its production and consumer base in Argentina and Peru.
•In September 2020, Georgia-Pacific, an American pulp and paper company, announced its plan to invest US$ 285 million for constructing a new gypsum wallboard manufacturing plant near Sweetwater, Texas. The strategy will assist the company to strengthen is footprint in North America.
Some of the key players operating in the market profiled by FMI are:
•USG Boral
•DAP Products Inc.
•Solid Products, Inc.
•ProForm Finishing Products LLC
•Compagnie de Saint-Gobain S.A.
•Freeman Products, Inc.
•Supermastick S.A.S
•Hamilton Drywall Products
•ASG Plaster
•India Gypsum Pvt. Ltd
•Chiyoda UTE Co. Ltd
•Continental Building Products
•Knauf Gips
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More Valuable Insights on Joint Compound Market
The latest report by FMI provides a detailed analysis of the global joint compound market, providing exclusive insights into key factor driving the market between 2021 and 2031. The study also discloses sales projections on in joint compound market with detailed segmentation:
By Product Type:
•Ready Mix
•Setting Type
•Drying Type
By End Use:
•Residential Construction
•Commercial Construction
•Institutional Construction
•Industrial Construction
By Application:
•New Construction
•Refurbishments
By Region:
•North America
•Latin America
•Europe
•East Asia
•South Asia Pacific
•Middle East and Africa (MEA)
Key Questions Covered in the Report
•The report offers insight into joint compound market demand outlook for the forecast period 2021-2031
•The market study also highlights projected sales growth for joint compound market between 2021 and 2031
•Joint compound market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
•Joint compound market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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Joint Compound Market to Exceed US$ 1.87 Bn as Demand in Residential Construction Increases by 5.2%: FMI News Provided By FMI December 08, 2021, 13:33 GMT Share This Article Distribution channels: Business & Economy , Chemical Industry , Textiles & Fabric Industry
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