The joint compound industry is projected to witness substantial growth, with an estimated value of US$ 5 billion in 2023, poised to escalate to US$ 9 billion by 2033. This anticipated expansion is attributed to a steady adoption rate, expected to progress at a Compound Annual Growth Rate (CAGR) of 6% throughout the forecast period. The increasing demand for joint compounds, driven by construction and renovation activities, underscores the market’s promising trajectory, reflecting the industry’s resilience and potential for sustained development in the coming years.
A significant opportunity lies in the increasing demand for environmentally friendly and sustainable joint compounds. With growing environmental concerns, there is a rising preference for products that have low VOC (volatile organic compound) content and are eco-friendly. Manufacturers can capitalize on this trend by developing innovative joint compounds that meet stringent environmental standards and offer superior performance.
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The rise in renovation and refurbishment activities presents untapped potential for the joint compound market. As more homeowners and businesses opt for remodeling projects, there is a growing demand for high-quality joint compounds to achieve seamless and flawless finishes. Manufacturers can focus on developing specialized products catering to the unique needs of the refurbishment segment, such as quick-drying compounds and easy-to-use formulations.
The increasing focus on energy-efficient buildings and green construction practices offers opportunities for joint compound manufacturers. With the adoption of energy-efficient construction materials, there is a need for joint compounds that contribute to improved thermal insulation and air sealing properties. Developing joint compounds with enhanced energy-saving characteristics can meet this demand and cater to the evolving requirements of the construction industry.
Key Takeaways from the Joint Compound Market:
- It is projected that India will hold a dominant market share of more than 39% in the South Asia Pacific region until 2033.
- In East Asia, China is expected to account for a significant portion of joint compound sales, with a share of over 81%.
- In North America, the United States is predicted to dominate the market, representing over 97% of sales in 2023.
- In terms of segments, the refurbishments segment is estimated to hold a revenue share of more than 43% in 2023.
- The residential construction sector is expected to account for approximately 51% revenue
“The joint compound market is witnessing steady growth due to the thriving construction industry and increasing renovation activities. Rising demand for seamless finishing and repair solutions in commercial and residential applications is driving market expansion. The market is expected to experience continued growth fueled by technological advancements and product innovations”, remarks an analyst at FMI.
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How Key Players are Revolutionizing the Manufacturing of Joint Compounds?
Key players in the joint compound market are revolutionizing the manufacturing process by incorporating advanced technologies and innovative approaches. These players are investing in research and development to develop high-performance joint compounds that offer improved properties such as faster drying time, superior adhesion, and enhanced crack resistance.
Companies are introducing eco-friendly formulations that reduce harmful emissions and promote sustainable practices. Manufacturers are focusing on automation and digitalization to streamline production processes, increase efficiency, and ensure consistent product quality. The integration of data analytics and machine learning enables real-time monitoring and optimization, leading to enhanced productivity and cost-effectiveness. Overall, these advancements by key players are driving the evolution of the joint compound manufacturing industry, offering superior products and improving overall customer satisfaction.
Key Players in the Market:
- 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
Product Portfolio:
- USG Boral offers a comprehensive product portfolio in the construction industry, including gypsum-based solutions, plasterboards, ceiling systems, metal framing, joint compounds, and cementitious products. Their offerings cater to residential, commercial, and industrial applications, providing high-quality solutions for walls, ceilings, and other interior and exterior surfaces.
- DAP Products Inc. provides a diverse range of construction and home improvement solutions. Their product portfolio includes adhesives, sealants, caulks, patching compounds, and fillers. These products are designed to meet the needs of professional contractors, DIY enthusiasts, and homeowners, offering reliable and innovative solutions for various projects.
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More Insights Available
Future Market Insights offers an unbiased analysis of the joint compound market, providing historical data from 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the joint compound market, the report is segmented on the basis of product type (ready mix, setting type and drying type), end use (residential construction, commercial construction, institutional construction and industrial construction), and application (new construction and refurbishments), across 7 major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia and Middle East & Africa).
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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