The joint compound industry value for Latin America is projected to grow from USD 48.6 million in 2023 to USD 89.5 million in 2033. The demand for joint compounds in Latin America is expected to grow at a compound annual growth rate (CAGR) of 6.3% during the assessment period.
The use of joint compounds in construction applications is expected to surge the growing need for sophisticated coating materials with the capacity to produce quick and seamless joint finishing. The demand for joint compounds is predicted to rise with the growing need to renovate outdated residential infrastructure and residential development.
Joint compound formulas offer reduced shrinkage, good slip, and improved working properties. These are expected to be used for taping, filling, finishing, and skim coating. The quick and seamless process lowers labor expenses and efforts while improving the product’s quality and appearance, all of which are projected to fuel the industry’s growth.
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Government efforts to stimulate the economy, such as significant investments in the construction industry, particularly in constructing sustainable and environmentally friendly buildings, are driving the industry. Rising Latin America’s spending on private construction of residential and non-residential buildings is further propelling the industry. High government investments in renovating the region’s railways, highways, airports, and ports are expected to create ample opportunities for manufacturers.
Key Takeaways from the Report-
- Latin America is projected to thrive at 6.3% CAGR through 2033.
- Latin America’s joint compound industry was valued at US$ 46.0 million in 2022.
- The industry is expected to reach US$ 89.5 million by 2033.
- The ready mix segment is expected to rise at a CAGR of 6.5% by 2033 based on product type.
- Based on application, the new construction segment is projected to lead at a 6.6% CAGR through 2033.
“Demand for eco-friendly joint compounds with low volatile organic compounds (VOCs) is growing as sustainability becomes increasingly important in the construction sector. Environmentally friendly production methods and formulas are expected to give manufacturers a competitive edge in the industry,” Says an Analyst at Future Market Insights (FMI).
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Competitive Landscape
Latin America’s joint compound industry is highly consolidated, with leading players accounting for around 35.1% share. Compagnie de Saint-Gobain S.A, USG Corporation, Knauf, Dryvitex, Supermastick S.A.S, Durlock, Votorantim Cimentos, and Plaka Group are the leading manufacturers and suppliers of joint compounds listed in the report.
Key players are focusing on expanding their domestic production and technology areas of joint compounds to provide cost-efficient solutions to consumers in Latin America. They are also investing in developing new products and innovating existing ones to meet end-user demand.
Key Companies –
- USG Corporation: USG offers high-performance construction systems and solutions for interior walls, facades, ceilings, and floor levelers using state-of-the-art design and technology. Engaging with USG on any project ensures energy economy, safety, enhanced seismic performance, fire resistance, and lifespan.
- Cemix: The firm offers innovative solutions that simplify construction. In the wall covering, waterproofing, maintaining, repairing, concrete painting, and installing ceramics & marble applications, Cemix is a key participant in Latin America.
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Industry 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
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 ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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