The joint compound industry in Latin America is set for robust growth, with market value expected to expand from USD 48.6 million in 2023 to USD 89.5 million by 2033, marking a steady CAGR of 6.3% over the forecast period. This surge is driven by increasing construction activities across both residential and commercial sectors, along with rising demand for renovation and repair materials that enhance structural finishes. The market’s growth is further supported by a trend toward sustainable building practices, as joint compounds are favored for their durability, smooth finishing properties, and ease of use in wall and ceiling applications.
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 The demand for joint compounds is predicted to rise with the growing need to renovate outdated residential infrastructure and residential development.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.
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.
Latin America Joint Compound Industry: Key Growth Drivers and Opportunities
- Rising Construction Activities
- The expansion of residential, commercial, and infrastructure projects across Latin America fuels demand for joint compounds to meet the growing construction and renovation needs.
- Increasing Renovation and Remodeling Trends
- As property owners focus on enhancing aesthetics and structural integrity, the demand for joint compounds in renovation and remodeling projects has grown significantly.
- Advancements in Construction Materials
- Technological innovations in joint compounds, including improved formulation and application methods, create a more durable and smoother finish, attracting professional builders and DIY enthusiasts alike.
- Focus on Sustainable Building Practices
- Growing emphasis on eco-friendly building materials provides an opportunity for joint compound manufacturers to introduce low-VOC (Volatile Organic Compound) products, aligning with the region’s sustainable construction trends.
- Expanding Urbanization and Infrastructure Investments
- With rapid urbanization in Latin American countries, governments are investing in infrastructure development, driving the demand for joint compounds in large-scale construction projects.
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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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