The joint compound market is estimated to be valued at USD 5 billion in 2023 and is expected to reach USD 9 billion by 2033. The adoption of joint compounds is likely to advance at a CAGR of 6% during the forecast period.
A significant driver is the growing focus on sustainable construction practices. As sustainability becomes a crucial consideration in the building industry, there is a rising demand for eco-friendly joint compounds with low VOC content. Manufacturers that prioritize environmentally friendly formulations and production processes are likely to gain a competitive advantage in the market.
A prominent driver is the emphasis on energy-efficient buildings. With rising energy costs and environmental concerns, there is a greater emphasis on constructing energy-efficient structures. Joint compounds that contribute to better insulation and air sealing properties are gaining popularity, as they help improve the overall energy performance of buildings. Manufacturers who develop joint compounds with enhanced thermal insulation and air sealing capabilities are well-positioned to tap into this growing demand.
The surge in interior design and customization trends is driving the need for high-quality joint compounds. Homeowners and businesses are increasingly seeking flawless finishes and seamless surfaces in their interior spaces. Joint compounds that offer superior adhesion, easy application, and smooth results are in high demand. Manufacturers that focus on providing innovative joint compounds with advanced features and customizable options have a unique opportunity to cater to this market segment.
The growing popularity of DIY projects among consumers is fueling the demand for user-friendly joint compounds. As more individuals engage in home improvement activities, there is a need for joint compounds that are easy to use, require minimal skill, and deliver professional-grade results. Manufacturers that offer user-friendly joint compounds, along with clear instructions and support, can tap into the DIY market and expand their customer base.
| Attribute | Details |
|---|---|
| Estimated Market Size (2023) | USD 5 billion |
| Projected Market Size (2033) | USD 9 billion |
| CAGR through (2023 to 2033) | 6% |
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FMI projected that the global demand for joint compounds reached 1,164.1 Kilotons in 2021. Construction applications grew 3.6% to surpass 674.1 kilotons in 2021, while the demand in the refurbishments segment expanded by 4.1% to 490.0 kilotons.
Over the years the global joint compound market has experienced a healthy growth. According to latest study conducted by Future Market Insights, demand increased at a 4% during the historical assessment period of 2018-2022.
Joint compounds are used with paper or fiber joint tape to seal joints between sheets of drywall, to create a seamless base for paint on interior walls. The steady rise in the construction sector coupled with the expanding urbanization and population expansion are the primary drivers of the joint compound market's growth.
The global joint compound market is expected to gain from the increase in construction activities in North America and South Asia Pacific, which would result in increased demand for new residences and commercial structures. Thus the study states that the joint compound market is set to exhibit a healthy growth at a CAGR of 6% during the forecast period of 2023 to 2033.
| Period | Market Size (in USD million/billion) |
|---|---|
| 2018 | USD 990 million |
| 2022 | USD 2 billion |
| 2023 | USD 5 billion |
| 2033 | USD 9 billion |
Building for the Future: Exploring the Dynamic Impact of a Growing Population on the Joint Compound Market
Increasing residential construction and rising need for renovation of older residential infrastructure due to increase in population and family size in Asia Pacific and others regions are expected to create demand for the global market of North America.
Urbanization and increased disposable income are the macroeconomic factors, driving the global joint compound market. Due to a number of benefits of a joint compound including being simple to use, its hand-applying basic textures, and skim coating are also contributing to the global joint compound market.
India is predicted to remain among the most attractive markets during the forecast period, according to Future Market Insights. According to the study, India is expected to account for over 39% of the South Asia Pacific market through 2033.
Construction spending in India is one of the main factors supporting the market growth. Some of the key drivers propelling the construction sector in India include technological advancements, regulatory regulations, and government requirements. Increasing urbanization, higher expenditure on infrastructural development, and affordable housing projects makes it a lucrative market for Joint compound manufacturers.
Demand in the Russian market is expected to rise at nearly 4.4% CAGR over the forecast period. High government spending for various construction projects coupled with the 6.3 trillion-ruble (USD 87.5 billion) modernization plan to revamp the country’s highways, airports, railways, ports and other transportation infrastructure through 2033, are all set to drive the growth in the global market for joint compound.
China is on its way to becoming the largest single construction industry over the next decade. By 2033, it is expected to account for over 81% of Joint compound sales within East Asia.
Manufacturers in the country have a competitive advantage as they have access to cutting edge research to address the unmet challenges. They are constantly investing in R&D in order to get a hold on for more product lines and varieties for Joint compound that can help with the changing trends of the construction industry and needs for its end consumers.
Growing population and high rate of urbanization is also affecting the needs for more residencies and infrastructure like new airports and malls, which in turn are also aiding to the development of the market of joint compound in the country.
In 2020, the construction industry value in China amounted to USD 1,049 billion. As the government has planned to focus on improving the infrastructure in small and medium-sized cities. This can prove to be a major driver for the Chinese joint compound market to flourish in the coming assessment period.
In 2023, the United States market is projected to account for over 97% of the sales in North America. Demand for joint compound in the country is anticipated to grow by 3.7% year on year in 2023, bucking initial skepticism about the how the market would perform in a pandemic year.
Government initiatives undertaken to revive the economy with huge investments in the construction sector especially for sustainable and green building construction as well as with the rising United States spending on private construction, for residential and non-residential buildings have in turn benefitted the market of Joint compound as it made of an eco-friendly material, Gypsum and is light weight with the added benefit of being cost effective.
Aaccording to United States. Census Bureau, in 2020, 912,000 single-family homes and 375,000 multifamily units were completed. 123,000 contractor-built single-family homes were started in 2020. US producers/manufacturers are expecting to extend their business through consolidation and acquisitions with different organizations.
In 2018, LATICRETE acquired the remaining interest in the joint venture LATICRETE SUPERCAP, LLC. LATICRETE and SUPERCAP had previously formed a joint venture in 2012 to bring revolutionary products and technology, first introduced in the northeastern United States, into a broader market.
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Based on product type, ready mix is the leading category, accounting for nearly 57% of the market in 2023. Ready mix type in joint compound is rising as it has extensive properties such as easy to apply with low maintenance, lightweight, can be used as a seamless base or even for repair, contains some binder and fillers and allows for more compaction which in turn makes it the most preferred type among other different product types.
New construction is estimated to dominate and account over 59% of the market by 2033. Rise in the economic activities in various regions, steady growth of residential construction and renovations across North America and Asia Pacific and government spending on the infrastructure development will drive sales.
The market will also gain from macro-economic factors such as the rise in population and urbanization, which are increasing construction activities, especially for new construction of homes and commercial buildings.
The refurbishments segment is estimated to hold for a revenue share of more than 43% in 2023 owing to rising awareness regarding energy efficient and green renovation projects. Besides this, inclination towards do-it-yourself projects, rising need for light-weight materials like gypsum and simple to use features like filling of cracks, cover seams, cracks, or holes in ceilings, walls, and other surfaces are helping the boost of the sales of joint compound.
The residential construction segment is expected to contribute maximum revenue share of nearly 51% in the global Joint compound market. Home developers are now investing considerably in new construction and interior design projects to suit technology-driven lifestyle and growing urbanization. The construction industry has changed drastically with a rise in the use of gypsum-based materials.
As a multi-factor solution, drywalls are a go-to alternative for industry leaders searching for various methods to minimize environmental impact and ever-increasing electricity expenses. By providing load-fixing strength, robustness, and fire safety for interior spaces, drywall solutions are setting new standards in the building industry.
It is also benefitting the need for Joint compounds as these compounds are used to finish gypsum panel joints, corner bead, trim and fasteners, as well as skim coating for drywall construction.
The competitive landscape of the joint compound market is characterized by intense rivalry among key players striving to capture a larger market share. Established companies, backed by extensive distribution networks, brand recognition, and technological expertise, dominate the market.
These industry leaders continuously focus on research and development to introduce advanced formulations and improve product performance. The market also offers opportunities for emerging players who bring innovation, niche product offerings, and competitive pricing strategies. The key to success in this competitive market lies in delivering high-quality products, establishing strong partnerships, and staying ahead of evolving customer demands through continuous innovation and superior customer service.
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Product Portfolio:
Strategies for Joint Compound Manufacturers to Expand in the Market
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 5 billion |
| Market Value in 2033 | USD 9 billion |
| Growth Rate | CAGR of 6% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Product Type, End Use, Application, Region |
| Regions Covered | North America;Latin America;Western Europe;Eastern Europe;South Asia and Pacific;Middle East and Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, China, Japan, South Korea, India, Bangladesh, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | 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 |
| Customization & Pricing | Available upon Request |
The current value of the global joint compound industry is estimated to be around USD 5 billion in 2023
The joint compound market is expected to record a CAGR of 6% during the forecast period
Construction activities, renovation projects, sustainability, and energy efficiency initiatives drive growth.
The joint compound market is forecasted to reach a valuation of USD 9 billion by 2033
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Ready Mix 5.2. Setting Type 5.3. Drying Type 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 6.1. Residential Construction 6.2. Commercial Construction 6.3. Institutional Construction 6.4. Industrial Construction 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 7.1. New Construction 7.2. Refurbishments 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. USG Boral 18.2. Solid Products, Inc. 18.3. ProForm Finishing Products LLC 18.4. Compagnie de Saint-Gobain S.A. 18.5. Freeman Products, Inc. 18.6. Supermastick S.A.S 18.7. Hamilton Drywall Products 18.8. ASG Plaster 18.9. India Gypsum Pvt. Ltd 18.10. Chiyoda UTE Co. Ltd 18.11. Continental Building Products 18.12. Knauf Gips 19. Assumptions & Acronyms Used 20. Research Methodology
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