The global market for the spackling paste market is estimated to be worth USD 2,259.7 million in 2021 and is anticipated to reach a value of USD 3,611.2 million by 2031. Sales are projected to rise at a CAGR of 4.8% over the forecast period between 2021 and 2031. The revenue generated by the spackling paste market in 2020 was USD 2,215.4 million. The industry is anticipated to exhibit a Y-o-Y growth of 2.0% in 2021.
Global Spackling Paste Market Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 (A) | USD 2,215.4 million |
| Estimated Size, 2021 (E) | ~USD 2,259.7 million |
| Projected Size, 2031 (F) | ~USD 3,611.2 million |
| Value-based CAGR (2021 to 2031) | ~4.8% |
The target market is segmented under product type, price range, end-use, and sales channel. The market is further sub-categorized under these segments to provide a granular aspect which will benefit the businesses operating in the market to improve on their products, gain a competitive edge over other players, and grasp a major portion of the market, in parallel.
Spackling paste market is growing at a moderate pace because of the rising demand for home improvement and repair activities. Today, it is quite popular among homeowners and contractors as an effective tool to apply on the walls to repair cracks, holes, and other surface problems and achieve a smooth surface with a spackling paste.
Newer formulations like the quick-drying varieties and those that experience minimal shrinkage have equally been welcomed by both the professional and layman.
Furthermore, there is a rise in demand for environmentally sensitive and low VOC spackling pastes, consistent with contemporary trends. The market is also getting a positive impact due to high-end real estate investments which increases repair demand that often includes fast and cosmetic.
The competitive landscape of the spackling paste market is characterized by a mix of established players and emerging brands, each vying to capture a share of this growing segment. Key players in the market include Birla White, J.K. Cement Ltd., Terraco, and Meichao, among others. Key companies compete on factors such as design innovation, material quality, and brand reputation.
The industry is set to experience upward growth during the forecast period. It is projected to create an incremental opportunity of USD 1,351.6 million and is predicted to rise approximately 1.6 times the current market value through 2031.
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The rapidly growing urbanization has led to the fuel of construction activities, growing population, and availability of high spending capacity is driving the demand for spackling paste. Moreover, the advancement in technology and construction developments have eased the production and usability of spackling paste thus, boosting sales.
With time, the cultures and trends in the designing industry keep changing globally, and thus, in order to make necessary changes in residential and commercial sectors drives the demand for premium and affordable spackling paste. In addition, the rising interest for highly water-borne spackling paste across the globe is encouraging manufacturers to supply unique and reliable products.
The sudden outbreak of the COVID-19 had resulted in severely affecting the global economy and declining the demands for various products due to the rise in unemployment. Moreover, the restricted movement of individuals in commercial areas had led to the decline of maintenance of building thus, hindering the construction industry and affecting the sales of spackling paste.
The spackling paste industry has always been impacted by the evolving trends in the construction industry. The growing trends such as rising interest low volatile compounds, growth in the availability of various diversified paints and coats, and more are likely to grow the volume of sales.
In addition, the growing filling equipment market is boosting the demand for spackling pastes that are lightweight, easy to handle and flow with ease. Moreover, the improvement in the packaging machinery and services has led to the rise in demand for spackling compounds that can be easily turned into a paste using water or cement.
Principal Consultant
North America is one of the largest markets for spackling paste globally because the construction industry in the countries is the major contributor. For instance, the USA economy heavily relies upon the construction industry as it contributes over USD 1.4 Trillion and thus requires regular maintenance. Therefore, driving the demand for spackling paste industry.
However, the USA construction sector faces a challenging year, however, the change in the mortgage rates tends to help recover the industry by early 2022. The momentum is likely to hold ground, which will provide an impetus to a range of construction materials, including spackling pastes.
Initially, Europe was heavily reliant on the western countries for the import of various materials and products and thus, could not match the supply and demand rate. However, the supporting government has helped players to establish their manufacturing plants, and thus, for better maintenance and reliable products, the spackling paste industry is likely to grow and provide innovative products.
Moreover, the high significance of spackling paste over plaster of Paris (POP) is because of its unique characteristics such as a longer life span, stronger holding capacity, and is highly water-resistant. Thus, builders are always seeking innovative products. In addition, according to CPA, the construction industry is likely to grow with a CAGR of over 5.2% in 2022, thus creating a lucrative market for spackling paste industry.
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Some of the leading manufacturers and suppliers of spackling pastes include
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis and Forecast, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis and Forecast 6.1. Product Type 6.2. Price Range 6.3. End-Use 6.4. Sales Channel 7. Global Market Analysis and Forecast, By Product Type 7.1. Standard 7.2. Vinyl 7.3. Epoxy 7.4. Acrylic 7.5. Others 8. Global Market Analysis and Forecast, By Price Range 8.1. Less than USD 50 8.2. USD 50 - USD 100 8.3. More than USD 100 9. Global Market Analysis and Forecast, By End-Use 9.1. Residential 9.2. Commercial 10. Global Market Analysis and Forecast, By Sales Channel 10.1. Wholesalers/ Distributors 10.2. Supermarkets/ Hypermarkets 10.3. Specialty Stores 10.4. Multi-brand Stores 10.5. Online Retailers 10.6. Others 11. Global Market Analysis and Forecast, By Region 11.1. North America 11.2. Latin America 11.3. Western Europe 11.4. Eastern Europe 11.5. Asia Pacific 11.6. Japan 11.7. Middle East and Africa 12. North America Sales Analysis and Forecast, by Key Segments and Countries 13. Latin America Sales Analysis and Forecast, by Key Segments and Countries 14. Western Europe Sales Analysis and Forecast, by Key Segments and Countries 15. Eastern Europe Sales Analysis and Forecast, by Key Segments and Countries 16. Asia Pacific Sales Analysis and Forecast, by Key Segments and Countries 17. Japan Sales Analysis and Forecast, by Key Segments and Countries 18. Middle East and Africa Sales Analysis and Forecast, by Key Segments and Countries 19. Sales Forecast by Product Type, Price Range, End-Use, and Sales Channel for 30 Countries 20. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 21. Company Profile 21.1. Birla White 21.2. J.K. Cement Ltd. 21.3. Terraco 21.4. Meichao 21.5. Nippon paint 21.6. Mapei 21.7. Saint Gobain 21.8. Platinum Waltech 21.9. Dulux 21.10. SKShu 21.11. Walplast 21.12. M.J. Rapoport & Co. Inc. 21.13. United Gilsonite Laboratories 21.14. The Sherwin-Williams Company 21.15. KNP Paints
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Spackling Paste Market
