Growing demand for residential construction across various developing economies due to rising urbanization is one of the leading driving factors of the joint compound market.
According to Future Market Insights (FMI), the global joint compound market is estimated to expand at a CAGR of more than 5.0% over the forecast period of 2021-2031.
Application in the home renovation segment is expected to rise at an impressive pace, which will favor the growth of the global market. Besides this, the growing demand for application of joint compound for the refurbishment of homes due to rise in consumer need for better and more eco-friendly homes is expected to drive market growth.
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Asia Pacific and North America are leading the joint compound market. Being a consolidated market, manufacturers are focusing on increasing their sales and distribution networks across regions. They also are emphasizing on developing new products through increasing their investments in research and development initiatives.
Key Takeaways from Market Study
- The market for joint compound was estimated at US$ 1.15 Bn in 2021 and is anticipated to grow with a CAGR of 5% during the forecast period.
- Demand for joint compound for application in residential construction is anticipated to increase at a CAGR of 5.2% in the next ten years.
- Ready mix accounted for 56.9 % of the market share in 2021 and is the highly preferred product type in the market.
- The market in the China and India is expected to expand at a CAGR of over 6% each, through 2031.
- Demand for joint compound in the refurbishment segment topped US$ 464.0 Mn in 2020.
“Countries such as the U.S., China, and India are expected to exhibit high demand for joint compound owing to increasing construction spending and rapid urbanization. Due to the onset of COVID-19, demand was impacted significantly in year 2020” says a Future Marketing Insights analyst.
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Joint compound Market by Category:
By Product Type:
- Ready Mix
- Setting Type
- Drying Type
By End Use:
- Residential Construction
- Commercial Construction
- Institutional Construction
- Industrial Construction
- New Construction
- North America
- Latin America
- East Asia
- South Asia Pacific
- Middle East and Africa (MEA)
The global Joint compound market has been identified as a significantly fragmented market, with a number of key players present in the overall market. Some leading players included in the report, such as USG Boral, DAP Products Inc., Solid Products, Inc., ProForm Finishing Products, LLC, LATICRETE International, Inc., Compagnie de Saint-Gobain S.A., Freeman Products, Inc., Georgia-Pacific Corporation, Kuiken Brothers, Supermastick S.A.S, Hamilton Drywall Products, ASG Plaster, India Gypsum Pvt. Ltd and others are anticipated to create tough a competitive environment at the global level.