Growing Construction Activities in Latin America to Boost Joint Compound Industry at a CAGR of 6.3% by 2033 | Future Market Insights, Inc.
Throughout the projected period, the joint compound industry in Mexico is poised for substantial growth, with a robust Compound Annual Growth Rate (CAGR) of 7.3%. In Mexico, the focus on ecologically friendly construction practices and sustainability is on the rise. Manufacturers of joint compounds are aligning with this environmental consciousness by offering products that contribute to reduced environmental impact.
NEWARK, Del, Jan. 17, 2024 (GLOBE NEWSWIRE) -- Latin America’s joint compound industry value is expected to increase from *US$ 48.6 million* in 2023 to *US$ 89.5 million* by 2033. Over the assessment period, Latin America's demand for joint compounds is projected to surge at a CAGR of *6.3%*.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 The demand for joint compounds is predicted to rise with the growing need to renovate outdated residential infrastructure and residential development.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.
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*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,"* Opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
*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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*Scope of the Report*
*Attribute* Details
*Estimated Value (2023)* US$ 48.6 million
*Projected Value (2033)* US$ 89.5 million
*Anticipated Growth Rate (2023 to 2033)* 6.3%
*Historical Data* 2018 to 2022
*Forecast Period* 2023 to 2033
*Quantitative Units* Value (US$ million) and Volume (metric tons)
*Report Coverage* Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis
*Segments Covered* · Product Type
· End-use
· Application
· Region
*Key Countries Covered* · Argentina
· Brazil
· Mexico
· Chile
· Colombia
· Peru
· Ecuador
· Paraguay
· Uruguay
· Guatemala
· Bolivia
· Costa Rica
· Rest of Latin America
*Key Companies Profiled* · Compagnie de Saint-Gobain S.A
· USG Corporation
· Knuaf, Dryvitex
· Supermastick S.A.S, Durlock
· Votorantim Cimentos
· Plaka Group
· ASG Plaster
· Cemix Mexico S.A. DE C.V
· Promat, Gyplac
· DAP Products Inc.
· Solid Products, Inc.
· ProForm Finishing Products LLC
*
*
*Industry Segmentation*
By Product Type:
· Ready Mix
· Setting Type
· Drying TypeBy End-use:
· Residential Construction
· Commercial Construction
· Institutional Construction
· Industrial Construction
By Application:
· New Construction
· Refurbishments
By Country:
· Argentina
· Brazil
· Mexico
· Chile
· Colombia
· Peru
· Ecuador
· Paraguay
· Uruguay
· Guatemala
· Bolivia
· Costa Rica
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*Get More Insights into Latin America Joint Compound Industry Report *
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the Latin America joint compound industry, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033.
To understand the Latin America joint compound potential, growth, and scope, the industry is segmented based on product type (ready mix, setting type, drying type), end-use (residential construction, commercial construction, institutional construction, industrial construction), application (new construction, refurbishments), and countries.
*About the Chemicals and Materials Division at Future Market Insights (FMI)*
The chemicals and materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies serve as reference for industry guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing ‘The Way Forward’.
*Author*
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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