Growing demand for new residential construction will drive mixed compound sales at 3.8% through 2031
JUMEIRAH LAKES TOWERS, DUBAI, UNITED ARAB EMIRATES, December 8, 2021 /EINPresswire.com/ – IMF’s detailed study on the Mixed Compounds market provides insight into the growth prospects increasing sales across all segments on the basis of product type, end use and application. The study reveals crucial trends and opportunities that drive the mixed compounds market demand outlook over the evaluation period.
According to the latest IMF study, the global joint compound market is expected to reach US $ 1.87 billion by 2021. The increasing use of joint compounds in construction applications to create a transparent base for painting interior walls by sealing the joints between plasterboards is fueling demand in the market.
Historically, the joint compound market has grown at a slow rate of 1.1% CAGR between 2016 and 2020. However, with increasing applications in residential construction in India, China, Australia and Brazil, Sales of joint compounds are expected to total 1,164.1 kilotonnes in 2021..
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In addition, due to the increasing trend of urbanization in these aforementioned emerging economies, the demand for mixed compounds is expected to increase in the industrial and residential sectors. For this reason, the market is expected to grow at a CAGR of 5% during the forecast period 2021-2031.
Joint compound is widely used in the construction of durable and green buildings compared to its substitutes, such as spackle and vinyl, due to attributes such as environmentally friendly, cost effective, and lightweight.
In addition to this, the increasing development of commercial buildings such as airports, hotels, offices and others is expected to create high income generation opportunities in the market.
On the basis of product type, the ready-made products segment is expected to outperform other market segments, accounting for almost 56.9% of overall sales in 2021. The main growth factors of the segment are easy to apply, lightweight and suitable for hand application for wall textures.
“Increased government investment for the development of smart cities, green buildings, airports, hotels and other infrastructure in the United States, Russia, China and India is expected to accelerate market growth.” , said an IMF analyst.
Key Points From The Mixed Compounds Market Research
• The US market is expected to grow 3.7% year-on-year in 2021, accounting for nearly 96% of the value share in North America.
• China is expected to hold the largest market share in East Asia, accounting for over 80.6% of sales in the region through 2031.
• India is expected to become the highest paying market in South Pacific Asia, contributing 37.3% of the revenue share between 2021 and 2031.
• The Russian blended compound market is expected to experience healthy growth, growing 4.4% CAGR during the review period.
• On an application basis, the new construction segment is expected to show the fastest growing market in the market, accounting for 58% of demand share by 2031.
• The increasing applications of joint compound for filling cracks, holes and roofing joints in walls and ceilings during renovation activities are expected to drive demand in the renovation segment.
• Continued development in the residential sector, due to the growing number of single family homes in the United States, Germany and Japan, is driving sales of mixed compounds in the residential segment.
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• The risk of throat irritation, phlegm production, coughing, asthma, and rash due to breathing in dust from drywall joint compound is hampering market growth.
• The high cost of joint compounds and the availability of substitutes such as patching compound hamper sales in the market.
According to IMF, the major players in the global market are expected to account for nearly 65% to 70% of total joint compound sales in 2021.
Major manufacturers aim to adopt strategies such as collaborations, joint ventures, agreements, acquisitions and partnerships with other companies to expand the manufacturing of their products and increase their market share. For example,
• In December 2020, Saint-Gobain, a French multinational, announced the acquisition of a Peruvian plasterboard manufacturer, El Volcan Soluciones Constructivas for approximately € 20 million. The acquisition will help the company increase its production and consumer base in Argentina and Peru.
• In September 2020, Georgia-Pacific, a US pulp and paper company, announced its intention to invest US $ 285 million for the construction of a new plasterboard manufacturing plant near Sweetwater, Texas. The strategy will help the company strengthen its presence in North America.
Some of the major players operating in the market presented by IMF are:
• USG Boral
• DAP Products inc.
• Solid Products, Inc.
• ProForm LLC Finishing Products
• Compagnie de Saint-Gobain SA
• Freeman Products, Inc.
• Supermask SAS
• Hamilton Drywall Products
• ASG plaster
• India Gypsum Pvt. Ltd.
• Chiyoda UTE Co. Ltd
• Continental construction products
• Knauf Gips
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More Valuable Insights into the Mixed Compounds Market
The latest report from IMF provides a detailed analysis of the global Gasket Compounds market, providing exclusive insights into the key drivers of the market between 2021 and 2031. The study also presents sales projections in the Gasket Compounds market with a detailed segmentation:
By product type:
• Ready mix
• Parameter type
• Type of drying
By end use:
• Residential construction
• Commercial construction
• Institutional construction
• Industrial construction
• New construction
• North America
• Latin America
• East Asia
• South-Pacific Asia
• Middle East and Africa (MEA)
Key questions addressed in the report
• The report offers an overview of the demand outlook of the Common Compounds market for the forecast period 2021-2031.
• The market research also highlights the expected sales growth for the Common Compounds market between 2021 and 2031.
• Joint Compounds market research identifies key growth drivers, restraints, and other forces impacting dominant trends and evaluating the current market size and forecast and technological advancements within industry
• Joint analysis of compounds market share, covering key companies in the sector and coverage of strategies such as mergers and acquisitions, joint ventures, collaborations or partnerships, etc.
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