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Joint Compound Market Research Report Information By Product Type (Ready Mix, Setting Type, and Drying Type), By End Use (Residential Construction, Commercial Construction, Institutional Construction, and Industrial Construction), By Application (New Construction, and Refurbishments), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) โ€“Market Forecast Till 2032

ID: MRFR/CnM/17652-HCR | 128 Pages | Author: Anshula Mandaokar| June 2024

Global Joint Compound Market Overview

Joint Compound Market Size was valued at USD 5.2 Billion in 2022. The Joint Compound industry is projected to grow from USD 5.5 Billion in 2023 to USD 9.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.50% during the forecast period (2023 - 2032).Expansion of the construction sector and rising renovation & remodeling projects are the key market drivers enhancing the market growth.Joint Compound Market OverviewSource: Secondary Research, Primary Research, MRFR Database and Analyst Review

Joint Compound Market Trends

  • Renovation and remodeling projects across the world is driving the market growth

Market CAGR underscores the pivotal role of renovation and remodeling projects in propelling the joint compound market's growth. Renovation and remodeling projects represent a significant catalyst for the growth of the joint compound market worldwide, with their influence extending across residential, commercial, and industrial sectors. These projects encompass a broad spectrum of activities, ranging from minor refurbishments to extensive structural overhauls, and they play a pivotal role in shaping the demand for joint compound products. As individuals and organizations undertake these endeavors to revitalize existing structures, there arises a substantial need for products that facilitate seamless surface preparation and enhancement. Joint compound, with its ability to conceal imperfections, create smooth surfaces, and ensure structural integrity, emerges as an indispensable component in such endeavors.

From a sales perspective, the surge in renovation and remodeling activities translates directly into increased demand for joint compound products. As contractors, homeowners, and DIY enthusiasts embark on these projects, they actively seek out materials that offer ease of application, superior performance, and aesthetic appeal. Consequently, manufacturers and suppliers of joint compound witness heightened sales opportunities, driven by the consistent need to replenish stocks for ongoing projects and cater to the evolving preferences of customers. Moreover, the nature of renovation and remodeling trends further amplifies the impact on market growth. Across various regions, from developed economies to emerging markets, the desire to upgrade and modernize built environments remains a pervasive driver of construction-related activities. Whether it's renovating aging residential properties, retrofitting commercial spaces for modern usage, or adapting industrial facilities to meet evolving standards, the demand for joint compound remains robust and resilient.

Furthermore, the cyclical nature of renovation and remodeling endeavors ensures a continuous stream of sales opportunities for manufacturers and distributors of joint compound products. As one project concludes, another begins, perpetuating the demand cycle and sustaining market growth over the long term. This symbiotic relationship between renovation projects and joint compound sales underscores the vital role played by construction activities in propelling the market forward, while simultaneously reflecting the adaptability and versatility of joint compound as a preferred choice for finishing applications worldwide.

For instance, in February 2022, SG Boral Building Products rebrands to Knauf Gypsum Pty Ltd. With manufacturing facilities across Sydney, Melbourne, and Brisbane, and a nationwide distribution network of 40 outlets, Knauf remains committed to delivering high-quality, locally manufactured building materials that meet Australian standards. Thus, such initiatives are driving the joint compound market revenue.

Joint Compound Market Segment Insights

Joint Compound Product Type Insights

The joint compound market segmentation, based on product type includes ready mix, setting type, and drying type. The ready mix segment dominated the market, accounting for 65% of market revenue (3.4 Billion). The growing trend towards convenience and time-efficiency in construction projects is expected to bolster the demand for ready mix products. Additionally, the surge in refurbishment and renovation activities across residential, commercial, and institutional sectors is poised to drive the sales.

Joint Compound End Use Insights

The joint compound market segmentation, based on end use, includes residential construction, commercial construction, institutional construction, and industrial construction. The residential category generated the most income (42%). The persistent demand for housing driven by population growth and urbanization fuels the need for new residential projects. Furthermore, the surge in renovation and remodeling activities within the residential sector propels the sales of joint compound.

Joint Compound Application Insights

The joint compound market segmentation, based on application, includes new construction, and refurbishments. The refurbishments category generated the most income (57%). The aging infrastructure in many regions prompts a surge in refurbishment activities and the increasing emphasis on sustainability and energy efficiency drives refurbishment initiatives at retrofitting buildings.

Figure 1: Joint Compound Market, by Application, 2022 & 2032 (USD Billion)Joint Compound Market, by Application, 2022 & 2032Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Joint Compound Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American joint compound market area will dominate this market, due to increasing investments in infrastructure projects, including residential and commercial developments, and growing trend towards DIY home improvement projects, are driving the sales of joint compound in North America.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: JOINT COMPOUND MARKET SHARE BY REGION 2022 (USD Billion)JOINT COMPOUND MARKET SHARE BY REGION 2022Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Joint Compound market accounts for the second-largest market share due to stringent regulations promoting energy efficiency and sustainability in building renovations, and the rise in urban regeneration initiatives, are fueling the demand for joint compound products across the European construction market. Further, the German joint compound market held the largest market share, and the UK joint compound market was the fastest growing market in the European region

The Asia-Pacific Joint Compound Market is expected to grow at the fastest CAGR from 2023 to 2032. Rapid urbanization & industrialization, and significant investments in infrastructure development and the construction of residential and commercial properties, are driving the escalating demand for joint compound in the Asia Pacific region. Moreover, China’s Joint Compound market held the largest market share, and the Indian Joint Compound market was the fastest growing market in the Asia-Pacific region.

Joint Compound Key Market Players & Competitive Insights

Leading market players strive for market share through innovative product offerings, strategic partnerships, and expansions into emerging markets. These industry giants continuously invest in research and development to enhance product performance and cater to evolving customer demands. Market developments such as the introduction of low-dust formulations, eco-friendly variants, and advanced application technologies reflect the commitment of these players to stay ahead in a competitive market environment.

Market developments, including technological advancements and regulatory changes, shape the trajectory of the joint compound industry. As construction trends evolve, market players adapt by expanding their product portfolios and geographical reach to capitalize on emerging opportunities.

The robust growth of the construction sector presents lucrative prospects for expansion, prompting leading market players to invest in production facilities and distribution networks to meet the escalating demand. Such strategic initiatives underscore the dynamic nature of the joint compound industry, where innovation and market responsiveness are crucial for maintaining competitiveness and driving sustainable growth. Major players in the joint compound market, including Knauf Gypsum Pty Ltd., DAP Products Inc., Solid Products, Inc., and ProForm Finishing Products LLC and others, are attempting to increase market demand by investing in research and development operations.

DAP Products Inc. stands as a renowned leader in the joint compound market, offering a comprehensive range of high-quality products tailored for diverse construction needs. With decades of experience and a commitment to innovation, DAP has established itself as a trusted provider of joint compounds, renowned for their reliability, performance, and ease of use. The company's dedication to customer satisfaction is reflected in its continuous efforts to develop advanced formulations and application technologies, ensuring seamless results for professionals and DIY enthusiasts alike. As a key player in the industry, DAP Products Inc. continues to set benchmarks for excellence, driving the evolution of the joint compound market through its unwavering pursuit of quality and innovation.

ProForm Finishing Products LLC stands out as a leading manufacturer of premium joint compound solutions, renowned for their superior quality and performance. With a focus on delivering innovative products that meet the evolving needs of the construction industry, ProForm has earned a reputation for excellence and reliability. The company's extensive product lineup caters to a wide range of applications, from residential renovations to large-scale commercial projects, offering professionals and contractors the tools they need to achieve flawless finishes with ease. Committed to customer satisfaction, ProForm Finishing Products LLC continues to drive market growth through its dedication to product innovation, quality assurance, and unparalleled customer support, cementing its position as a trusted partner in the joint compound industry.

Key Companies in the Joint Compound Market Include

  • Knauf Gypsum Pty Ltd.

  • 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

Joint Compound Industry Developments

October 2023: ProForm Finishing Products launches environmentally friendly packaging for its joint compounds, demonstrating a commitment to sustainability without compromising quality. By introducing eco-friendly packaging, ProForm aims to provide a greener solution for the construction industry while maintaining its reputation for high-quality products.

September 2023: Saint-Gobain finalizes its acquisition of Building Products of Canada Corp., seamlessly integrating it into the CertainTeed building materials business within the Americas Region. The addition of Building Products of Canada enhances CertainTeed's Canadian operations, particularly in roofing materials. This strategic move strengthens CertainTeed's leadership position in Canada, with the acquisition contributed $435 million to its existing sales of $1.4 billion in the region.

Joint Compound Market Segmentation

Joint Compound Product Type Outlook

  • Ready Mix

  • Setting Type

  • Drying Type

Joint Compound End Use Outlook

  • Residential Construction

  • Commercial Construction

  • Institutional Construction

  • Industrial Construction

Joint Compound Application Outlook

  • New Construction

  • Refurbishments

Joint Compound Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Attribute/Metric Details
Market Size 2022 USD 5.2 Billion
Market Size 2023 USD 5.5 Billion
Market Size 2032 USD 9.2 Billion
Compound Annual Growth Rate (CAGR) 6.50% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Product Type, End Use, Application, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Knauf Gypsum Pty Ltd., 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, and India Gypsum Pvt. Ltd
Key Market Opportunities Growing preference for DIY home improvement and rising renovation and remodeling activities
Key Market Dynamics Expansion of the construction sector and innovations in product development

Frequently Asked Questions (FAQ) :

The Joint Compound market size was valued at USD 5.2 Billion in 2022

The market is projected to grow at a CAGR of 6.50% during the forecast period, 2023-2032.

North America had the largest share in the market

The key players in the market are Knauf Gypsum Pty Ltd., 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, and India Gypsum Pvt. Ltd.

The ready mix category dominated the market in 2022.

The refurbishments had the largest share in the market.

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