Latin America's Joint Compound Industry Set for Robust Growth with a Projected 6.3% CAGR Through 2033

The Latin Americas joint compound industry value is expected to increase fromUS$ 48.6 millionin 2023 toUS$ 89.5 millionby 2033. Over the assessment period, Latin America's demand for joint compounds is projected to surge at a CAGR of6.3%.

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 The demand for joint compounds is predicted to rise with the growing need to renovate outdated residential infrastructure and residential development.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 industrys growth.

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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 Americas spending on private construction of residential and non-residential buildings is further propelling the industry. High government investments in renovating the regions railways, highways, airports, and ports are expected to create ample opportunities for manufacturers.

Key Takeaways from the Report-

Latin America is projected to thrive at6.3%CAGR through 2033.
Latin Americas joint compound industry was valued atUS$ 46.0 millionin 2022.
The industry is expected to reachUS$ 89.5 millionby 2033.
The ready mix segment is expected to rise at a CAGR of6.5%by 2033 based on product type.
Based on application, the new construction segment is projected to lead ata 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," Says an Analyst at Future Market Insights (FMI).

Competitive Landscape

Latin Americas joint compound industry is highly consolidated, with leading players accounting for around35.1%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.

Industry Segmentation

By Product Type: