Boom in urban housing projects and rising need for renovation to drive India jointing compound market through 2027F.
According to TechSci Research report, “India Jointing Compound Market By Product Type (Single, Multi), By Application (Residential, Commercial, Industrial), By Type (Taping, Topping, All Purpose, LITE Drying, Setting), By Region, Competition Forecast & Opportunities, 2017-2027”, India jointing compound market was valued at INR122.61 crore in 2021 and is projected to grow at a CAGR of 5.76% to reach INR170.15 crore by 2027. The growth in the India jointing compound market can be ascribed to aging building structures and expansion of metro rail projects. Jointing compounds are used for final touch up to prevent damping and cracks, hence, are increasingly being used in metro station construction. Besides, expansion of Indian metro in various cities is expected to push the growth of the market through 2027. With the Indian government’s primary priority being “Housing for All” and infrastructure reforms, and Smart Cities program, demand for jointing compounds in housing such as for flooring, ceiling & wall is growing steadily. In addition, the Indian government is focusing on construction development by enacting policies such as FDI regulations and huge budget allocations for housing sector.
Sudden outbreak of COVID-19 adversely impacted infrastructural activities as government mandated halting of non-essential activities. Slowed development projects coupled with labor shortage negatively impacted the growth of the market. However, post lockdown, the market recovered to some extent with the opening up of production units, manufacturing plants, and other industries. It is expected that India jointing compound market will grow marginally and is projected to reach INR170.15 crore by FY2027.
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India jointing compound market is segmented into product type, application, type, regional distribution, and company. Based on product type, the market can be segmented into single and multi. Single segment accounted for the share of over 66% in 2021 and the segment is anticipated to continue dominance through 2027. Anticipated growth of the segment can be attributed to increasing application of jointing compounds in repairing of cracks ceilings or walls of aging building structures. Usually, ceiling cracks are caused by structural damage or settling due to earthquakes, floods, or other natural calamities. Single jointing compounds are effective in repairing all these types of cracks in buildings.
Sakarni Plaster (India) Private Limited, Saint-Gobain Gyproc India Ltd., USG Boral Building Products India Private Limited, India Gypsum Pvt Ltd., Jayswal Interiors Pvt Ltd., Dana Interiors Private Limited, Indus Industries Pvt. Ltd., Gyptech Systems Pvt Ltd., Durabuild Care Pvt. Ltd., KKS Gypsum India Pvt. Ltd., among others are the leading players operating in the India jointing compound market. Market is highly consolidated with five players accounting for 34% share in 2021.
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“Western Region was the fastest growing region in the jointing compound market, with a CAGR of 2.05% from 2017-2021, and the same trend is anticipated to continue over the forecast years with Western region expected to grow at a CAGR of 6.12% from 2022-2027. Favorable government regulations for the construction projects such as Mumbai Ahmedabad High-Speed Rail Corridor, Delhi-Mumbai Industrial Corridor Project, Mumbai Development Plan 2034, Bengaluru Mumbai Industrial Corridor Project are anticipated to create new opportunities for industry players in the region.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Jointing Compound Market By Product Type (Single, Multi), By Application (Residential, Commercial, Industrial), By Type (Taping, Topping, All Purpose, LITE Drying, Setting), By Region, Competition Forecast & Opportunities, 2017-2027” has evaluated the future growth potential of India jointing compound market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India Jointing Compound market.
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