The spackling paste market is set to witness steady growth during 2021-2031, with a CAGR of around 4.5-5.5%. A spackling paste is a non-porous substance applied on a surface to act as a waterproofing and holding agent and used to fill spaces.
Moreover, a layer of spackling paste over a constructed surface allows users to easily design and apply desired interior designs. The growing construction industry in both residential and commercial sectors is likely to grow the spackling paste market.
What is Driving Demand for Spackling Paste Market?
The rapidly growing urbanization has led to the fuel of construction activities, growing population, and availability of high spending capacity is driving the demand for spackling paste. Moreover, the advancement in technology and construction developments have eased the production and usability of spackling paste thus, boosting sales.
With time, the cultures and trends in the designing industry keep changing globally, and thus, in order to make necessary changes in residential and commercial sectors drives the demand for premium and affordable spackling paste. In addition, the rising interest for highly water-borne spackling paste across the globe is encouraging manufacturers to supply unique and reliable products.
The sudden outbreak of the COVID-19 had resulted in severely affecting the global economy and declining the demands for various products due to the rise in unemployment. Moreover, the restricted movement of individuals in commercial areas had led to the decline of maintenance of building thus, hindering the construction industry and affecting the sales of spackling paste.
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Growing Demand for Innovative Products and Evolving Trends to Boost Sales
The spackling paste industry has always been impacted by the evolving trends in the construction industry. The growing trends such as rising interest low volatile compounds, growth in the availability of various diversified paints and coats, and more are likely to grow the volume of sales.
In addition, the growing filling equipment market is boosting the demand for spackling pastes that are lightweight, easy to handle and flow with ease. Moreover, the improvement in the packaging machinery and services has led to the rise in demand for spackling compounds that can be easily turned into a paste using water or cement.
U.S. and Canada Spackling Paste Market Outlook
North America is one of the largest markets for spackling paste globally because the construction industry in the countries is the major contributor. For instance, the U.S. economy heavily relies upon the construction industry as it contributes over US$ 1.4 Trillion and thus requires regular maintenance. Therefore, driving the demand for spackling paste industry.
However, the U.S. construction sector faces a challenging year, however, the change in the mortgage rates tends to help recover the industry by early 2022. The momentum is likely to hold ground, which will provide an impetus to a range of construction materials, including spackling pastes.
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Europe Demand Outlook for Spackling Paste
Initially, Europe was heavily reliant on the western countries for the import of various materials and products and thus, could not match the supply and demand rate. However, the supporting government has helped players to establish their manufacturing plants, and thus, for better maintenance and reliable products, the spackling paste industry is likely to grow and provide innovative products.
Moreover, the high significance of spackling paste over plaster of Paris (POP) is because of its unique characteristics such as a longer life span, stronger holding capacity, and is highly water-resistant. Thus, builders are always seeking innovative products. In addition, according to CPA, the construction industry is likely to grow with a CAGR of over 5.2% in 2022, thus creating a lucrative market for spackling paste industry.
Who are the Key Manufacturers and Suppliers of Spackling Paste?
Some of the leading manufacturers and suppliers of spackling pastes include
Birla White
J.K. Cement Ltd.
Terraco
Meichao
Nippon paint
Mapei
Saint Gobain
Platinum Waltech
Dulux
SKShu
Walplast
M.J. Rapoport & Co. Inc.
United Gilsonite Laboratories
The Shermwin-Williams Company
KNP Paints among others.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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