North America Drywall textures market will be worth of US$1.0 bn in 2024 : TMR
The drywall textures market in North America is fragmented, wherein the top three companies – USG Corporation, PPG Corporation, and The Sherwin-Williams Company – accounted for less than 33% in 2015. Transparency Market Research states that expansion of product portfolio as well as geographical reach is a potential way of accelerating growth in the North America drywall textures market. A recent example would be The Sherwin-Williams Company, who added 47 new outlets in Mexico, 13 in Argentina, and 11 in Brazil, forming a strong network across the Americas.
“Players have also been focusing on export markets since these offer higher margins and a better bottom-line growth,” the author of the study observes.
The drywall textures market in North America was valued at US$741.1 mn in 2014 and is projected to reach US$1.0 bn by 2024, expanding at a CAGR of 4.5% therein. In terms of volume, the market is expected to register a CAGR of 3.8% during the forecast period.
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Knockdown Drywall Textures to Offer Lucrative Investment Options
By product, regular drywall and fire-resistant drywall collectively accounted more than half the North America market in 2015. Currently, regular drywall dominates the North America drywall textures market and the segment is also anticipated to expand at a CAGR higher than any other product segment. By texture, knockdown textures are estimated to form the most attractive segment during the forecast period. Based on mud, topping joint compound is expected to lead the drywall textures market through 2024, accounting for a 53% share at the end of the forecast period. This segment will also emerge as a lucrative investment option, expanding at a 4.8% CAGR from 2016 to 2024.
In terms of volume, the U.S. has been the leading market for drywall textures, followed by Canada. Accounting for 75% of the North America market in 2015, the U.S. drywall textures market is likely to expand at a steady pace in the coming years. Based on application, the walls segment accounted for close to two-thirds of the North America drywall textures market in 2015. By end use, residential construction dominates the overall market.
Appreciation of U.S. Home Prices a Major Growth Booster
“Higher existing house sales and the appreciation of home prices in the U.S. have been supplementing the demand for drywall textures in the U.S. in the recent past,” the author of the study states. Citing data presented by real estate information company RealtyTrac, TMR reports that the average price of U.S. homes appreciated by 8% in 2015 and by 24% in the last five years. This trend has been more evident in major markets such as Las Vegas, Los Angeles, Atlanta, and San Francisco.
On the down side, lower household mobility has been a persistent threat to the North America drywall textures market. “Lower household mobility diminishes the demand for renovation, thereby further reducing the demand for drywall textures,” says the TMR analyst. On the bright side, however, the rising presence of the millennial generation in North America is projected to encourage property owners to invest in improving their home assets, resulting in the increasing demand for drywall textures.
This review is based on the findings of a TMR report titled “Drywall Textures Market – North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
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