Wall Putty Market: Introduction
The global wall putty market was valued at ~US$ 3.6 Bn in 2018 and is anticipated to expand at a CAGR of ~7% during the forecast period. Rise in usage of wall putty in residential and commercial construction sectors is expected to drive the wall putty market. Asia Pacific was the major market for wall putty in 2018, led by the rise in construction and renovation activities in countries, such as China and India, in the region.
Key Drivers of Wall Putty Market
The global demand for wall putty is estimated to increase significantly in the next few years. Commercialization of specialized wall putty and consistent capacity additions by key manufacturers across the globe are projected to boost the demand for wall putty in the near future. Rise in renovation and reconstruction activities across the globe is likely to propel the wall putty market, as wall putty is used widely in painting applications. Wall putty is increasingly being used to correct curve deviation of interior wall surfaces in order to obtain smooth and uniform interiors for repainting of the wall. Decrease in repainting cycle is anticipated to further propel the demand for wall putty in the near future.
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White Cement-based Wall Putty to Offer Lucrative Opportunities
Superior performance of white cement wall putty over other substitutes is expected to drive the white cement-based wall putty segment during the forecast period. White cement-based wall putty is primarily used as a strong and durable foundation for paints. It is specially formulated to fill hair cracks and dents; level surface imperfections; and prevent dampness and efflorescence. White cement-based putty exhibits better appearance due to the high whiteness of putty. On the other hand, acrylic and other clays appear yellow, and absorb more paint. White cement-based wall putty is low maintenance, non-toxic, and costs lower than other alternatives. Therefore, demand for white cement-based wall putty is high in concrete-based constructions.
The gypsum-based segment is anticipated to expand at a significant pace during the forecast period, owing to the increase in demand for wall putty in ceilings and wall decorations. The acrylic-based segment held a considerable share of the wall putty market in 2018. Acrylic-based wall putty is widely used on interior walls for reach and smooth finish. It is suitable for all kinds of paints.
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Residential Sector to Dominate Wall Putty Market
In terms of end user, the residential segment accounted for a major share of the wall putty market in 2018. The segment is anticipated to continue its dominance during the forecast period, due to the strong demand for decorative paints. The residential segment includes wall putty required for interior and exterior wall surfaces. Increase in demand for new housings is projected to propel the wall putty market in developing economies.
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Consumer Preference for New Alternatives in Developed Regions to Hamper Wall Putty Market
Wall putty is employed on concrete or cement walls to offer finish coat. However, it faces stiff competition from other types of partition systems or walls that do not require wall putty as primer. Glass and wooden partition systems are the new trends in developed countries such as the U.S., Canada, Germany, France, and Spain. This is hampering the demand for wall putty. Consumers in the U.S., Germany, France, Italy, and Spain prefer wooden houses over concrete houses. Preference for special framed shear walls is rising in these countries to help buildings meet the requirements of earthquake engineering.
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Asia Pacific Dominates Wall Putty Market
In terms of region, Asia Pacific accounted for a leading share of the global wall putty market, in terms of volume, in 2018, due to rise in investments by governments of countries such as China, India, and Thailand in the construction sector. Growth in renovation and reconstruction activities, and decrease in repainting cycle in China and India are also anticipated to drive the demand for wall putty in Asia Pacific in the near future. Moreover, changing lifestyles, urbanization, and growth of the housing industry are estimated to propel the demand for wall putty across the globe. Increase in construction of residential and non-residential buildings is also anticipated to boost the demand for wall putty.
The wall putty market in Middle East & Africa is estimated to expand at a considerable pace, owing to a well established construction sector and presence of large numbers of wall putty manufacturing plants in the region. This market in North America is projected to remain highly lucrative during the forecast period, due to rapid industrialization and rise in demand for wall putty in the commercial sector in the region.
Wall Putty Market: Competition Landscape
The wall putty market is consolidated, with a large number of domestic manufacturers operating at the country level. The market is fragmented for these domestic players. Companies operating in the wall putty market are investing significantly to expand their product specifications and improve distribution networks. Birla White and JK Cement are the major manufacturers of wall putty. These companies accounted for a large share of the wall putty market in 2018, owing to their constant efforts toward product innovation and large production capacity.
The wall putty market has been undergoing some remarkable growth dynamics, shaped increasingly by digital technologies and environmental sustainability concerns of product development. Over the decades, the feedstock variability and the onslaught of cheaper substitutes have squeezed in profit margins of the chemical and materials sector. On the other hand, the value chain of several businesses in the wall putty market has undergone overhaul, increasingly rendering some aspiring players with greater control over the forces and demand. The penetration of Industry 4.0 in in the market has stirred game-changing trends for range of stakeholders in the overall chemicals and materials sector. Manufacturing and production environments of businesses in the wall putty market are keen on formulating and implementing strategic frameworks that will turn them into digital enterprises.
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