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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