Wall Putty Market Analysis APAC, North America, Europe, Middle East and Africa, South America - US, China, India, Japan, Germany - Size and Forecast 2024-2028

Wall Putty Market Forecast 2024-2028

The wall putty market size is forecast to increase by USD 1.70 billion, at a CAGR of 6.34% between 2023 and 2028. 

The growth rate of the market depends on several factors, including the growing demand from emerging economies, the rising disposable income, and the increase in residential and commercial construction. It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2018 - 2022, besides analyzing the current market scenario.

What will be the Market Size During the Forecast Period?

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Market Definition 

Wall putty is a powder made of polymers and other minerals that make the wall look smoother. It is primarily used to fill in cracks and holes in walls and prepare an even wall surface prior to applying paint.  

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Market Key Drivers, Trends, and Challenges

Key Market Growth Analysis Driver

One of the key factors driving the market growth is the rising disposable income. The amount that is the availability of inexpensive substitutes to a household is referred to as their disposable income and it constitutes income from financial investments (less any tax payments, social insurance contributions, and interest on financial liabilities), earnings and salaries, revenue from self-employment and unincorporated businesses, income from pensions, and other social benefits. In addition, disposable income is a measure that can be used to estimate a nation's economy and demand.

Moreover, economic developments in India, Vietnam, Malaysia, China, and Qatar have led to an increase in the disposable incomes of consumers and rapid urbanization. This rise in income allows people to allocate more towards goods and services, including painting tools and accessories. Higher disposable incomes translate into increased purchasing power, thereby boosting expenditure on residential and commercial infrastructures. Consequently, the demand for painting tools and accessories is expected to grow significantly during the forecast period. This trend underscores a positive outlook for the market, driven by the expanding consumer base with enhanced affordability for such products. As urbanization accelerates and disposable incomes continue to rise across these regions, the market for painting tools and accessories is poised to capitalize on these economic shifts, fostering further growth opportunities in the sector.

Significant Market Trends and Analysis

A key factor shaping the market growth is the increasing product innovation by companies. The industry's commitment to quality and ongoing development has strengthened major market players position as a reliable brand in the market throughout the world. In addition, manufacturers have been able to continuously introduce new and improved products that satisfy the ever-evolving wants of consumers because of their strong focus on innovation.

Moreover, manufacturers guarantee that consumers can obtain a variety of products customized to meet their needs through their diverse product offerings. In addition, innovative formulations addressing key growth drivers in the market contribute significantly. Furthermore, in the US commercial construction market, where quality and durability are paramount, wall putty plays a crucial role by providing a strong and smooth foundation for paint adhesion, thus extending the life of paints applied. These factors, coupled with increasing investments in commercial construction projects across the US, are expected to drive market growth during the forecast period. The demand for high-performance construction materials like wall putty underscores a trend towards enhancing building aesthetics and durability, aligning with the stringent quality standards prevalent in the commercial construction sector.

Major Challenge

Increasing labor costs are one of the key challenges hindering the market growth. They relies on several factors, including labor costs. In addition, the application needs manpower that is skilled or semi-skilled. Furthermore, when there is a shortage of such a skill, labor costs may increase to hire the few individuals who are qualified for the position.

Moreover, when businesses engage unskilled labor, they must train them to prepare them for the position, which drives up labor expenses. In addition, some of the other reasons behind increasing labor costs include supply-demand imbalance and government regulations. Furthermore, it could take the shape of a rise in their base salary or other employee perks and benefits, such as health insurance and other things. Hence, such factors are hindering the market growth during the forecast period.

Segmentation by End-user, Type, and Geography

The report offers extensive research analysis on the market, with a categorization based on End-user, including residential and commercial. It further segments the market by Type, encompassing white-cement-based, acrylic-based, gypsum-based, and others. Additionally, the report provides Region segmentation, covering APAC, Europe, North America, Middle East and Africa, and South America. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD billion) for all the mentioned segments.

End-user Analysis

The residential segment is estimated to witness significant growth during the forecast period. This segment comprises the demand in residential buildings including apartments, homes, flats, bungalows, older adults homes, residential outlines, student accommodation, and sheltered housing. In addition, residential construction activities are expected to increase in the coming years.

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The residential segment was the largest segment and was valued at USD 3.18 billion in 2018. Moreover, rising incomes from economic growth have boosted the demand  in multiple end-user segments to increase the aesthetic appearance of houses. Therefore, such factors are fuelling the growth of this segment. In addition, new housing projects will increase around the world, with the majority of the construction developments happening in APAC and MEA. Furthermore, this will generate interest in new residential projects. Thus, the increasing interest in residential projects in urban areas will boost the growth of the residential building and construction industries in developing economies, which will drive the market growth during the forecast period.

Type Analysis 

Based on the type, the market has been segmented into white-cement-based, acrylic-based, gypsum-based, and others. The cement-based wall putty segment will account for the largest share of this segment. The white cement segment constitutes a fine powder made of white cement that provides an even and smooth surface on which paint may be applied, establishing a solid basis for the paint. In addition, its composition includes extra polymers, and other minerals that help painted walls have a silky smooth finish. Moreover, it ensures that the houses' painted surfaces maintain their original appearance all year long. Furthermore, wall putties are considered to be a fairly adaptable material because they may be used on precast, rendered, and concrete walls similarly. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.

Region Analysis

APAC is estimated to contribute 59% to the growth of the global market during the projection period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the projection period.

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The market growth of the APAC is fuelled by the increase in construction activities across the region. In addition, the construction industry in APAC is expected to grow at a considerable rate in the coming years. Moreover, India and China are the major revenue contributors to the construction market in the region. Furthermore, numerous construction projects are likely to be completed in the coming years in China, which is estimated to drive the demand in the country. In addition, emerging economies such as China, the Philippines, India, Indonesia, and Thailand are expected to drive the growth of the market in the region. Moreover, the construction market in India is estimated to become the third-largest market globally by 2030. In addition, to boost the construction of buildings in the country, the Government of India has decided to come up with a single-window clearance facility to accord speedy approval of construction projects. Hence, such factors are driving the market growth in APAC during the forecast period.

Key Companies

Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.

ABC Phil Inc: The company offers wall putty that includes ABC GYPSUM PUTTY which is ready to use, multi purpose joint filler, made of high quality binders and selected non toxic fillers.

The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including: 

Aditya Birla Management Corp. Pvt. Ltd., Akzo Nobel NV, Arkema Group, Asian Paints Ltd., Berger Paints India Ltd., Compagnie de Saint Gobain, Diamond white cement Pvt. Ltd., DryChem India Ltd, JK Cement Ltd, Knauf Digital GmbH, LATICRETE International Inc., Mapei SpA, Nippon Paint India Pvt. Ltd., Sakarni Plastic India Pvt Ltd., Sika AG, SKSHU Paint Co.Ltd., Surya Wall care Chem Pvt. Ltd., Unicrete Building Solutions India Pvt Ltd., and HIL Ltd.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Analysts Overview

The demand in both residential and commercial development projects continues to rise, driven by the need for smooth surfaces and effective crack sealing. Consumers seek premium wall putty materials that enhance building quality while providing lasting durability and appealing aesthetics. Increasingly, there's a shift towards sustainable and eco-friendly building materials with minimal Volatile Organic Compound (VOC) emissions, aligning with environmental concerns and regulations. Innovative eco-friendly wall putty products offer creative effects, strong bonding capabilities, and quick drying, meeting the demands of modern construction projects. While investments in the building industry grow, affordability remains a key factor, driving the market towards more affordable and high-performing products. Regulations such as the EPA’s Energy Star program and the U.S. Department of Energy’s Rulemaking on Energy Efficiency Standards for Wall Putty further influence market dynamics, encouraging the adoption of environmentally friendly options across segments like cement-based, gypsum-based wall putty segment, acrylic-based wall putty segment, and polyurethane- and epoxy-based wall putty.

Segment Overview

The market report predicts market growth by revenue at global, regional & country levels and provides a market research and growth analysis of the latest trends and growth opportunities from 2018 to 2028. 

• End-user Outlook 
  • Residential
  • Commercial
• Type Outlook
  • White-cement based
  • Acrylic-based
  • Gypsum-based
  • Others
• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market forecast during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2028
• Precise estimation of the market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behavior
• Growth of the market across APAC, North America, Europe, Middle East and Africa, and South America
• Thorough market analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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