WILMINGTON, DE / ACCESSWIRE / January 23, 2023 / Transparency Market Research Inc. – Massive demand for white cement-based primers in residential and non-residential constructions has spurred the commercialization of products in wall putty market. Wall putty market companies are tapping into the enormous demand for products in the new residential constructions as well as renovation projects in the construction industry, especially in emerging economies. The wall putty market worth was pegged at US$ 4 Bn in 2020, and was projected to advance at CAGR of 7% during the forecast period of 2019 – 2027.
The demand for wall putty has gained momentum from strides made in the construction industry, noted the study on the wall putty market. Rise in number of infrastructure development projects in developed and developing regions are fueling wall putty market growth. Furthermore, players are leveraging cutting-edge propriety technologies to develop innovative products with advanced functionalities, found an in-depth analysis of wall putty market. The trend, the study opines, will help spur the demand for products in hot climatic conditions.
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Key Findings of Wall Putty Market Study
- Preference of Wall Putty Over Plaster of Paris (POP) in Residential Generate Sizable Revenues: Over the years, the use of wall putty over plaster of Paris (POP) for range of wall painting applications has risen for all types of constructions. Of note, the demand in the residential constructions is abundant and was higher than other application segments, and the segment held a major market share in 2020.
- Abundant Demand in Commercial Construction Applications: Rise in demand for wall putty for commercial constructions has been offering impetus to the market growth. Stakeholders are harnessing e-Commerce platforms to boost their sales prospects and also expand their reach globally. Renovation projects in developed nations such as in North America have unlocked new revenue streams in the wall putty market.
Wall Putty Market: Key Drivers
- Massive demand for wall putty for wall paint applications in home improvement activities is a key market driver. Remarkable paint and finish effects to concrete or plastered surfaces are some of the key product benefits propelling the demand for wall putty in residential and commercial applications.
- Rise in home improvement projects and renovations in several emerging economies are key drivers of the wall putty market. Firms in the value chain from production to sales have benefitted from R&D on the development of wall putty with new functionalities, such as those pertaining to adhesion, abrasion resistance, and workability.
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Wall Putty Market: Regional Growth Dynamics
Asia Pacific is expected to account for a key share of the global wall putty market during the forecast period of 2019 – 2027. A bulk of demand will emanate from China, and the country has presented tremendous growth opportunities. Apart from this, lucrative avenues have stemmed also from Indonesia, India, Malaysia, and Thailand. Strides made in the construction industry, both residential and commercial, have underpinned abundant demand for wall putty. Rise in construction activities in various emerging economies in other key regions will spur demand, noted the study on the wall putty market.
Wall Putty Market: Key Players
The study authors found that the overall global wall putty market is slightly consolidated since only a handful of large players accounted for a major share in 2018. Nevertheless, at the country level, there is high degree of fragmentation.
Some of the key market players are Gyproc, Sika AG, Berger Paints India Limited, Platinum Waltech Ltd., Asian Paints, Asian Paints, and JK Cement Ltd.
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Wall Putty Market Segmentation
- White Cement-based
- Others (including Colored Plaster and Drywall Clay)
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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