Putty Fillers Market Potential Growth, Worldwide Industry Analysis
The global putty fillers market size will exhibit substantial growth owing to the increasing adoption of novel ingredients in the construction industry. Fortune Business Insights™ shares this information in its report, titled “Putty Fillers Market, 2021-2028.”
Putty fillers are ready-to-use multipurpose fillers made out of different base materials such as polyester and epoxy. They are utilized in the construction industry to fix cracks, fill small joints and level dynamic surfaces. They are consumer-friendly and easy to apply. Moreover, they are eco-friendly and dry faster owing to the lack of harmful substances, further supported by their ability to be used instantly. As a result of these properties, these materials are extensively used for the construction of several commercial and residential buildings for insulating the interiors and exteriors.
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Based on type, the market is segmented into polyester putty, epoxy putty, oil-based putty, multifunctional putty, and others. On the basis of application, it is segregated into automotive, construction, marine, metal, and others. It is geographically grouped into North America, Latin America, the Middle East & Africa, Europe, and Asia Pacific.
Highlights of the Report
This report provides an analysis of the leading segments and recent trends of the market. It comprehensively assesses the impact of COVID-19, as well as provides in-depth insights into the driving and restraining factors of the market. Additionally, it examines the regional developments and the strategies implemented by key players.
Drivers and Restraints
Rising Construction Output to Positively Impact the Market
The construction industry is progressing at a rapid pace, driven by increasing populations, surging demand for housing, and accelerated urbanization. According to Oxford Economics, the output value of construction activities globally is set to hit USD 15.5 trillion by 2030, increasing at a rate of 85% over the next decade. Rising construction activities will propel the use of putty fillers, as these materials are widely employed in residential and commercial buildings. Superior flexibility, low shrinkage, and high rain endurance, along with providing smooth surface finishing while simultaneously preventing cracks, are some of the distinct advantages provided by putty-filling materials. For example, oil-based putty is responsible for providing heel seal, face glazing, and bedding glazing features.
However, the availability of alternate products such as sanded grout and unsanded grout is expected to hamper the adoption of putty fillers in various applications.
Sensational Growth of the Construction Industry in Asia Pacific to Propel the Market
Asia Pacific is expected to dominate the putty fillers market share during the forecast period attributable to the booming construction industry in the region. India and China’s construction industries are growing rapidly, driving the demand for essential building materials in the region. On the other hand, the automotive industry in Europe is fueling the market owing to the escalating demand for polyester putty. Meanwhile, the intensifying demand for epoxy putty fillers in marine industry projects in North America is expected to boost market growth.
Targeted Strategies to Enable Key Competitors to Thrive in the Market
Key players have utilized specific strategies such as product launches to meet customer requirements and entrench their position in the market for putty fillers. For example, Evercoat launched an OPTEX body filler comprising a new color change technology available for putty in November 2019. Some companies have also launched a range of products to expand their product lineup. For example, ProWorx undertook expansion of their product portfolio in January 2019 by launching a new silk premium finishing glaze putty pouch named “ProWorkx Silk.”
March 2020: Evercoat announced the re-branding of their popular putty filler products, such as lite weight, z-grip, rage optex, and rage ultra, to easy sand, metal glaze, metal glaze optex, and metal glaze ultra.
List of Key Players Covered in the Putty Fillers Market Report
- Selleys New Zealand
- Astleys Ltd
- Howden Joinery Ltd
- Celtic Sustainables
- Fiberglass Supply Depot Inc.
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