Putty is a filler material that is analogous in texture to dough or clay and possesses high plasticity. The unique function of putty fillers is to repair and fill cracks to make them smooth and aesthetically correct after sanding. Putty fillers are typically utilized in repair & maintenance and domestic construction as a filler or sealant. Some specialized putty fillers are flame retardant since they are widely used in fire prevention as well as for the packing of electrical boxes in flame retardant drywall assemblies. The hydrates present in putty fillers go through an endothermic chemical reaction to alleviate the transfer of heat to the obscure side. Putty is also used widely in glazing and sealing glass panes to wooden frames. Glazing putty is usually manufactured by mixing linseed oil with finely ground chalk in diverse proportions. Although, a wide range of synthetic substitutes have been introduced such as polybutene putties and butyl rubber-based putties.
Rising demand for putty fillers from construction and medical industries due to their outstanding properties of adhesion and elasticity is expected to fuel the overall growth of the market. Putty fillers are also used in marine applications and in the renovation of windmill blades. Therefore, increasing adoption of putty fillers in the renovation and maintenance of ships along with increasing investments in the use of sustainable sources of energy such as wind energy are some major factors anticipated to bolster demand for putty fillers over the forecast period. The global putty fillers market is strongly influenced by the growing construction industry and rising investments in construction renovation activities.
However, various aspects such as longer drying time and mismatch in putty colors are some aspects estimated to restrain the growth of the global putty fillers market.
Based on the end-use industry, construction accounts for the largest share in the global putty fillers market due to rapid urbanization and increasing population across the globe. Also, increasing investments in construction renovation activities owing to rising per-capita disposable income and increasing consumer spending are anticipated to augment the construction segment during the forecast period.
Asia Pacific is anticipated to dominate the global market due to rising demand for efficient putty fillers especially from the construction and automotive industry. Thus, the rapid development of the Indian and Chinese automotive and construction industries is a major factor driving the growth of Asia Pacific putty fillers market. Moreover, rapid urbanization and increasing construction renovation activities especially in the rural areas is leading to an unprecedented demand for efficient putty filler materials which is further anticipated to propel the demand for putty fillers.
The epoxy putty segment was dominant in the global putty fillers market in 2020 and is anticipated to uphold its dominance over the forecast period from 2021 to 2029. This is owing to the high demand for cheaper and more efficient putty materials especially from the automotive and construction industries. Moreover, low cost is a major factor driving the demand for epoxy putty since polyester putty and multifunctional putty are relatively costlier and are not viable to use in bulk amounts. Also, the increasing growth of the automotive industry is a major factor demanding epoxy putty in bulk quantities since vehicle engines attain high temperatures and epoxy putty cures with a hard and tough bond with no shrinkage. Moreover, increasing construction activities, as well as increasing demand for epoxy putty in the repair of wood, metal, concrete, fiberglass and plastics, are some other major factors driving the epoxy putty segment in the global putty fillers market. The polyester putty segment is anticipated to account for the second-largest share in the global putty fillers market due to the excellent properties of polyester putty such as adhesion, low porosity, and superior elasticity. Moreover, rising demand for repair & maintenance of commercial vehicles coupled with increasing applications of glass fibers in aircrafts and ships are some key factors accelerating the demand for polyester putty. However, fluctuating raw material prices, as well as association of several disadvantages with putty fillers, are some major factors anticipated to hinder the market growth.
By end-use industry, construction segment accounted for the largest share in the global putty fillers market in 2020 and expected to uphold its dominance throughout the forecast period. This is mainly due to rising demand for efficient and cheaper putty filler materials in construction activities. Also, increasing disposable incomes, rising population and increasing consumer spending are some factors driving the demand for construction maintenance and repair across the globe. In addition, increasing application of putty fillers for expansion jointing and flooring in residential and commercial building structures is another key factor driving the growth of construction segment in the global putty fillers market. Use of glass walls is a key trend pertaining in the global construction industry. Glass walls are being widely preferred especially in commercial spaces due to high aesthetics and low investments in building concrete walls. Increasing development of commercial infrastructure is thus driving the global putty fillers market. Also, increasing automotive production and increasing propagation of putty fillers in fuel engines to offer heat resistance and durability are some other major factors driving the automotive segment in the global putty fillers market market. Moreover, emergence of China as an automotive OEM hub coupled with increasing investments in research & development activities regarding use of heat resistant elastic putty materials in the finishing of automotive interior components is further expected to fuel the growth of the automotive segment in the foreseeable years.
Asia Pacific is projected to be the most profitable region in the global putty fillers market due to increasing inclination of automotive manufacturers towards setting up their manufacturing facilities in Asia Pacific. This is due to presence of favorable factors such as skilled labor, abundance of raw materials, cheaper setup cost as well as favorable governmental norms. Moreover, increasing population, rising per capita disposable incomes, growth in consumer spending and changing lifestyles of consumers is driving the overall automotive industry in the region which is further expected to drive the Asia Pacific putty fillers market. Moreover, rapid urbanization and increasing development of the construction industry especially in China, India, Korea and Indonesia is another key factor driving the Asia-Pacific putty fillers market. Asia Pacific, owing to its fast pace of economic development and high demand from a broad range of end-use industries such as automotive, electrical and construction is a frontrunner in the demand for putty fillers. Also, low production cost of epoxy putty in China is anticipated to encourage market giants to open production facilities in China. In addition, easy availability of raw materials such as calcium carbonate, epoxy resin, magnesium silicate at cheaper prices as well as increasing demand for polyester putty from healthcare industry further fuels the Asia Pacific putty fillers market growth. North America is expected to account for the second largest share owing to increasing construction renovation activities coupled with rising demand for automobiles especially in developing provinces of Canada.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Putty Fillers market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
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End-Use
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
