by Aniruddha Sinha - Sr. Vice President & Group Marketing, CSR Head & Business Head - P2P Division, WalPlast
The wall putty market in India has witnessed significant growth in recent years, driven by various factors that have contributed to its increasing revenue. Wall putty plays a crucial role in the construction and interior design industry, providing a smooth and even surface for paint application while offering water resistance and enhancing the lifespan of paints.
The industry’s commitment to quality and continuous improvement has solidified its position as a trusted brand in the competitive wall putty market. The strong focus on innovation has allowed manufacturers to consistently introduce new and improved products that meet the evolving needs of consumers. With their diverse offerings, manufacturers ensure customers can access different products tailored to their requirements.
The innovative wall putty formulations address key factors driving revenue growth in the market. By providing a strong and smooth foundation for paint adhesion, wall putty helps prolong the paint’s life. This durability and longevity align with the demand for long-lasting and aesthetically pleasing wall finishes.
Wall putty creates a solid foundation that prevents the paint from cracking or peeling over time by filling in cracks, holes, and imperfections on walls. This ensures the durability and longevity of painted surfaces, providing homeowners and businesses with a fresh and vibrant appearance that endures.
India's diverse climatic conditions, including monsoon seasons with heavy rainfall, pose challenges in maintaining wall integrity. Wall putty's ability to provide water resistance is significant in this context, as it creates a protective barrier against water penetration and associated damages. The rising demand for water-resistant wall putty highlights its effectiveness in safeguarding walls, ensuring the longevity and durability of paints, and reducing the need for frequent repainting or wall repairs.
The properties of wall putty and its impact on the paint industry have also played a vital role in driving revenue growth. Wall putty enhances the performance and durability of paints by providing a solid foundation and smoother surface for paint application. This symbiotic relationship between the wall putty and paint industries further fuels the revenue growth of the wall putty market in India.
Prolonging the life of paints
One of the primary drivers of revenue growth in the wall putty market in India is its ability to prolong the life of paints. Wall putty acts as a preparatory coating, providing a smooth and even surface for the paint to adhere to. Filling in small cracks, holes, and imperfections on walls creates a uniform canvas for the paint application. This prevents the paint from cracking or peeling over time, ensuring its durability and longevity. As a result, homeowners and businesses can enjoy their painted walls' fresh and vibrant appearance for an extended period.
Water resistance
India experiences diverse climatic conditions, including monsoon seasons that bring heavy rainfall. This poses a challenge for maintaining the integrity of walls, as excessive moisture can lead to wall damage, including peeling paint, dampness, and mold growth. Wall putty is crucial in providing water resistance to walls, preventing water penetration and associated issues. Its formulation includes additives and ingredients that create a protective barrier, shielding the walls from water damage. This feature is particularly important in India, where the monsoon seasons can be intense and prolonged. The demand for water-resistant wall putty has significantly increased, as it ensures the longevity and durability of the paint and reduces the need for frequent repainting or wall repairs.
Growth in residential and commercial sectors
The robust growth of India's residential and commercial sectors has driven the increasing demand for wall putty. The rise in construction activities, including residential buildings, commercial complexes, and retail spaces, has created a substantial market for wall putty. The growing urban population and disposable incomes have increased the demand for aesthetically pleasing interiors. Wall putty enhances the overall appearance of walls, providing a smooth and flawless finish that appeals to homeowners, businesses, and commercial property developers.
The emphasis on interior design and decoration has become a significant trend in the Indian market. Homeowners and businesses increasingly invest in visually appealing spaces that reflect their personal style and brand identity. Wall putty is crucial in achieving this objective by providing an ideal base for paint application. The demand for premium-quality wall putty has surged, as it ensures a superior finish and allows for various paint textures, colors, and techniques.
Exponential rise in infrastructure development projects
India has witnessed an exponential rise in infrastructure development projects, including roads, bridges, airports, railways, and smart cities. These projects require high-quality construction materials that offer durability and longevity. Wall putty has become essential in these projects, providing a smooth and level surface for paint application on walls, pillars, and other structural elements.
The construction industry's focus on quality and aesthetics has driven the demand for wall putty in infrastructure development projects.
The government's initiatives, such as ‘Make in India’ and ‘Housing for All’ have accelerated infrastructure development nationwide. These initiatives aim to boost economic growth, create employment opportunities, and provide affordable housing solutions. As a result, the demand for construction materials, including wall putty, has witnessed a significant upswing. The wall putty market is expected to benefit from this trend as infrastructure development projects continue to drive the construction sector's growth.
Effect on the paint industry
Wall putty properties and their impact on the paint industry have played a crucial role in driving revenue growth in the global wall putty market. Wall putty serves as a preparatory coating that enhances the performance and longevity of paints. It provides a smooth, even surface for paint application, ensuring better adhesion and minimizing the chances of cracking or peeling. The compatibility between wall putty and paints has increased demand for both products.
Technological advancements and manufacturing processes have contributed to developing new and improved wall putty products. Manufacturers are investing in research and development to enhance the quality and performance of wall putty, catering to the evolving needs of consumers. These technological advancements have led to innovative wall putty formulations that offer enhanced durability, water resistance, and ease of application.
The growth of the paint industry, coupled with the demand for high-quality wall putty, has created a symbiotic relationship between the two sectors. Paint manufacturers are increasingly collaborating with wall putty manufacturers to develop integrated solutions that provide a seamless painting experience. This collaboration has introduced paint and putty systems that complement each other, ensuring superior performance and aesthetic appeal.
Market projections and opportunities
According to a Verified Market Research report, India's wall putty market was valued at USD 3.75 billion in 2019 and is projected to reach USD 6.45 billion by 2027, growing at a CAGR of 7.0% from 2020 to 2027. Another report by Technavio estimates that India's wall putty market size will grow by USD 1.33 billion from 2022 to 2026 at a CAGR of 6%, with the residential sector having the largest market share.
These market projections indicate significant growth opportunities for players in the wall putty market. The rise in home décor projects, increasing demand for sustainable construction materials, and the need for cost-effective painting solutions present avenues for innovation and expansion. Manufacturers can focus on developing eco-friendly and less chemically induced versions of wall putty to cater to the growing demand for sustainable construction materials.
Various factors, including the prolonging of paint life, water resistance, growth in the residential and commercial sectors, the exponential rise in infrastructure development projects, and the impact on the paint industry drive the revenue growth of the wall putty market in India.
These factors present significant opportunities for players in the global wall putty market. As the demand for high-quality construction materials and aesthetically pleasing interiors continues to rise, manufacturers can leverage technological advancements and market trends to develop innovative wall putty products that meet the evolving needs of consumers.
