Wall Putty – The Best and the Largest
Although it took Indian consumers some time to realize the usefulness of using wall putty, it is now a mature market of Rs 3,000 crore in size. There are more than 2,000 players in the industry and most of them serve the local market. Paint manufacturers have also ventured into the industry, which further intensifies competition in the industry. The leading makers in the country are JK Cement, UltraTech and 405 Advance. JK Cement has a wall putty production capacity of 0.9 MTPA. JK Cement’s Katni plant in Madhya Pradesh added an extra installed capacity of 0.20 MnTPA of white cement-based putty during FY 2018-19. In the years 2020-21, Katni will expand its production. The capacity would be increased by 2 lac tonnes per annum, bringing it to 1.1 MTPA.
UltraTech, which is owned by Aditya Birla, is in the process of constructing a new plant to meet the growing demand for the product. This will be the company’s third factory, with a total production capacity of 0.8 MTPA. The projected facility will have a capacity of 4 lakh TPA and is expected to be operational by the end of this fiscal year. The company is investing Rs 194 crore on the project.
The putty market is anticipated to reach 4-4.5 MTPA in volume, with unorganized companies accounting for 1.2-1.5 MTPA. UltraTech and JK Cement have a combined market share of 50% (24%) while Asian Paints, Berger Paints, and Kansai Nerolac have a combined market share of 30%. The rest is made up of unorganized manufacturers and others.
From 2020 to 2027, the Wall Putty Market is expected to increase at a CAGR of 7.0 per cent, from USD 3.75 billion in 2019 to USD 6.45 billion in 2027.
The need is expanding as the number of infrastructures, residential, and commercial projects grow. The building industry is boosting demand for Wall Putty, which is propelling the market in a positive manner.