Metal Putty Market with Coronavirus (Covid-19) Effect Analysis, Size, Sales, Share and Forecasts by 2030

Metal Putty Market: Overview

Metal putty is a hand-mixable, steel-reinforced, non-rusting putty that can quickly repair or rebuild anything made of metal. After mixing, it forms an industrial-strength polymer compound that can be molded into shapes or used to build, patch, and repair steel components. Metal putty cures to dark grey color and it has tensile strength of 900 PSI. It can withstand temperatures of up to 300°F. Metal putty is primarily used to repair defects in steel and aluminum structures.
The global metal putty market is expected to expand at a rapid pace during the forecast period, owing to increasing demand from steel and aluminum sectors

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Key Drivers of Global Metal Putty Market

The global metal putty market is driven by the steadily recovering global economy and improvement in the outlook for automotive and manufacturing sectors. Asia Pacific accounted for a major share of the global market in 2019, owing to rise in public sector investments in defense and aerospace infrastructure in various countries including China, Malaysia, South Korea, and India. Another factor driving the market in the region is increase in foreign direct investments in the manufacturing sector in key economies of Asia.
Metal putty is used for repair of pipelines, valves, pump shells, tank bodies made of concrete; for stopping leakage from water machineries; and for repair of watercrafts, mines, and buildings
Growth of the automotive industry in countries such as the U.S. and expansion of the aviation industry in North America are estimated to boost the metal putty market in the region during the forecast period. Presence of several leading automotive players, such as Ford, Bombardier, and General Motors, in the U.S. and Canada is also projected to propel the demand for metal putty in North America in the near future.

High-temperature Aluminum Putty Type Segment to Witness Attractive Opportunities

Among types, the high-temperature aluminum putty segment accounted for a major share of the global metal putty market in 2019 and is estimated to continue its attractiveness during the forecast period, primarily due to rise in the demand for high-temperature aluminum putty from the casting industry. Metal putty is used in all aluminum casting parts, due to its high strength and anti-corrosion properties.
In aluminum casting, metal putty is employed for rebuilding of various aluminum casting parts, air holes, and sand holes and repair of shrinkage and cracks. It is also used for filling of oversize, repair of scratches, and repair of damaged parts.
In steel casting, metal putty is used to repair defects and rebuild steel and iron casting parts. It is also employed for repair and rebuilding of worn components such as bearings and fan housings.

High Prices and Stringent Regulations Likely to Hamper Market

Rise in awareness about environmental issues caused by VOC (volatile organic compound) emissions from metal putty has resulted in implementation of regulations on metal putty across the world, including developing regions. These regulations restrict the production of conventional metal putty materials.
High prices of raw materials and environmental regulations on VOC emissions and other suspended air particles are expected to adversely affect the global metal putty market during the forecast period

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Asia Pacific to Hold a Major Share of Global Metal Putty Market

The metal putty market in Asia Pacific is expected to expand significantly during the forecast period, owing to growing usage of metal putty in various end-use applications and its use in place of the traditional anti-corrosion methods
The market in Europe and Middle East & Africa is expected to expand at a significant pace during the forecast period, owing to growth of the casting industry in these regions
Rise in foreign direct investments (FDIs) in automotive and construction industries in developing economies of Asia Pacific is a key factor that is likely to fuel the market in the region during the forecast period

Key Players in Global Metal Putty Market

Various players operate in the global metal putty market. However, there is an increasing shift in dynamics toward market consolidation. This can be ascribed to development of new products by major companies operating in the U.S. and Europe in order to capitalize on untapped potential of Asia Pacific and Africa. Key players operating in the global metal putty market are: