Waterproofing Solutions Market size is forecast to reach $42 billion by 2025, after growing at a CAGR of 7.2% during 2020-2025, owning to increasing government investments in infrastructure developments in the Asia Pacific, particularly in India, China, and Indonesia and increasing usage of waterproofing solutions in the mining industry. In addition, increasing waste & water management activities in these countries have also triggered the demand for waterproofing globally. Waterproofing solutions ensures longer durability of the structure, hence reduces maintenance cost. Water damage can lead to corrosion of metals, electrical hazards, rotting of timber structures and finishes, plasterboard swelling, and growth of fungus which may lead to health hazards. Therefore, in order to reduce these risks waterproofing usage is increasing.
Key Takeaways
- Increased construction costs, coupled with rising raw materials and labor costs, have led to the implementation of integral waterproofing agents and solutions for quality building practices.
- Cement-based structures experience immense damping and erosion due to frequent climate change, which reduces the shelf life of residential and commercial buildings. This makes waterproofing solutions a necessity as it gives a longer life to the structure.
- In addition, growing applications in water management, geomembranes, and tunnel liners are expected to drive the waterproofing solutions market.
Raw Material - Segment Analysis
Thermoplastic Polyolefin (TPO) held the largest share in the waterproofing solutions market in 2019, as they are highly resistant to moisture and flame, with good flexibility. TPO membranes contain no toxic or hazardous ingredients and are fully recyclable. The Polyvinyl Chloride (PVC) roofing solution is also growing at a faster rate during the forecast period, due to a variety of standout characteristics, such as, durability in harsh weather and temperature extremes, energy efficiency, flame resistance, water repellants, heat and solar reflectance, and others
Application - Segment Analysis
Roofing and walls segment held the largest share in the waterproofing solutions market in 2019 and is growing at a CAGR of 8.3% Leakage in buildings, especially roofs and walls has been a major concern worldwide for years. Water-ponding or the stagnation of water due to rainfall on roofs, and wall causes deterioration of concrete materials, which leads to wreck roof which may cause the entire building to wreck. Thus, in order to avoid such risks waterproofing solutions are widely used in roofs and walls. The usage of waterproofing solutions offers several benefits, such as superior fire and wind resistance, very high tensile strength, and waterproofing characteristics.
Geography - Segment Analysis
Asia Pacific held the largest share in the waterproofing solutions market in 2019 up to 37%, owning to increasing government investments on infrastructure developments primarily in countries such as China, Indonesia, India, and Malaysia. The growth in infrastructure projects is mainly due to an expanding population, resulting in the need for more residential and commercial buildings for various purposes. Construction projects such as ‘100 smart cities’ and ‘Housing for All by 2022’ in India are influencing waterproofing solutions demand. In addition, in 2019, China government invested 1.9 billion on 13 public housing projects. Therefore, rising construction in these countries are driving waterproofing solutions market growth in Asia Pacific region.
Drivers – Waterproofing Solutions Market
- Increasing demand for waterproofing solutions in mining applications.
Waterproofing solutions are suitable for mining applications due to their strong durability in exhaustive climates. The key applications of waterproofing solutions in mining industry is to prevent mine explosives and fuse, damaging from exposure to elements such as water and moisture. Waterproofing solutions are important for electrical substations in underground mines as it keep electrical equipment dry and free of corrosion. Waterproofing solutions are used in structures such as tunnels, mine shaft linings and dam walls. According to International Energy Agency (IEA), international coal trade grew by 4% in 2018, surpassing 1.4 billion tonnes. In addition, trade of other metals such as gold, aluminum, copper and iron ore are also increasing. Therefore, the growth in mining industry is supporting waterproofing solutions market growth,
- Booming construction industry in developing nations.
Construction is a high-risk industry that includes a wide range of activities, from infrastructure development to renovation that includes residential construction, bridge construction, road paving, and large-scale re-roofing jobs. The increase in these construction activities is creating additional demand in emerging economies such as China, India, and Japan for waterproofing solutions. Since the building & construction industry is stagnant in developed regions, waterproofing solutions are mostly required in these regions for applications related to repairs. However, the demand for waterproofing solutions is increasing in developing regions, with modern construction projects coming in.
Challenges – Waterproofing Solutions Market
- Fluctuating raw materials prices
Price and availability of raw materials are major factors that affect the price of the end products. The major challenge for the global waterproofing solutions market is the oscillating price trends of raw materials, which are fluctuating due to volatile energy prices, as most of the raw materials are petroleum-based. According to BP statistics, in 2018, average oil price increased to $71/ bbl from $54/bbl in 2017. Therefore, the fluctuation in oil prices are negatively affecting waterproofing solutions market growth. In addition, while applying waterproofing solutions such as the bitumen based membranes, workers can be exposed to volatile fumes. Extended exposure to these fumes may lead to health issues such as nasal irritation, bronchitis. Therefore, this factor may also affect waterproofing solutions market growth.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Waterproofing Solutions Market. In 2019, the market of Waterproofing Solutions Market has been consolidated by the top five players accounting for xx% of the share. Major players in the Waterproofing Solutions market are Sika AG, BASF SE, Carlisle Cos. Inc., RPM International Inc., GCP Applied Technologies Inc, Firestone Building Products Company, LLC, Soprema Group, The Dow Chemical Company, GAF Materials Corporation, among others.
Acquisitions/Technology Launches
- In April 2018, BASF launched “XolutecTM” waterproofing solution for wastewater treatment plants and harsh chemical environments.
- In July 2015, BASF launched “MasterPel 777” a waterproofing solution for concrete protection.
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