The global waterproofing market size to reach USD 17 billion in 2020, growing at a CAGR of over 7% during the forecast period. The global waterproofing market has been intensely propelled by the growth in infrastructural and residential and commercial construction sectors in the last decade. Innovations in waterproofing membranes along with R&D undertakings based on end-user industries, significantly have reduced the production cost of the material. Increasing concerns to protect buildings and constructions from structural damages due to water infiltration are expected to drive the demand significantly during the period 2020–2025. This surge has forced several established waterproofing manufacturers to expand their operations globally. A majority of contractors around the world prefer to use liquid applied and sheet-based membranes, of which, the climatic condition plays a significant role in the durability of waterproof coatings on building structures.
The widespread outbreak of COVID-19 will have prolonged economic fallout in the APAC region during the forecast period. The region is about to suffer a loss of $212 billion due to the corona outbreak. The pandemic has pushed a majority of contractors to close down their projects in the UK and Ireland. This decision has induced an effect on several subcontracting works that heavily rely on construction works and its growth. The construction industry in the Middle East and Africa has been indirectly affected by the widespread of COVID-19 during Q1 of 2020.
- The modified bitumen membranes segment is expected to witness an incremental growth of over $6 billion by 2025. The membrane is observing a high preference in public infrastructure constructions in several emerging economies.
- The revenue share of roofing material is likely to reach over $8.7 billion by 2025 due to the increased application of waterproofing materials in building and commercial projects.
- Rapid urbanization and increasing residential construction activities in emerging urban cities are expected to act as potential markets for waterproofing materials.
- PVC-based waterproof roofing sheets are expected to grow at a rapid pace because of superior properties such as durability, applicability, and flexibility in a wide range of applications.
- The Latin America waterproofing market share is expected to reach a growth rate of over 8% by 2019–2025. The growth can be attributed to the growth in construction activities and the strong export of construction materials.
GLOBAL WATERPROOFING MARKET SEGMENTATION
This research report includes a detailed segmentation by
- Raw material
INSIGHTS BY PRODUCT
The liquid applied membrane (LAM) segment is expected to reach revenues of over $18 billion by 2025. LAM is widely preferred among builders across the globe due to its easy applicable nature on any surface. The demand for LAM is expected to grow significantly during the forecast period on account of the rise in new construction and refurbished activities. The COVID-19 pandemic has truncated the growth rates, however.
The majority of waterproofing contractors prefer to use sheet-based membranes for the construction of industrial roofs, terrace, and roof garden, thereby driving the growth. The increasing awareness of the benefits of sheet-based waterproofing, increasing urbanization, and growing disposable incomes in major parts of APAC are key drivers for the demand and consumption of sheet membranes.
INSIGHTS BY RAW MATERIAL
The bitumen segment is expected to capture the highest revenue in the market by 2025. The ease of application over a wide range of construction surfaces and durable structures of waterproofing materials has increased the popularity of the material among construction companies across the world. The increasing construction of industrial roofing systems across the globe is expected to drive the growth of modified bitumen-based waterproofing during the forecast period.
The growing preference for PVC-based waterproofing solutions in commercial and industrial building constructions across the world is influencing the segment. The increasing demand for customized applications is likely to increase the demand for PVC materials significantly during the period 2020–2025 in several urbanized economies. As PVC membranes are easy to install, have high tensile strength, and are durable, a majority of constructors prefer PVC material, which is increasing their market share.
Ethylene propylene diene monomer (EPDM) rubber waterproofing membranes are techno-commercially better substitutes for bitumen membranes, crystalline products, coatings, and admixtures. These membranes are highly efficient with no inter-ply blisters and delamination. The membranes are applied with a bonding adhesive, making installation easy and straightforward. The increasing consumption of interior paints and coatings is expected to substantially induce the demand for ethylene propylene diene monomer as base chemical materials between 2020 and 2025.
INSIGHTS BY APPLICATION
The growth in construction activities in urban areas in countries such as China, India, Mexico, and Gulf Coastal Countries (GCC) and the increase in re-roofing works in developed economies such as the US and European countries have increased the application of roofing waterproofing works significantly. The global demand for eco-friendly materials in waterproof works, especially in roofing, has made several established players increase spending on R&D activities.
The scope for global underground construction works is expected to grow significantly during the period 2020-2025, owing to the increase in investment in infrastructural projects in several emerging economies across the world. Therefore, the increase in infrastructural activities is expected to drive the demand for underground waterproofing materials during the forecast period.
Wall waterproofing is widely preferred both in residential and commercial construction. The demand from residential constructions is estimated to grow significantly between 2020 and 2025. The North America waterproofing market is expected to observe the highest demand for drywall waterproofing on account of increasing residential construction activities in the US.
INSIGHTS BY GEOGRAPHY
The APAC region is likely to observe the highest CAGR, reaching over $9 billion by 2025. The region is driven by low-cost products, which are expected to grow significantly. The impact of widespread COVID-19 disease in major growing economies across the region is expected to develop a slump in the market for the short term. China, Indonesia, India, and Malaysia are expected to act as potential markets with strong growth for waterproofing materials between 2020 and 2025. Majority of construction companies in the APAC region demand quality and innovative solutions from the manufacturers. Increasing spending on safety features in the construction of residential and commercial constructions is expected to drive the demand for innovations in waterproofing materials in APAC. Moreover, several players in the APAC waterproofing market have increased their investments in R&D to add sustainable solutions in their portfolio. The waterproofing market in India is expected to grow at a CAGR of over 11% during the period 2019–2025 due to increased government initiatives to develop smart city projects across the country.
INSIGHTS BY VENDORS
The global waterproofing market share is highly fragmented. Construction Materials, Firestone Building Products, Soprema Groups, Sika AG, and GAF are the prominent vendors in the market. The market is characterized by several major players having different strategies for innovations, expansion of business, agreements with suppliers, and M&A to increase their footprint into rural segments during the forecast period. APAC, Europe, and North America have the highest presence of several vendors in the market. The majority of established manufacturers have increased their focus and strategies into M&A through forwarding or backward integration. M&A activities have supported several manufacturers to expand their market positions and operations.
The waterproofing market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
Segmentation by Product
- Liquid Applied Membrane (LAM)
- Sheet-based Membrane
By Raw Material
- Modified Bitumen
- Polyvinyl Chloride (PVC)
- Ethylene Propylene Diene Monomer (EPDM)
- Ethylene Vinyl Acetate (EVA)
- High-Density Polyethylene (HDPE)
- Low-Density Polyethylene (LDPE)
- Underground Constructions
- Roads & Bridges
- North America
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa