Global Waterproofing Market Outlook
The global waterproofing market size to reach USD 17 billion in 2020, growing at a CAGR of over 7% during the forecast period. The significant rise in construction activities in the residential and commercial sectors is expected to drive the production and demand for construction and waterproofing materials globally. The global urban constructions account for nearly 65% of the overall construction works every year. The demand and scope for waterproofing work in urban construction across the world are expected to grow above expected growth rates at 3.6% during the forecast period. The adoption rate of innovative waterproofing materials is significantly higher in most of the emerging economies and urban cities globally. The demand for specialty constructions like waterproofing, roofing, interior designing, and aesthetic constructions is expected to rise significantly by 12% during 2020−2025.
Rapid urbanization and industrialization have impacted the construction industry and in turn the environment. Green waterproofing products and several eco-friendly construction materials have gained significant growth among the users for reducing the environmental impact. Therefore, the global market for green waterproofing materials is expanding since 2017.
- 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 The growth is due to the increased application of waterproofing materials in building and commercial projects.
- 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.
COVID-19 Impact on Global Waterproofing Market
Most of the containment measures taken by the government due to the COVID-19 pandemic in emerging and developed economies are substantially reducing global construction activities. The supply chain of construction materials and their related supplies is expected to be hit in Q2 2020. The global residential constructions are also witnessing a slump due to the weak economic activities and rising unemployment. The construction industry in European countries is facing severe disruption due to the implications of strict lockdown in several economies to control the spread of COVID-19. Many of the builders in the growing economies of Europe expect a significant dip in the construction industry, with a contraction of 1.8% by the end of 2020. The slump in construction industries and economic activities are directly impacting the waterproofing market growth during the forecast period.
The impact of the widespread COVID-19 disease across major growing economies is expected to create a slump in the waterproofing market in the short term. The impact of the COVID-19 pandemic has halted the progress of several large-scale constructions in both the United States and Canada in 2019 and Q1 2020.
Key Market Trends
- The application of nanotechnology in waterproofing has been incorporated as a liquid applied membrane in several construction areas of a building. Nanocoating solutions are most prominent in the use of ceramic coatings for waterproofing. The water-repellent nature of nanocoating materials makes it ideal to apply in various areas like basements, garages, toilet areas, swimming pools, and roofing structures.
- The smart water management systems in APAC are estimated to grow by 14% during the forecast period. The APAC smart water management projects in residential and commercial building spaces are expected to witness phenomenal growth owing to a significant focus on stringent regulatory norms to build smart water management projects. A significant rise in demand for waterproofing works is expected as a result of these installations.
- Due to its easy applicable nature on any surface, the liquid applied membrane solutions are widely preferred by a majority of builders globally. The global market by the liquid applied membrane is expected to cross USD 18 billion by 2025. The rise in the construction of residential and commercial buildings is estimated to open avenues for the development of liquid applied waterproofing solutions during the forecast period.
- Ethylene propylene diene monomer (EPDM) rubber membranes are techno-commercially better substitutes for bitumen membranes, crystalline products, coatings, and admixtures. 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.
- Wall waterproofing is widely preferred both in residential and commercial construction. The North American waterproofing market is expected to observe the highest demand for drywall on account of increasing residential construction activities in the US. The global waterproofing market by walls is likely to grow at the highest CAGR of 9% during the forecast period.
The APAC region is witnessing the highest commercial constructions in recent years, especially in India, Singapore, Malaysia, and South Korea regions. With the growing demand for commercial constructions, the market is expected to witness surging demand in the production of waterproofing materials during the forecast period. China is expected to experience the highest growth rate in terms of urbanization in major cities across the country, thereby fuelling the demand for construction and waterproofing materials during the forecast period. Europe has emerged as one of the largest markets for waterproofing materials in 2019 on account of the high level of product penetration. The increasing awareness about water conservation and waste management is anticipated to drive the demand for the market in the European region. The waterproofing market in Europe is expected to cross USD 6 billion by 2025.
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.
This 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