Waterproofing Chemicals Market size is forecast to reach $34 billion by 2025, after growing at a CAGR of 9.2% during 2020-2025. Waterproofing chemicals protect the structure from water penetration and percolation. Excessive water penetration in buildings can shorten their life span and cause accidental damage to the structure, apart from electrical, metal, and other structural hazards. Increasing demand for waterproofing chemicals from rapidly increasing construction activities in developing countries and increasing demand for roofing and wall applications are key factors driving market growth. However, the price-sensitive nature of the market due to fluctuating crude oil prices is posing as a substantial obstacle in the growth trajectory of the market. However, the landfill and water management sector is likely to be a great opportunity for further use of waterproofing chemicals in the near future.
Product – Segment Analysis
Thermoplastic Polyolefin (TPO) held the largest share in the waterproofing chemicals 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.
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Application – Segment Analysis
Roofing and walls segment held the largest share in the waterproofing chemicals market in 2019 and is growing at a CAGR of 9.5%. 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 chemicals are widely used in roofs and walls. The usage of waterproofing chemicals 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 chemicals market in 2019 up to 35%, 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 chemicals 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 Chemicals Market
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 chemicals. For instance, in 2019, China approved to invest $142 billion in 26 infrastructure projects. In addition, according to India Brand Equity Foundation (IBEF), India plans to spend US$ 1.4 trillion on infrastructure in the next five years. Furthermore, the United States is witnessing noticeable investment for residential construction, and the trend is expected to remain the same in the near future. For instance, according to U.S Census bureau, in January 2020 value of construction put in place in residential and nonresidential construction increased to $567,555 million and $470,986 million from $546,532 million and $466,436 million in December 2019. Mexico is also witnessing high housing demand, therefore attracting noticeable investment into construction. For instance, In January 2019, Inter-American Development Bank (IDB) granted local currency financing program to the Mexican company Procsa up to 150 million Mexican pesos ($7.8 million), in order to finance for land acquisition, development and commercialization of housing for low and middle income families in the country. Therefore, the growth in construction projects and investments, is driving waterproofing chemicals market growth.
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Challenges – Waterproofing Chemicals 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 chemicals 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 chemicals market growth. In addition, while applying waterproofing chemicals such as the bitumen, 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 chemicals market growth.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Waterproofing Chemicals Market. Major players in the Waterproofing Chemicals market are BASF SE, The DOW Chemical Company, Mapei S.P.A, Carlisle Companies Inc., Soprema Group, Pidilite Industries Limited, Fosroc International Limited, Johns Manville Corporation, Drizoro S.A.U, Conpro Chemicals Private Limited, among others.
Asia Pacific dominates the waterproofing chemicals market in 2019, owning to rising infrastructure development particular in countries such as India, and China, with growing awareness regarding durable construction materials.
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.
Majorly used waterproofing chemicals are polyurethane, elastomeric coatings, expanded polyethylene, polysulphide sealants, acrylic polymer and others.
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 chemicals a necessity as it gives a longer life to the structure.
Due to the Covid-19 outbreak, most of the countries have issued “stay at home guidance” i.e., lockdown due to which the waterproofing chemicals manufacturers are facing issues such as delays in receiving raw materials, and delayed shipments to the customer. Also, the building and construction activities are stopped, which is hampering waterproofing chemicals market growth.
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