With the robust growth of the construction industry, the global market for waterproofing chemicals has gain substantial impetus across the world. Waterproofing chemicals are used for several purposes, such as, the protection of the buildings from seepage and leakage caused by water and moisture. The upswing in industrialization and the rise in urbanization have stimulated the demand for these chemicals considerably, which is likely to remain strong across the world on the grounds of new construction projects as well as projects managing refurbishment of existing buildings. The increasing costs raw materials and surge in labor wages is expected to drive this market further in the years to come.
The rising construction of public infrastructure spaces, such as, tunnels, bridges pavements, and public utility centers, and roads, are also projected to add to the demand for waterproofing chemicals in the near future.
In 2015, the overall opportunity in the global waterproofing chemicals market was US$7.6 bn. Analysts expect the market to remain positive with a CAGR of 5.10% over the period from 2016 to 2024 and reach a value of US$12.3 bn by the end of 2024.
Construction Industry to Remain Key Consumer for Waterproofing Chemicals
Waterproofing chemicals find an extensive application in the infrastructure, textile and leather, automotive, and the construction sectors. Among these, the construction sector has surfaced as the leading consumer of these chemicals and is expected to remain dominant over the next few years. In construction activities, roofing has been exhibiting a considerable demand for these chemicals, thanks to a substantial increase in the government fund on the improvement of infrastructure across the world.
PVC, polytetrafluoroethylene (PTFE), thermoplastic olefin (TPO), bitumen, silicone, and ethylene propylene diene terpolymer (EPDM) are the key products available in the global market for waterproofing products. Among these, bitumen holds the maximum amount of share in the global market, thanks to its high viscosity and exceptional binding properties. PVC and silicone also enjoy a strong demand and are anticipated to continue doing so over the forthcoming years.
Asia Pacific to Remain Dominant Market for Waterproofing Chemicals
The Middle East and Africa, Europe, Asia Pacific, Latin America, and North America have surfaced as the key regional markets for waterproofing chemicals. Among these, Asia Pacific has acquired the leading position and is anticipated to remain seated here over the forthcoming years. The significant rise in building and construction activities and the rising number of smart city projects in various countries, such as New Zealand, India, and Singapore are the main driving factors behind the growth of the Asia Pacific market for waterproofing chemicals.
Among others, the Middle East and Africa region is emerging as the most promising market for waterproofing chemicals, thanks to the increasing expansion of the refining capacities of a number of refineries in the Middle East.
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The highly consolidated competitive landscape of waterproofing chemicals includes several established players, such as Liquipel LLC, RPM International Inc., MUHU (China) Construction Chemicals, Archroma Management LLC, Sibelco AG, Pidilite Industries Ltd., H.B. Fuller, W.R. Grace and Co., Sika AG, Evonik Industries, Akzo Nobel NV., Wacker Chemie AG, Mapei SpA, E.I. du Pont de Nemours and Co., The Dow Chemical Co., and BASF SE. These partcipants are concentrating on their expansion in emerging economies in Asia Pacific, Latin America, and the Middle East and Africa.