According to a report by Grand View Research, Inc., global liquid applied membrane market is projected to reach a valuation of USD 6.92 billion by 2022. Growing requirement for durable and cost-effective construction materials is anticipated to propel demand for liquid applied membranes. Liquid applied membranes are sealants which are likely to offer effective properties such as low viscosity, low odor, and flexibility. Its eco-friendly nature is expected to fuel product demand in the infrastructure sector in the forthcoming years.
High demand for green and energy efficient buildings for commercial and residential purposes can augment market growth. Effective characteristics of liquid applied membranes such as easy re-application and long shelf life are expected to fuel growth of market in the next few years. Continuous R&D activities from manufacturers to develop innovative products while focusing on product differentiation can spur market growth during the forecast period (2012 to 2022).
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The liquid applied membrane market can be segregated on the basis of product, application, end-use, and region. Based on product, the market can be classified into bituminous, cementitious, polyurethane, and others. In 2014, the cementitious segment dominated the market and accounted for major market share. It is estimated to grow at a 6.4% CAGR from 2015 to 2022 owing to reasonable cost in comparison to sheet membranes. Increasing use of polymer modified cementitious membranes for conservative waterproofing is expected to propel its demand. The segment is also estimated to display substantial CAGR of 7.2% from 2016 to 2022.
Based on application, the market can be segmented into walls, building structures, roofing, landfills, tunnels, and others. In 2014, the roofing segment dominated the market and accounted for phenomenal revenue equivalent to USD 1 billion. Growing demand for residential construction owing to increasing number of urban population can augment growth of market during the forecast period.
On the other hand, the building structure segment accounted for 20% of revenue share in 2014. Growing number of commercial and residential construction activities in Asia Pacific and Latin America can impel segment growth. In addition, elimination of barriers to foreign direct investment (FDI) in India and strong economic development can spur demand for construction sector.
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Based on end-use, the market can be divided into commercial, residential, industrial, and public infrastructure. In 2014, residential segment dominated the market while accounting for 30% revenue share. Influx of increasing number of immigrants in the region is likely to foster product demand. In addition, rise in renovation and modernization activities in present households owing to change in lifestyle can fuel market growth. Liquid applied membranes are expected to be vapor non-permeable and protect buildings from extreme heat. High demand for green and energy efficient residential buildings is anticipated to spur growth of market during the forecast period.
The commercial segment is expected to witness significant growth in the forthcoming years owing to increasing number of small and medium sized companies. In addition, growing efforts towards development of education infrastructure such as schools, colleges, and institutes can augment product demand during the forecast period.
Regional segmentation includes North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. In 2014, Europe dominated the market and is anticipated to grow at noticeable CAGR of 7.4% in terms of revenue from 2016 to 2022. Growing concerns regarding conservation of water and waste management can stimulate demand for waterproofing products in the region. In addition, high demand for such products from countries such as Turkey, Poland, and Russia is likely to fuel growth of market in this region.
In Asia Pacific, demand for liquid applied membranes was equivalent to USD 700 million in 2014. It is expected to witness significant growth during the forecast period. Factors such as infrastructure development, rapid industrialization, and growing consumer’s willingness to invest in the region can drive market growth. It accounted for a market demand of over 250 million square meters in 2014. This figure may rise in the coming years due to need for effective materials to preserve and enhance the life of structures and buildings.
Some of the leading companies offering liquid applied membranes are GAF Materials Corporation; Dow Chemical Company; Kemper System America, Inc.; Pidilite Industries Limited; and Fosroc Chemicals.
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