In 2019, the global waterproofing market was growing exponentially due to the rising number of construction activities across the globe. Waterproofing material manufacturers were predominately supplying to the residential construction sector globally. The waterproofing market will witness high growth in North America and APAC during the forecast period. The construction work carried out in China and India accounted for a share of 7% of the construction industry in the APAC region in 2019. The growing popularity of innovative waterproofing works and materials has increased adoption in residential and commercial construction sites. Some of the key construction areas that are expected to witness a rise in the consumption and demand for waterproofing materials such as roofing work, flooring, basement car parking, and more. The global waterproofing market will be valued at around $17 billion in 2020 and is expected to grow by 2025. Several other chemical materials are used in the manufacturing of waterproofing materials based on the areas of application.
The rising concern to protect building and construction from structural damages due to water infiltration is fueling the demand for waterproofing solutions. The surging demand is forcing several waterproofing manufacturers to expand their operations globally. Roofing is a critical part of construction work which is highly exposed to rain and other climatic conditions. The drywall waterproofing is widely preferred in both residential and commercial construction. The North American and APAC markets witness high demand for waterproofing on drywalls. The growing interests in green buildings, walkable, eco-friendly roofing, and plaza deck areas are increasing the need for waterproofing in modern building structures in North America.
Key Insights from the Waterproofing Market Include:
- The US government has estimated to invest around $2 trillion, that will undoubtfully provide a greater support for the overall growth of infrastructural sector in North America.
- Rapid urbanization and increasing residential construction activities in emerging urban cities across all the regions are expected to act as potential green spot markets for waterproofing materials.
- PVC based waterproof roofing sheets is expected to grow at rapid pace, due to its superior properties, its durability, ease of application, and flexibility across a wide range of applications.
- On average 35% of the total residential and commercial structures are suffering minor defects due to wetness and roughly 4.5% of the building structures in the US sustaining moderate to heavy damage.
Rising Demand for Cost-Effective and Eco-friendly Waterproofing
The global demand for waterproofing is primarily driven by the efficiency of waterproofing materials. The advancement in technology and varied applications is witnessing significant increase in production and demand for innovative product solutions in the waterproofing market. The manufacturers in the market are finding several ways around the world to increase the efficiency of waterproofing materials which will also add value to the customers. The application of several technologies is contributing for better durability to counter aggressive agents that damages the building structure.
APAC and MEA are expected to drive the waterproofing market due to the growing demand for cost-effective waterproofing solutions by 2025. Hence, several manufacturers are investing in research and development in recent years to develop these effective solutions. Furthermore, focus on introducing environmentally sustainable products is attracting the attention of every sector across the globe. The rapid growth of industrialization is highly impacting the environment globally. Over the years, innovation of eco-friendly construction materials has been gaining immense popularity in the global market. The significant increase in global construction activity every year and rise in urbanization will fuel the demand for green waterproofing products during the forecast period. However, the green waterproofing market in Latin America and MEA is projected to witness a surge in demand due to the increase number of high-rise building construction during the forecast period.
European Waterproofing Market Overview
Waterproofing is widely preferred in most of the construction sites in Europe. Waterproofing is boosting the demand in the European market due to the growth in the construction industry. However, in the construction sites, waterproofing is mostly done by sub-contractors and skilled laborers. The residential construction industry in Europe is flourishing due to the rapid growth of urbanization. The total number of newly constructed residential housing and apartments are likely to witness an increase of one million by 2025. Therefore, this initiative is likely to create several green spots that will drive the demand for waterproofing work and material during the forecast period. The waterproofing market in Europe is expected to grow at a CAGR of approx. 7% during the forecast period. The European market is occupied by many industrial projects that will raise construction activity. Hence, there will be high demand for waterproofing in the market.
FAQs about the Waterproofing Market:
Q. What is the market size of waterproofing?
A. The global waterproofing market is projected to reach revenues of around $17 billion by 2020.
Q. What is the market growth of waterproofing?
A. The global waterproofing market is projected to grow at a CAGR of over 7% during the forecasted period.
Q. What is the global market segmentation of waterproofing?
A. The global waterproofing market is segmented by product type, raw materials, application, and geography.
Q. What is the market insight of waterproofing?
A. The Latin America waterproofing market share is expected to reach a growth rate of over 8% by 2025.
Q. What are the major regions in the global waterproofing?
A. The leading regions in the global waterproofing market include North America, Europe, APAC, Latin America, and the Middle East, and Africa.
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