by Waterproof coatings are protective coatings applied to materials such as concrete, wood, and masonry to prevent damage from water, moisture, chemicals, and other elements. The major application of waterproof coatings include construction, infrastructure, industrial, and roofing sectors. Waterproof coatings help prevent water penetration on building structures and improve durability. They are extensively used for foundation waterproofing, crack isolation membranes, roof coatings, and tank and basin linings. Increasing construction activities around the globe due to rapid urbanization has spurred the demand for waterproof coatings.
The global Waterproof Coatings Market is estimated to be valued at US$ 16.45 Bn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Growing construction industry and rising demand for waterproof coatings are the major drivers fueling the growth of the global waterproof coatings market. Rapid urbanization and increasing infrastructural investments have augmented construction activities around the world. According to global construction 2030, the global construction output is projected to grow by 85% to US$ 15.5 trillion by 2030. This rising construction industry is directly boosting the adoption of waterproof coatings for protection of concrete structures from water damage. As highlighted earlier, flourishing construction industry was mentioned as an opportunity for waterproof coatings market to flourish.
Another factor propelling the market growth is increasing use of advanced waterproofing techniques such as waterproof membranes and waterproof coatings on rooftops and basements. Technological advancements leading to development of advanced waterproof materials that provide optimum protection against water infiltration are further supplementing the market growth.
Segment Analysis
The waterproof coatings market is segmented into bitumen, TPO, PVC, EPDM, silicone, and other materials. The TPO segment dominates the market and accounts for over 30% of the total share. TPO coatings provide high flexibility, tensile strength, heat resistance and toughness. These properties make TPO coatings suitable for use in commercial roofing, single-ply roofing, and building & construction applications.
PEST Analysis
Political: Stringent regulations regarding volatile organic compound (VOC) emissions from construction chemicals will boost demand for green coatings.
Economic: Growth in the construction industry due to increased infrastructure spending and real estate development projects is driving the waterproof coatings market.
Social: Rising consumer awareness about environmental protection is increasing preference for low VOC and zero VOC waterproof coatings.
Technological: Advances in coating technologies are leading to development of innovative products with high resistance to weathering, cracking and chemicals. Self-healing and self-cleaning coatings are gaining traction.
Key Takeaways
The global waterproof coatings market is expected to witness high growth at a CAGR of 4.0% during the forecast period of 2023 to 2030. Regional analysis shows that Asia Pacific dominates and accounts for over 35% share of the global market. China, India, and other Southeast Asian countries are major contributors to the regional growth due to rising construction activities in these nations.
Key players operating in the waterproof coatings market are Pidilite Industries Limited, Akzo Nobel N.V., Sherwin-Williams Company, Sika AG, and BASF SE. Pidilite Industries Limited is a leading player in India, offering waterproofing chemicals under the brands Fevicol and Dr. Fixit.
AkzoNobel N.V. offers versatile waterproof coating and chemical solutions for construction applications under its International, Decorative Paints, and Performance Coatings business segments. The Sherwin-Williams Company provides waterproof coatings through its Consumer Brands Group and Performance Coatings Group segments. Sika AG specializes in manufacturing chemical-based technical products for construction and industry. BASF SE offers waterproof and weatherproof sealants, waterproofing membranes, and concrete admixtures.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
