DUBLIN, Dec. 5, 2023 /PRNewswire/ — The “Global Waterproofing Membrane Market (by Product, Application, Raw Material, Usage & Region): Insights and Forecast (2022-2026)” report has been added to ResearchAndMarkets.com’s offering.
The global waterproofing membrane market is expected to reach US$33.18 billion in 2023, growing at a CAGR of 6.50% during the forecast period.
Segments Covered
- By Product: The liquid applied membrane segment lead the waterproofing membrane market, accounting for maximum share of the market. The liquid applied membrane segment is expected to experience high growth owing to the growing awareness of the advantages of the product such as cost-effectiveness and ease of installation. Moreover, manufacturers are focusing to introduce new solutions in the market which would further contribute to the market growth.
- By Application: The report splits the global market into six segments on the basis of application, namely Building Structures, Roofing, Roadways, Waste & Water Management, Walls, and Others. Building structures hold the dominant share in the market. The growth can be attributed due to the high application of waterproofing membranes in buildings to improve the shelf life and protection at varying temperatures.
- By Raw Material: According to report, the market has been segmented into six segments on the basis of construction type: PVC, HDPE, EPDM, TPO, Modified Bitumen, and Others. Modified bitumen segment is expected to grow at a CAGR of 6.8% in the coming years owing to its unique properties such as high resistance to weathering and aging. It increases the product viability in terms of flexibility at low temperatures, high UV resistance properties, and improved flow resistance at high temperatures.
- By Usage: The refurbishment market is anticipated to grow at a high CAGR during the forecasted period. The increase in refurbishment activities in developed economies such as the US and countries in Europe are the major drivers of the waterproofing membrane market. Rising disposable income, easy availability of loans, and increased affordability have led homeowners to spend more on refurbishment and renovation projects.
Geographic Coverage
Asia Pacific dominated the market with largest share of the global market. The region is anticipated to lead the global waterproofing membrane market during the forecast period owing to the growing infrastructural developments and rapid industrialization, especially in China and India. The US market is divided based on product: Liquid Applied Membrane and Sheet Membrane. The liquid applied membrane is expected to grow at the highest CAGR, owing to the increase in the number of housing projects, growing underground water construction requirements, and rising infrastructural developments in the US.
Top Impacting Factors
Growth Drivers
- Growing Construction Industry
- Increasing Disposable Income
- Supportive Government Initiatives
- Rising Demand for Residential Spaces
Construction is a high-risk industry that includes a wide range of activities, from infrastructure development to renovation including residential construction, bridge construction, road paving, etc. One of the most important applications in a construction is waterproofing. Waterproofing improves the durability of many different surfaces in construction. In addition, waterproofing materials should be applied in order to ensure the comfort of the house or office to be used after the construction is finished. The increase in the construction activities is creating demand for waterproofing solutions. This trend is expected to continue in the near future and would contribute to the lucrative growth prospects for the global waterproofing membrane market.
Challenges
- Fluctuating Raw Material Prices
- Potential Health and Environmental Issues
The cost of raw materials for manufacturing building materials impacts the prices of the building materials. The rising raw materials costs along with other factors such as oil, gas, and energy are the key causes of increases in the prices of the waterproofing membrane. The raw materials used for manufacturing waterproofing membranes are extracted primarily from crude oil. Waterproofing membranes based on PVC, PU, acrylic, and bitumen are all derived from petroleum sources. Due to the fluctuating crude oil prices, the prices of raw materials of waterproofing membranes are also affected. Therefore, increasing raw material prices are expected to hamper the growth of the waterproofing membrane market.
Trends
- Increasing Housing Age
- Growing Demand For Green Roofing & Green Building
The aging housing stock signals a growing remodeling market, as old structures normally need to add new amenities, or repair/replace old components. Older houses are less energy-efficient than new construction and ultimately would require remodeling and renovation in the future. With the housing stock aging around the world, demand for new construction is set to pick up in the long-term and the remolding market could also receive a boost as older buildings often require retrofits. As the age of housing increases, so would the demand for waterproofing membrane products. An increase in renovation activities for existing buildings is estimated to boost the demand for waterproofing membrane materials during the forecast period.
Analysis of Key Players
The global waterproofing membrane market is highly fragmented, with many players holding trivial market share. The key players of the global waterproofing membrane market include:
- BASF
- Berkshire Hathaway
- Carlisle Companies
- Dow
- Forsoc
- GCP Applied Technologies
- RPM International
- Sika AG
- Soprema Group
- Standard Industries
For more information about this report visit https://www.researchandmarkets.com/r/jlmvcn
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