Waterproof Coatings Market Estimated To Witness High Growth Owing To Rising Construction Spending
Waterproof coatings are protective sealers applied on various building materials such as roofing, walls, and foundations to prevent water damage. They ensure longevity of concrete structures by blocking absorption and ingress of moisture and water. Waterproof coatings are used in applications ranging from basements and tunnels to bridges and elevators.
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:
One of the key drivers for the growth of the waterproof coatings market is rising construction spending. According to the World Bank, the global construction industry grew 3.0% in 2022 compared to 2021. Rapid urbanization and infrastructural development globally has augmented the demand for waterproofing solutions in residential and commercial construction projects. Waterproof coatings allow construction of basements and underground structures that were not feasible earlier due to moisture intrusion risks. Furthermore, aging building stock in developed nations is driving revamp and renovation activities, thereby propelling the product demand. However, stringent environmental regulations around VOC emissions from certain coatings may hamper market growth over the forecast period.
SWOT Analysis
Strength:
- Waterproof coatings provides protection to surfaces from water and moisture damage, thus increasing the lifetime of infrastructure and buildings. This reduces maintenance and repair costs in the long run.
- The demand for waterproof coatings is driven by growth in end-use industries such as construction, automotive, aerospace, and others. The increasing construction of commercial and residential buildings globally is expected to drive the market.
- Technological advancements have led to the development of advanced waterproof coating materials that are more durable and longer lasting.
Weakness:
- Strict environmental regulations regarding the use of volatile organic compound (VOC) emitting raw materials may hamper market growth to some extent.
- Increased prices of raw materials may negatively impact the overall cost of waterproof coatings.
Opportunity:
- Growing infrastructure investment in developing regions of Asia Pacific and Latin America provides scope for further market expansion.
- Development of bio-based and green waterproof coating materials using renewable resources can provide new opportunities in the coming years.
Threats:
- Volatility in raw material prices exposes the industry to pricing pressures.
- Increased competition from local players offering cheaper substitutes.
Key Takeaways
The global Waterproof Coatings Market is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 16.45 billion by 2023.
Regional analysis
The Asia Pacific region currently dominates the global market and is expected to maintain its lead position over the forecast period. This can be attributed to increased infrastructure investment and rapid urbanization in major countries such as China and India. Growing construction spending in Southeast Asian countries is further supporting regional market growth.
Key players
Key players operating in the waterproof coatings market are Pidilite Industries Limited, Akzo Nobel N.V., Sherwin-Williams Company, Sika AG, BASF SE. Akzo Nobel and Sherwin Williams are market leaders with strong global presence while Sika and BASF have a wide product portfolio and strong foothold in Europe and Asia. Pidilite Industries is a leading Indian coatings manufacturer catering to domestic requirements.
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