Waterproofing Chemicals Market is expected to reach US$ 10.46 Bn by 2022
According to a new market report published by Credence Research, “Waterproofing Chemicals Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022,” the waterproofing chemicals market was valued at US$ 6.35 Bn in 2015, and is expected to reach US$ 10.46 Bn by 2022, expanding at a CAGR of 7.4% from 2016 to 2022.
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Waterproof by its name denotes object which is water resistant or can withstand water under specific conditions. The chemicals which are used as admixtures in the concrete are known as waterproofing chemicals. Concrete is the vital building material used on everything ranging from residential projects to water treatment plants and tunnels. Concrete is a hard and dense material but still consist of pores which make it susceptible to deterioration and damage from chemical or water penetration. In this case, all residential and commercial projects require waterproofing systems.
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Waterproofing chemicals are categorized as product types into two segments; Bitumen and Polymers. Bitumen waterproofing chemicals are especially used for maintenance of residential and commercial buildings. Bitumen waterproofing chemicals are produced using organic liquids which are highly sticky, waterproof and viscous in nature. Polymers such as TPO, PVO, EPDM, etc. are used for coating water tanks, slabs, roof tops, etc. These polymers provide high waterproofing ability, strong masonry bond and improves the strength and durability of walls, slab, etc. Bitumen waterproofing is used on a large scale due to its organic nature. Therefore, bitumen waterproofing chemicals are on high demand in the market.
Growing building and construction Industry in the emerging economies is expected to boost demand for waterproofing chemicals market. Asia Pacific is expected to experience the highest demand as compared to North America, Europe, Latin America and Rest of the World. Rising demand from the plastic and paints and coatings industry is projected to fuel growth of global waterproofing chemicals market.
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Roofing application is expected to lead the global waterproofing chemicals market in 2015. Waterproofing chemicals market is mixed with concrete or a layer of waterproofing chemicals is applied on the roof to make its water resistant and to avoid leakage problems. These chemicals have served best to their requirement and hence have high demand from the building and construction industry. One among the driving factors of global waterproofing chemicals market is use of advanced material in the construction which ensures high quality of the finished products. Hence, these chemicals are used for other applications such as buildings, tunnels, walls, landfills, etc. Building accounted for the second largest application of waterproofing chemicals market and is expected to retain its position during the forecast period. Other applications are also anticipated to fuel growth of global waterproofing chemicals market during the forecast period from 2016 to 2022.
The major players leading the global waterproofing chemicals market include Pidilite, SIKA AG, BASF and Forsoc among others. They players dominate the global market in terms of sales, production and research and development. Hence, high competition is observed in the market among the key players of global waterproofing chemicals market.
Use of advanced materials in construction
Changing government policies
Increased focus on quality material
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