ALBANY, New York, June 19, 2019 /PRNewswire/ -- The global waterproofing chemicals market is foreseen to be marked as consolidated owing to the presence of few players. Five key players in 2015, accounted for over 85% of over share of waterproofing chemicals market. These five players are, E.I. du Pont de Nemours and Company, Evonik Industries, Sika AG, BASF SE, and The Dow Chemical Company. These players are known for maintaining a leading position in the market owing to their expanded product portfolios, and regional presence spread all over various industrial applications. The firms are also taking up strategies such as mergers and collaborations and partnerships to improve their product portfolio to improve their market position and future growth.
These key players in the market are looking for their expansions and growth from the several developing nations and regions for example, Latin America, the Middle East and Africa, and Asia Pacific.
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According to recent report by Transparency Market Research, the global waterproofing chemicals market is estimated to develop at a steady CAGR of 5.10% within the forecast period from 2016 to 2024. The market is prognosticated to reach around worth of US$12.3 bn by the end of forecast period, 2024. In 2015, the market was valued around US$7.6 bn.
On the basis of product, bitumen segment led the demand in the global waterproofing chemicals market lately. The segment is foreseen to sustain its steady growth, because of its extraordinary binding properties and high viscosity. Moreover, PVC and silicone are as well likely to fuel the demand in the span of coming years. Geographically, increase in infrastructural projects for example, pavements, bridges, and tunnels in several regions across the globe are estimated to pump the market growth.
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Automation in Manufacturing of Waterproofing Chemicals to Contribute in Market Growth
The rising demand regarding waterproofing chemicals market in applications like protection of buildings from seepage and leakage too drive the market. Furthermore, developing urbanization over the world and industrialization are additionally foreseen to fuel the demand with respect to construction industry. Also, technological advancements, for example, automation in development of the waterproofing chemicals are likely to build their production and growth at the same time. Moreover, new innovations like big data are additionally making it simpler to discover new combinations and materials that clears the path for growth in waterproofing chemicals. The decrease in expenses because of mass manufacturing will likewise boost extensive development in the waterproofing chemicals market.
Growth in Construction Industry to Augment Growth in Global Market
Waterproofing chemicals market is witnessing a strong development in construction, on account of growth in infrastructure over the world, particularly in Asia Pacific. Moreover, the waterproofing chemicals market is seeing a surging demand in new applications, for example, leather, construction, textiles, and automobiles as well. The waterproofing chemicals hold a significant role in wearable devices like leather and textile products such as bags. The chemicals help ward off moisture from significant individual assets and are estimated to make new scope in the waterproofing chemicals market.
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In the construction sector, the waterproofing chemicals market is anticipated to play a major role. Key regional markets like North America are experiencing a growth in office and home renovation. Furthermore, renovation and roofing activities are majorly augmented by extreme weather conditions faced across the globe since a few years. Different public infrastructure places, which consist buildings for example, roadways, public utility centers, tunnels bridges, and pavements has likewise been vital to the solid interest for global waterproofing chemicals market.
This analysis is based on a recent market research report by Transparency Market Research, titled, "Waterproofing Chemicals Market (Product Type - Bitumen, PVC, EPDM, TPO, PTFE and Silicone; Technology - Sheet-based Membrane, Liquid Coated Membrane, and Cementitious Waterproofing; End Use - Construction, Infrastructure, Automotive, Textile and Leather) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024."
The global waterproofing chemicals market has been segmented as follows:
- Sheet Membrane
- Liquid Coated Membrane
- Cementitious Waterproofing
- Textile and Leather
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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