ALBANY, New York, November 12, 2018
ALBANY, New York, November 12, 2018 /PRNewswire/ --
Prominent players in the global waterproofing chemicals market leverage the potential of robust regional presence and wide product portfolios to retain their stronghold, notes Transparency Market Research (TMR). Several players are also keen on developing chemicals that can meet current as well as emerging use in various end-use industries. The global waterproofing chemicals market features a fairly consolidated landscape as the leading five players accounted for a combined share of over 85.0% in 2015 in the overall market, finds TMR. These companies are BASF SE, E.I. du Pont de Nemours and Company, The Dow Chemical Company, Evonik Industries, and Sika AG.
A growing number of emerging and established players in the waterproofing chemicals market are focusing on research and development activities, with the key aim to launch innovative products. TMR observes that numerous chemical manufacturers in the waterproofing chemicals market are also shifting their focus to emerging regions such as the Middle East and Africa, and Asia Pacific, in order to gain edge over their competitors.
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The global waterproofing chemicals market stood at US$ 7,948.4 million in 2015 and is forecast to rise at a promising CAGR of 5.1% during 2016-2024. The global market is projected to generate a revenue worth of US$12,335.2 million by 2024 end.
Among the key end-use industries, construction presently holds the major share in the waterproofing chemicals market and is anticipated to retain its leading position throughout the assessment period. The uptake is propelled by the extensive demand for waterproofing chemicals in roofing applications, increasingly supported by rise in infrastructural funding governments, world over.
Of the various regional markets, Asia Pacific has emerged to be the leading regional market for waterproofing chemicals. The regional market is expected to hold its sway over the next few years as well. The regional demand for waterproofing chemicals is driven by rapidly rising use in smart city projects in its several economies.
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Rising Use of Waterproofing Chemicals in New Constructions and Repairing Applications bolsters Growth
The rising demand for advanced, high-performing construction chemicals for waterproofing applications is a key factor driving the global waterproofing chemicals. The rising use of a variety of waterproofing chemicals in repairing applications in residential buildings is boosting the market. The growing use of waterproofing chemicals infrastructure, automotive, textile, and leather industries. A sizeable chunk of the global demand for waterproofing chemicals comes from the building and construction industries across the world, both for new construction and repairing. The growth of the waterproofing chemicals market is also bolstered by the advent of a variety of chemicals that are functional across different surfaces.
The demand for waterproofing chemicals is rising for protecting concrete structures. The adoption of waterproofing chemicals market for safeguarding buildings and in structures for preventing the ingression of unwanted water and moisture. The waterproofing chemicals market is also making lucrative gains from the growing number of public utility centers, roadways, bridges, tunnels, and pavements.
Research and Development to launch Advanced Chemical Formulations create New Avenues
Burgeoning new constructions in emerging regions such as Asia Pacific and Africa are substantially fueling the demand for waterproofing chemicals. The rapid strides taken by the construction industry, attributed to the swift pace of industrialization and fast pace of urbanization in these regions is aiding in the rapid expansion of the market.
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However, the high cost of raw materials for making waterproofing chemicals and the paucity of cheap labor in the building and construction industry. These have dampened the prospects of the waterproofing chemicals market to an extent. Nevertheless, ceaseless efforts being made by manufacturers of waterproofing chemicals to develop advanced formulations bode well for the waterproofing chemicals market. Furthermore, the development of better chemicals that exhibit increased viscosity, amazing binding properties, and enable fast curing has been creating promising avenues in the waterproofing chemicals market across the globe.
The study presented here is based on a report by Transparency Market Research (TMR) 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".
Global waterproofing chemicals market is segmented based on:
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