ALBANY, New York, January 16, 2019
ALBANY, New York, January 16, 2019 /PRNewswire/ --
The global waterproofing chemicals market is highly consolidated. This is because the leading five companies together account for a lion's share in the market. In 2015, their combined market share was around 85.0%. This has been revealed by Transparency Market Research in one of its recent reports.
Evonik Industries, Sika AG, E.I. du Pont de Nemours Company, The Dow Chemical Company, and BASF SE are to name the top five companies in the global waterproofing chemicals market. Their stronghold in the regional markets coupled with their diverse product portfolios has helped them gain a dominant position in the global market.
The TMR report projects the global waterproofing chemicals market to rise at a steady CAGR of 5.1%. At this pace, the report predicts the market to attain a value of US$12.335 bn by 2024-end from US$7.94 bn in 2015.
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Among the wide array of products available in the global waterproofing chemicals market, bitumen outpaces all others with respect to market share. The product is seeing maximum uptake because of its excellent binding properties and high viscosity. Geographically, Asia Pacific holds a leading position in the global waterproofing chemicals market and going forward too is expected to maintain its position. This is because of the surging construction activities in the region. The increasing thrust on smart city projects in nations such as Singapore, India, and New Zealand is also having a major positive impact on Asia Pacific waterproofing chemicals market.
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Construction Boom Mainly Fuels Global Waterproofing Chemicals Market
Mainly serving to drive the global waterproofing chemicals market is the booming construction industry worldwide. The lead analyst of the TMR report adds, "The construction industry generates around 60% of the business for the overall waterproofing chemicals market. In the past couple of years, the rising demand for an array of waterproofing chemicals for safeguarding structures, preventing leakage and seepage, and others functionalities has provided a major impetus to the global waterproofing chemicals market."
Other end use industries serving to drive up demand in the global waterproofing chemicals market are textile and leather, infrastructure, and automotive. With rising urbanization and industrialization, the end use industries are expected to proliferate thereby stoking the global waterproofing chemicals market.
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Rising Labor and Raw Material Costs Hamper Market Growth
Posing a challenge to the global waterproofing market, on the downside, is the rising cost of raw materials and labor. This drives up the market price of the end product, thereby dampening demand and sales to an extent. Despite such hiccups, the global waterproofing chemicals market is expected to rise because of the increasing infrastructure building, particularly in developing Asian and Latin American nations. Our in-house analyst explains, "Growing construction of public infrastructure such as bridges, pavements, tunnels, roads, and public utility centers will likely support the growth of the global waterproofing chemicals market."
The review is based on the findings of a TMR report, 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 report segments the Global Waterproofing Chemicals Market into the following:
Global Waterproofing Chemicals Market, by Product
Global Waterproofing Chemicals Market, by Technology
Global Waterproofing Chemicals Market, by End-Use
Global Waterproofing Chemicals Market, by Geography
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