The global liquid applied membrane market size was USD 3.84 billion in 2014 and is expected to witness rapid growth owing to low viscosity, low odor, solvent free, and environment-friendly nature. These membranes are cost effective and allow easy application on complex surfaces. They have a long life and are easy to re-apply which is likely to propel demand over the coming years. These are increasingly preferred as an effective option for residential, commercial, as well as industrial buildings. They can be used along with high-performance polymers and materials to increase durability and enhance their waterproofing properties.
The increasing need to upgrade existing infrastructure coupled with rising investment in developing economies is expected to propel growth over the forecast period. Favorable government initiatives are further expected to fuel market growth. Europe and North America are expected to witness significant liquid applied membrane market demand on account of the recovery of the construction industry, and encouraging government policies in the U.S. Asia Pacific market is expected to be a key gainer in the next seven years owing to economic growth in China and India.
Extensive R&D related to the development of innovative products and need for product differentiation among major market players is expected to have a positive impact on demand over the forecast period. Increasing utilization of environment-friendly bio-based products is expected to propel demand over the next seven years.
U.S. liquid applied membrane market revenue, by application, 2012 - 2022 (USD Million)
Roofing is the major application of liquid applied membrane and was valued over USD 1.00 billion in 2014. Growing urban population coupled with increasing demand for residential establishments is expected to propel growth over the forecast period. Growing demand for bituminous liquid applied membrane for roofing application is expected to have a positive impact on growth.
Building structure segment accounted for a share of over 20.0% in 2014. Increasing new residential and commercial construction in developing regions particularly Asia Pacific and Latin America is expected to propel demand. In addition, strong economic growth coupled with the removal of barriers to foreign investment in India is anticipated to spur demand from construction sector over the next seven years.
Cementitious segment dominated the global market and is expected to witness similar trend over the coming years. Low cost of these membranes is expected to have a positive impact on growth over the forecast period. Polymer modified cementitious membranes have excellent resistance for green roofs and can be manufactured in lighter colors to cut sunlight and lower building cooling costs. These properties allow cost effective waterproofing thus propelling demand.
Polyurethane segment is expected to witness significant growth owing to superior properties as compared to other liquid applied membranes. These are being increasingly adopted for high-end applications. However, the high cost of these membranes is expected to restrain growth over the next seven years.
Residential segment dominated the market accounting for over 30.0% in 2014. This segment is expected to witness significant demand on account of growing migration of people in Europe. Changing consumer lifestyle have resulted in the rise in renovation activities in existing household, which is expected to augment demand for liquid applied membranes over the forecast period.
Commercial segment is expected to witness significant growth on account of increasing business expansion activities worldwide. In addition, growing focus on education has led to increasing construction of various schools, colleges, and institutions, thus augmenting demand over the forecast period.
Europe dominated the market in 2014 and is expected to grow at a CAGR of over 7.0%, in terms of revenue. Rising concerns regarding water and waste management in Europe is anticipated to drive waterproofing membranes demand in the region. Increasing demand from countries including Poland, Russia, and Turkey is expected to propel growth over the forecast period. In addition, increasing building restructuring activities in the region is expected to promote the growth of the product over the forecast period.
Asia Pacific demand was valued at over USD 700.0 million and is projected to witness significant growth. Rising consumer disposable income, rising industrialization and infrastructure development in the region is expected to propel market growth.
Competitive Market Share Insights
Key companies include Sika AG, Pidilite Industries Limited, BASF SE, Paul Bauder GmbH & Co. KG, Kemper System America, Inc., Dow Chemical Company, GAF Materials Corporation, Fosroc Ltd., and CICO Technologies Limited. Major strategies adopted include acquisition & merger, joint ventures, and new product development. For instance, in February 2013, Paul Bauder introduced an advanced bitumen waterproofing solution with a self-adhesive coating “BauderTEC SPRINT DUO” under Bauderflex system portfolio.
Market players are integrated across numerous stages of the value chain which results in continuous raw material supply as well as low production cost, thus augmenting growth. Furthermore, companies such as Sika and DuPont are integrated across two stages of the value chain. These companies procure raw materials from suppliers and manufacture waterproofing membranes after which these are utilized in the production of a variety of building & construction products.
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