Global waterproofing chemicals market is expected to witness growth on account of rising demand from various end-use industries including building & construction of residential and commercial buildings and landfills & tunnels. Furthermore, increasing awareness regarding the importance of waterproofing products in construction among consumers in developing regions is anticipated to boost the waterproofing chemicals market over the forecast period. Cement based structures experience immense damping and erosion due to frequent climatic changes, thereby decreasing the shelf life of residential and commercial buildings. This makes waterproofing chemicals a necessity as it imparts longer life to the structure. Rising infrastructure development in Asia Pacific, particularly in India, China, and Indonesia coupled with growing awareness for durable construction materials is expected to fuel waterproofing chemicals demand.
Global Waterproofing Chemicals Market, by Application, 2012 - 2022 (Kilo Tons)
Government initiatives in countries such as UK, France, Germany, U.S., India, and China for clean groundwater and land filling have had a radical impact on market growth over the past few years. Development of waterproofing chemical composites with improved self-adhesion and longevity is estimated to have immense future growth prospects for this market. However, global market may, however, be restrained on account of volatile raw material prices which are heavily dependent on petrochemical demand-supply. Market participants have been continuously focusing on commercializing biological routes for developing environment-friendly waterproofing chemicals.
Waterproofing chemicals are also used in the textile & fabrics industry for large scale production of waterproof and breathable fabrics which is expected to provide open new market avenues over the next seven years. Furthermore, global waterproofing chemicals market is estimated to witness high growth on account of increasing applications in geomembranes, water management, and tunnel liners.
Roofing was the largest application segment for waterproofing chemicals and trend is expected to continue account of increased government expenditure on infrastructure development. Rapid urbanization coupled with growing disposable income of the middle class is likely to fuel the growth of the waterproofing chemicals in the construction sector over the forecast period. Growing product quality awareness among consumers is anticipated to have a positive impact on the waterproofing chemicals market over the projected period. Development of niche applications of waterproofing chemicals including bitumen bonding, expansion joints, and subsoil waterproofing is likely to affect positively market growth in this sector. Furthermore, global waterproofing chemicals market is estimated to witness high growth on account of its increasing applications scope in water management sector owing to their flexible and water resistant properties.
Bitumen was the largest product segment, accounting for over 40% of market volume in 2014. High viscosity and stickiness properties offered by bitumen are expected to promote its demand as waterproofing chemicals over the forecast period. Rising popularity of TPO in energy efficient roofing system is expected to promote waterproofing polymers demand over the next seven years. Expansion of refining capacity in the Middle East on account of regulatory support intended for reducing reliance on upstream oil & gas industry is expected to ensure raw material access for the manufacturing of waterproofing chemicals over the forecast period.
Asia Pacific was the largest regional market for waterproofing chemicals owing to the growth of the construction sector in the region over the past years on account of rapid industrialization and economic boost. North America and Europe are relatively mature markets and are characterized by new product developments and growing preference towards bio-based chemicals. Asia Pacific is expected to witness substantial growth in the waterproofing chemicals market over the forecast period on account of increasing infrastructure expenditure coupled with rising disposable income of the average consumer.
Key market participants include Pidilite Industries Ltd, BASF, Polygel Industries, ExxonMobil Chemicals, Dow Chemical Company, E.I. DuPont De Nemours & Co, Mitsubishi Chemical Holdings Company, Toray Industries, Evonik Industries, Eastman Chemical Company, Choksey Chemicals Pvt Ltd, Trinseo Europe GmBH, Estop Group and Kumho Petrochemicals. In 2012, Pidilite Industries Ltd launched Low Energy Consumption (LEC) which is a waterproofing and insulation systems for buildings which provide eco-friendly solutions for various areas of applications catering to high rise structures. In 2014, Estop Group launched new product Estoflex amorphous polymers which are used as waterproofing compounds for wire & cable insulation and asphalt modifiers for bitumen roofing membranes. In 2010, ExxonMobil Chemical introduced four grades of waterproofing chemicals for high-performance film applications namely, Vistamaxx 6202FL, Vistamaxx 6102FL, Vistamaxx 3980FL and Vistamaxx 3020FL.
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