Waterproofing Chemicals Market: Construction Industry to Build Monumental Growth
The waterproofing chemicals market is expected to register healthy growth in the near future, thanks to rising demand in construction industry. The waterproofing chemicals market is likely to grow at the CAGR of 5.10% during 2016-2024. The market is expected to reach a total valuation of US$12.3 bn by 2024 end. The waterproofing chemicals market stood at a modest US$7.6 bn.
The growing demand for waterproofing chemicals market in applications such as protection of buildings from leakage and seepage. Additionally, growing urbanization across the world and industrialization are further expected to drive demand for constructions. Moreover, rise in technology such as automation in manufacturing of the waterproofing chemicals are expected to increase their uptake and production simultaneously. Additionally, new technologies like big data are also making it easier to find new materials and combinations which make way for advancements in waterproofing chemicals. The reduction in costs due to mass manufacturing will also drive considerable growth in the waterproofing chemicals market.
Waterproofing Chemicals Market: Applications Rise to Drive Robust Growth
Waterproofing chemicals market is experiencing robust growth in construction, thanks to growing infrastructure developments across the world, especially in Asia Pacific. Additionally, the waterproofing chemicals market is witnessing a growing demand in new applications such as textiles, construction, leather, and automotive as well. The waterproofing chemicals play an important role in wearable goods like textile and leather items like bags. The chemicals help keep moisture away from important personal valuables and are expected to create new opportunities in the waterproofing chemicals market.
In the construction industry, the waterproofing chemicals market is expected to play a key role in roofing applications. Major regional markets like North America are seeing a rise in home and office renovations. Additionally, roofing and renovation applications in general are growing in importance due to extreme climatic changes witnessed across the world recently. Additionally, regions like Asia Pacific are witnessing substantial increase in infrastructure developments. This is expected to create several opportunities for waterproofing chemicals market.
The Waterproofing Chemicals Market: Bitumen Binds Growth
The global waterproofing chemicals market is segmented into thermoplastic olefin, PVC, polytetrafluoroethylene (PTFE), ethylene propylene, bitumen, and silicone. Among these, bitumen dominated the growth of the waterproofing chemicals market recently. The segment is expected to continue its robust growth, thanks to its exceptional binding properties and high viscosity. Additionally, silicone and PVC are also expected to register strong growth over the forecast period.
The rising infrastructure projects such as bridges, pavements, and tunnels in Asia Pacific and Europe are expected to drive growth. Additionally, North America region is witnessing a growing public outcry about crumbling infrastructure in some parts. This can also make way for significant growth in the waterproofing chemicals market in the near future. Additionally, Europe is constructing environment friendly bridges, which can keep natural pathways for animals and humans intact in accordance with nature. Similarly, underwater bridges like the newly under-construction one in Norway is also expected to drive significant growth in the waterproofing chemicals market.
The Middle East region is also expected to grow at a significant CAGR over the forecast period. The region is witnessing major initiatives for oil explorations as well as construction of several new oil refineries. The rising demand for advanced waterproofing chemicals and reliable materials can make way for new opportunities in the waterproofing chemicals market in this region.