by Waterproof coatings are designed to protect buildings from water, moisture and damp. They prevent moisture penetration into walls, rooftops, basements, etc. and help protect buildings from damages caused by moisture. With rapid urbanization and increase in construction activities globally, the demand for waterproof coatings has been on the rise.
The global Waterproof Coatings Market is estimated to be valued at US$ 16.45 Bn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
One of the key trends driving the growth of waterproof coatings market is the increasing demand from the construction industry. Rapid urbanization and rising disposable income in developing countries has increased construction activities in these regions. Infrastructure projects are also on the rise globally with government investments. Waterproof coatings are widely used in building rooftops, walls, basements, tunnels, etc. to protect them from water damages. The growth in construction sector thus translates to increased demand for waterproof coatings. According to Oxford Economics, the global construction industry is expected to grow at an average annual rate of 3.9% until 2030, primarily fueled by demand from Asia and Europe. This rising construction activities worldwide are expected to boost the waterproof coatings market during the forecast period.
SWOT Analysis
Strength: Waterproof coatings provide protection from water and other liquids. They prevent damage to infrastructure and assets from moisture.
Weakness: Some waterproof coatings have strict application procedures and require specialized equipment and trained personnel. Improper application can reduce effectiveness.
Opportunity: Growing construction industry in emerging markets of Asia Pacific and Central & South America is driving the demand for waterproofing in buildings, tanks, tunnels, etc.
Threats: Stringent environmental regulations regarding VOC emissions can hamper the growth. Shift towards bio-based and green waterproof coatings also increases competition.
Key Takeaways
The global waterproof coatings market is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to increase from US$ 16.45 Bn in 2023 at a CAGR of 4%.
Regional analysis: Asia Pacific region currently dominates the market and is expected to maintain its leading position during the forecast period. Growing construction spending in China, India, Indonesia and other Asian countries is a major factor bolstering demand for waterproof coatings.
Key players: Key players operating in the waterproof coatings market are Pidilite Industries Limited, Akzo Nobel N.V., Sherwin-Williams Company, Sika AG, and BASF SE. Akzo Nobel and Sherwin-Williams are recognized worldwide for their superior waterproof coatings used across industries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
