Waterproofing Chemicals Market To Amass Large Revenues In Light Of Increasing Demand For Products
Waterproofing Chemicals Market – Overview
The value and cost effectiveness offered by waterproofing chemicals in various sectors have led to a superlative level of development and growth of the industry. Market Research Future which focuses on market reports associated to the chemicals and materials industry amongst others lately published a report on this industry. The market for waterproofing chemicals internationally has been appraised to develop at a CAGR rate of 9.86 per cent to reach USD 32,915.00 million till the year 2023.
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Waterproofing chemicals are essential to preserve the quality and value of many products from building structures to textiles, as they provide an extra barrier of protection from damage by the elements. The applications related to the roofing and walls use have increased the growth potential of the market in terms of revenue as well as the CAGR rates. The durability of the product has been a key factor in the demand generated by the sector.
Industry Segments:
The division of the waterproofing chemicals market globally is on the category of application, type and region.
The application basis of the market comprises of categories of roofing, tunneling, flooring, walls, basement and others. The type category segments the market into TPO, bitumen, PVC, EPDM and others. The geographical segmentation basis of the market is into Europe, North America, Asia Pacific, the Middle East & Africa and Latin America.
Detailed Regional Analysis:
The waterproofing chemicals segment on the basis of geography consists of five key regions Latin America, Asia Pacific, North America, Europe, and the Middle East & African regions. Among these regions, the Asia Pacific region holds the biggest portion of the segment in 2016, and is anticipated to develop at a CAGR of 10.88% approx in the forecast period. The authority of the APAC region is primarily due to the increasing urbanization and rapid industrialization of the developing economies of this region. North America follows the Asia Pacific region which has accounted for the second major market share, in the year 2016. This market is projected to reach USD 7,202 million by the year 2023. In the North America region, The U.S held the prime share of the industry and is expected to maintain its dominant position throughout the forecast period due to better infiltration of end user businesses in the country.
The European market segment is another considerable region in this particular market. It is responsible for a substantial market share of 17%, as of the year 2016. In the European region, Germany is considered the foremost market in this region controlling the regional market because of growing demand from the basement and roofing applications. Middle East, Africa and Latin America follow the European region which is set to demonstrate a significant market growth rate in the forecast period.
Global Competitive Analysis:
The pace of development in the market is set to influence substantial transformation owing to the swift growth pace. The growth can however be achieved and sustained only by adapting and testing plus points. The rivals in the industry are trying to grow their market portion to a huge extent by the efficacious use of their major resources. This outlook has been instrumental for the development of the sector which has set the path for volume driven expansion. The sector’s future growth can be ensured by continuous ongoing process enhancements and maintaining financial fluidity to invest in the top strategies when they become available.
The significant players in the market are DowDuPont (The U.S.), Sika AG (Switzerland), Wacker Chemie AG (Germany), Pidilite Industries Ltd. (India), BASF SE (Germany), RPM International Inc. (The U.S.), Mapei S.p.A (Italy).
Industry Updates:
Jan 2018 AkzoNobel India Ltd which is a Dutch paints and chemicals firm will concentrate its focus on the segment for mass paints and new niches to aid in accelerating its growth in India. AkzoNobel is also expanding the brand in to new categories such as waterproofing and will also simultaneously look into new specialty offerings. The company entered into waterproofing products in the last year.
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