by Waterproof coatings are protective outer layers applied to materials such as walls, roofs, and foundations to prevent seepage of water through them. They provide defenses against water penetration and dissolution of building materials. The global construction industry has been expanding rapidly driven by infrastructural developments, housing projects, and commercial spaces. With increasing constructions, waterproofing has become an integral part of building designs to protect structures from water damage issues.
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 17.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends propelling the growth of the waterproof coatings market is the increasing incidences of water damages issues such as leakage, seepage, dampness etc in residential as well as commercial buildings. According to studies, properties can incur damages up to US$ 15,000 on average due to water damages. With growing awareness about importance of preventive waterproofing and its benefits of protecting assets, the demand for waterproof coating products is experiencing a significant rise globally. Their superiority over traditional waterproofing materials in terms of ease of application and durability is further supplementing their adoption.
SWOT Analysis
Strength: Waterproof coatings provide protection against moisture damage which increases the lifespan of infrastructure. They are cost effective in the long run.
Weakness: Traditional solvent-based waterproof coatings emit VOCs which are hazardous to both applicators and the environment. They have a strong odor during application.
Opportunity: Growing construction industry in emerging economies such as India, China and other Asian countries will drive the demand for waterproof coatings. Increasing spending on infrastructure repairs will also boost the market.
Threats: Stringent environmental regulations regarding VOC emissions can hamper the growth of solvent-based varieties. Alternatives such as spray polyurea membranes pose competition.
Key Takeaways
Global Waterproof Coatings Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 16.45 Billion by 2024, registering a CAGR of 17%.
Regional analysis:
Asia Pacific region dominates the global market and is expected to grow at the fastest rate during the forecast period. This can be attributed to heavy investments in infrastructure development projects across countries like India and China.
Key players analysis:
Key players operating in the waterproof coatings market are Serum Institute of India, Pfizer Inc., AstraZeneca plc., Bharat Biotech International Limited, Cadila Healthcare Limited, Johnson & Johnson, Moderna, GlaxoSmithKline plc., CanSino Biologics, Sinovac Biotech, Novavax, Inc., Glenmark Pharmaceuticals Limited, Dr. Reddy’s Laboratories, and Merck & Co., Inc. These companies are focusing on new product launches and expansion into emerging economies to increase their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
