Waterproofing Chemicals Market to Witness Comprehensive Growth by 2024
The
global waterproofing chemicals market features a highly consolidated
competitive landscape, with the top five companies accounting for
over 85% of the overall market in 2015, observes Transparency Market
Research in a recent report. These five companies, namely BASF SE,
The Dow Chemical Company, E.I. du Pont de Nemours and Company, Evonik
Industries, and Sika AG hold strong market positions owing to their
wide geographical presence and product portfolios that span across a
vast range of industrial applications. Market-oriented research and
developments and increased focus on emerging markets such as Asia
Pacific and Middle East and Africa are expected to bolster growth
prospects of potential competitors in the near future.
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estimates that in terms of revenue, the market was valued at
U.S$7,948.4 mn in 2015 and will reach U.S$12,335.2 mn by 2024,
expanding at a healthy CAGR of 5.1% between 2016 and 2024. In terms
of end-use, the construction and infrastructure sectors cumulatively
held more than 70% of the waterproofing chemicals business. These
segments are also expected to retain their positions as the leading
consumers of waterproofing chemicals over the forecast period.
Geographically, the market for waterproofing chemicals in Asia
Pacific is presently the leading regional market and is expected to
remain the dominant regional market over the forecast period as well.
Sustainable
demand across the global construction industry is pivotal to the
overall development of the global waterproofing chemicals market as
the former provides the market more than 60% of its business. In the
past few years, the rising demand for a variety of waterproofing
chemicals in the ever-expanding construction industry, for purposes
such as the protection of buildings and structures from leakage and
seepage caused by water and moisture, has been key to market growth.
The demand for these chemicals has remained strong from new
construction projects as well as projects managing refurbishment of
existing buildings.
The
public infrastructure space, including structures such as bridges,
tunnels, pavements, roadways, and public utility centers, has also
been key to the healthy demand for waterproofing chemicals in the
global market. Extensive investments and the rising implementation of
development programs in this field across regions such as Asia
Pacific and Africa are expected to fuel the demand for waterproofing
chemicals in the next few years.
Waterproofing
chemicals are still largely considered a niche product in the
construction chemicals segment. This is because of the understanding
of the specific use of these chemicals in high-end applications,
which is mostly limited to industry experts. The high base cost of
these chemicals, in addition to the substantial costs incurred for
labor have also been key restraints in terms of product acceptance
and use in general consumer markets. As a result, waterproofing
chemicals are mostly used in upscale construction segments.
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Waterproofing
chemicals have a limited footprint in the global market, with a share
of less than 20% of the overall construction chemicals market due to
thier limited use in residential building segment as well as low
product marketing and promotions. These factors are projected to have
a sizeable negative impact on the overall development of the market
in the next few years.
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