by Waterproof coatings are protective finishes or membranes applied to materials like masonry, wood, concrete, or metal roofs to prevent seepage of water or moisture through them. Waterproof coatings are extensively used in construction for applications like basements, terraces, rooftops, and tunnels where resistance against water is crucial. Rapid urbanization and infrastructure development have resulted in significant growth in the global construction industry over the past few years. Various governments across countries are undertaking major infrastructure projects involving tunnels, bridges, and dams where waterproof coatings play a critical role.
The global waterproof coatings market is estimated to be valued at US$ 17.13 billion in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing construction industry worldwide, as highlighted in the heading, is one of the major drivers propelling the waterproof coatings market growth. As construction projects involving crucial water resistance requirements like basements and tunnels rise substantially, demand for high-performance waterproof coating solutions sees a parallel increase. Another driver is the rising number of repair and renovation construction projects in developed regions. Old infrastructure needs frequent maintenance and repair works where waterproofing plays an important role. Deck coatings, roof coatings and tank linings require re-application of waterproof layers after every few years contributing to continuous market opportunity. These drivers are expected to ensure steady market growth of waterproof coatings over the forecast period.
Segment Analysis
The global waterproof coatings market is dominated by the roof coatings sub-segment, which accounts for more than 35% market share. Roof coatings have widespread applications in residential, commercial and industrial establishments for waterproofing rooftops and preventing leakage. They provide long lasting protection against water damage and are more cost effective than roof renovation or replacement.
PEST Analysis
- Political: stringent regulations regarding use of volatile organic compound based coatings in many countries is driving demand for green waterproof coatings.
- Economic: growth of construction industry along with rising disposable incomes is supplementing market growth.
- Social: increasing consumer awareness about benefits of waterproofing is fueling sales.
- Technological: new product launches incorporating advanced resins to provide added benefits like self-cleaning are gaining traction.
Key Takeaways
The global waterproof coatings market is estimated to be valued at US$ 17.13 billion in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024 to 2031.
Regional analysis comprises: Asia Pacific dominates the global waterproof coatings market with over 35% share and is expected to witness fastest growth during the forecast period. This can be attributed to ongoing infrastructure development projects and growing construction activities in countries such as China and India.
Key players related content comprises: Key players operating in the waterproof coatings market are Dampney Company, The Valspar Corporation, PPG Industries, Sherwin-Williams Company, BASF SE, and Flosilchemical. These leading players are focusing on new product launches and expansion strategies to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
