With the top five companies holding over 85% of the global waterproofing chemicals market, the competitive landscape of the market is largely consolidated and features intense competition among international giants, observes Transparency Market Research in a recent report. Leading vendors command the market owing to their excellent geographical presence and expansive product portfolios that contain solutions for a wide range of applications.
Leading vendors in the global waterproofing chemicals market, including E.I. du Pont de Nemours and Company, The Dow Chemical Company, Evonik Industries, BASF SE, and Sika AG have focused on growth strategies such as expansion across emerging markets and market-oriented research activities. In the near future, adhering to innovative ways of marketing as a way of improving consumer awareness about the benefits of waterproofing chemicals and expansion strategies focused on regions such as Asia Pacific and Middle East and Africa could allow companies to gain sustainable returns.
Transparency Market Research estimates that the global market for waterproofing chemicals will expand at a 5.1% CAGR from 2016 through 2024, rising from a valuation of U.S$7,948.4 mn in 2015 to U.S$12,335.2 mn by 2024.
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Construction Industry to Continue to Contribute Significant Share in Global Revenue
Of the key end-use sectors utilizing waterproofing chemicals for a number of applications, the construction and infrastructure industries are responsible for cumulatively the largest share in the overall revenue of the global waterproofing chemicals market. These two industries accounted for more than 70% of the overall market in 2015 and are expected to continue to play a key role in the market’s future development as well. In terms of geography, Asia Pacific is presently the dominant regional market for waterproofing chemicals and is expected to retain dominance on account of its thriving construction sector.
Construction Sector to Help Global Waterproofing Chemicals Market Gain Maximum Traction
The demand for waterproofing chemicals is one of the largest contributors of revenue to the global market for waterproofing chemicals. In 2015, the construction industry accounted for over 60% of the global market’s revenue and is expected to continue playing a pivotal role in the overall future development of the global waterproofing chemicals market in the next few years as well. Although waterproofing chemicals still find usage mostly in upscale construction projects owing to high cost, their demand is expected to rise at an encouraging pace in the next few years, especially across the thriving construction industry in emerging economies such as India and China.
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The demand for waterproofing chemicals is expected to rise at a promising pace across the public infrastructure space, including the construction of roadways, pavements, tunnels, bridges, and public utility centers. Rising investments aimed at infrastructure development in countries across African countries are also expected to drive the market for waterproofing chemicals to a large extent.
High Product Costs Limit Applicability to Upscale Construction Projects
One of the key factors to have limited the use of waterproofing chemicals in the consumer market is the high cost associated with both the product as well as labor. This factor has significantly limited the overall use and acceptance of waterproofing chemicals in the global market. This factor, coupled with the factor of low awareness regarding the vast benefits of these chemicals to the overall life of a construction project, has deterred their large-scale uptake. Presently, waterproofing chemicals account for only about 20% of the overall market for construction chemicals.