A waterproofing membrane is a thin waterproofing layer applied to the surface. It is a continuous coating that prevents water from passing through.
Waterproofing membranes avoid a variety of construction industry issues such as electrical fitting degradation, plaster softening and cracking, and metal corrosion. Waterproofing membranes, when applied to walls, prevent water entry and subsequent structural damage, safeguarding basement walls and floors, balconies, terraces, and even swimming pools from water and humidity. The global waterproofing membrane market is expected to reach US$33.18 billion in 2023, growing at a CAGR of 6.50% during the forecast period.
According to this report, the global waterproofing membrane market is divided into four regions: Asia Pacific, North America, Europe, and the Rest of the World. The countries covered in Asia Pacific region include China, Japan, India, Australia, South Korea, and the Rest of the Asia Pacific, while North America includes the US, Canada, and Mexico. Moreover, UK, Germany, France, Italy, Spain, and the Rest of Europe are included in the European region.
The Asia Pacific dominated the market with largest share of the global market. The region is anticipated to lead the global waterproofing membrane market during the forecast period owing to the growing infrastructural developments and rapid industrialization, especially in China and India. The US market is divided based on product: Liquid Applied Membrane and Sheet Membrane. The liquid applied membrane is expected to grow at the highest CAGR, owing to the increase in the number of housing projects, growing underground water construction requirements, and rising infrastructural developments in the US.
Top Impacting Factors:
Driver: Growing Construction Industry
Construction is a high-risk industry that includes a wide range of activities, from infrastructure development to renovation including residential construction, bridge construction, road paving, etc. One of the most important applications in a construction is waterproofing. Waterproofing improves the durability of many different surfaces in construction. In addition, waterproofing materials should be applied in order to ensure the comfort of the house or office to be used after the construction is finished. The increase in the construction activities is creating demand for waterproofing solutions. This trend is expected to continue in the near future and would contribute to the lucrative growth prospects for the global waterproofing membrane market.
The cost of raw materials for manufacturing building materials impacts the prices of the building materials. The rising raw materials costs along with other factors such as oil, gas, and energy are the key causes of increases in the prices of the waterproofing membrane. The raw materials used for manufacturing waterproofing membranes are extracted primarily from crude oil. Waterproofing membranes based on PVC, PU, acrylic, and bitumen are all derived from petroleum sources. Due to the fluctuating crude oil prices, the prices of raw materials of waterproofing membranes are also affected. Therefore, increasing raw material prices are expected to hamper the growth of the waterproofing membrane market.
The aging housing stock signals a growing remodeling market, as old structures normally need to add new amenities, or repair/replace old components. Older houses are less energy-efficient than new construction and ultimately would require remodeling and renovation in the future. With the housing stock aging around the world, demand for new construction is set to pick up in the long-term and the remolding market could also receive a boost as older buildings often require retrofits. As the age of housing increases, so would the demand for waterproofing membrane products. An increase in renovation activities for existing buildings is estimated to boost the demand for waterproofing membrane materials during the forecast period.
The COVID-19 Analysis:
The waterproofing membrane market growth was negatively affected by the COVID-19 pandemic in early 2020, as lockdowns, social distancing measures, and trade sanctions have triggered massive disruptions to global supply chain networks. A major challenge that the waterproofing membrane market faced during the initial period of the COVID-19 outbreak was the low availability of the workforce and rising labor costs. After a period of contraction in demand, waterproofing membrane demand would be supported by an increase in housing starts and the efforts of building owners to repair or replace the nation’s large stock of structures with older or worn structures, thus resulting in a positive growth outlook. Also, virtual communications with homeowners have been growing in popularity, as have touch-free orders, pickups, and deliveries.
Analysis of Key Players:
The global waterproofing membrane market is highly fragmented, with many players holding trivial market share. The key players of the global waterproofing membrane market are:
Some of the strategies among key players in the market for waterproofing membrane market are partnerships, mergers, acquisitions, and collaborations. For Instance, in 2022, BMI Group acquired Spanish company Asfaltos ChovA, a specialist in efficient flat building solutions for waterproofing and thermal and acoustic insulation. Moreover, Carlisle Construction Materials would produce the commercial roofing industry’s first 16-foot-wide TPO membranes. In addition to this, in 2021, Forsoc, Inc. introduced a product called Polyurea WH 100, which hand-applied application makes the installation of a wide range of roof waterproofing applications easy.