Waterproofing Membrane Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Key Highlights

• The growing utilization in the mining industry is one of the key factors influencing the market under study. Throughout the anticipated period, the rapid expansion of the construction industry in Asia-Pacific is also predicted to increase demand for waterproofing membranes.
• However, competition from eco-friendly alternatives and environmental and health hazards associated with waterproofing will likely restrain the market. Plummeting oil and petrochemicals prices may also hinder market growth.
• Growing innovations and applications regarding waterproofing membranes are likely to act as an opportunity for market growth in the future.
• Europe region dominated the market and accounted for the major market share of the market studied.

Waterproofing Membrane Market Trends

Roofing and Walls Application to Dominate the Market

• Waterproofing membranes are used in roofing and building walls because they have high tensile strength and are weather resistant. They also provide fire resistance and aid in improving flow resistance at high temperatures.
• The demand for waterproofing membranes from roofing and wall applications increased in Asia-Pacific and the Middle East. It is mainly due to increased commercial infrastructure projects in these regions.
• PVC roofing systems have grown in popularity in recent years due to several distinguishing characteristics, including longevity, durability in harsh weather and temperature extremes, low lifecycle costs, energy efficiency, heat and solar reflectance, flame resistance, chemical and grease resistance, ease of maintenance, ease and flexibility of installation, and inherent recyclability/re-use, among many others.
• According to the Ministry of Housing, Communities and Local Government (UK), new housing unit construction in the United Kingdom increased from 41,600 units in Q4 2021 to 42,350 in Q1 2022. Furthermore, according to a recent report by the House of Commons published in 2022, the number of households across England is expected to increase gradually to 26.9 million units by 2043, registering a year-on-year increase of approximately 150,000 households each year.
• According to the Bureau of Economic Analysis, the total value added by the construction industry in the first three quarters of 2022 in the United States was around USD 2,980 billion, roughly 5% higher than the previous year for the same period.
• In February 2022, the Manchester City Council approved the nine-year construction project of four skyscrapers. Under this project, the construction of apartment blocks, ranging from 39 stories to 60 stories, is planned on the banks of the river Irwell, known as Trinity Islands. The project is likely to include the construction of about 1,950 flats.
• The factors above and rising investments in the construction industry indicate the rising need for waterproofing of roofing and walls across housing and commercial building establishments, thereby driving demand for waterproofing membranes during the forecast period.

Asia-Pacific to Witness the Highest Growth Rate

• Asia-Pacific is anticipated to be the fastest-growing market for waterproofing membranes, in terms of both value and volume, during the forecast period. The majority of the demand is coming from China and India.
• China's building industry is expanding at a rapid pace. According to the National Bureau of Statistics of China, construction output in China was valued at around CNY 276 billion (USD 40 billion) in the fourth quarter of 2022, representing a 50% increase over the previous quarter (USD 27.6 billion).
• The Chinese government also outlined long-term goals for infrastructure development, including the construction of 162,000 km of motorways by 2035.
• On the other hand, the waterproofing market in India is aided by affordable housing, which is fast-gaining center stage, with the government recognizing it as a mainstream agenda. The Indian government, in its Union Budget 2022-23, allocated INR 48,000 crores (~USD 5.8 billion) for its PM Aawas Yojana scheme, reiterating its commitment to building affordable homes for the urban poor.
• Japan also received a major boost in the building and construction industry. Many luxury apartments and residential complexes are under construction in Japan. For example, Mitsubishi State is developing Japan's tallest building, which will include 50 luxury apartments, each of which will be able to produce USD 43,000 in rent each month. The project is being built near Tokyo Station and is expected to be completed in 2027.
• Therefore, considering such factors, the market for waterproofing membranes in Asia-Pacific is expected to grow during the forecast period.

Waterproofing Membrane Industry Overview

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support