Waterproofing Membrane Market Outlook: China to emerge as major revenue contributor over 2016-2024
Infrastructural development and the rising demand for durable raw material from the construction sector will fuel Waterproofing Membrane Market across the globe. Furthermore, global waste management, technological innovations, and availability of raw material will drive industry growth. According to Global Market Insights, Inc., ?Waterproofing Membrane Market was valued over USD 5.5 billion in 2015 and is expected to register a CAGR of more than 7% over 2016-2024.
Favorable pricing regulations implemented by the European Commission will provide ample opportunities for industry players to come up with eco-friendly solutions, fueling Europe waterproofing membrane market.
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Polymers, bitumen, and polymer modified cement are the types of waterproofing membrane products. Bitumen waterproofing membrane industry size is expected to observe a CAGR of 6.5% over 2016-2024.
Polymers such as EPDM and PVC are flexible, water-resistant, and permeable, owing to which they are widely used in infrastructural development. Global polymer waterproofing membrane market is likely to witness a growth rate of more than 7% over 2016-2024.
In terms of end-users, waterproofing membrane is used in walls, buildings, roofing, and landfills & tunnels. Waterproofing membrane industry size in roofing was worth more than USD 1.6 billion in 2015, driven by the product properties such as load bearing and heat resistance. Waterproofing membrane market size in building structures will grow at a CAGR exceeding 7% over 2016-2024.
Waterproofing membrane find applications in sheet and liquid applied membrane. End users for sheet membrane include wet rooms, bathrooms, roofs, and walls, driven by their properties of cost-effectiveness, safety, and low maintenance. Worldwide sheet waterproofing membrane industry is likely to observe a CAGR of 6% over 2016-2024.
Liquid applied waterproofing membrane is strong, durable, and do not require primers and seam treatment, on account of which they are preferred over prefabricated sheets. Liquid applied waterproofing membrane market size was worth more than USD 4 billion in 2015, with a CAGR estimation of more than 6.5% over 2016-2024.
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Leading players of this industry such as Dow, BASF, and Pidilite are engaged in the production and consumption of raw material required for various product manufacturing operations. Other companies operating in this domain include DuPont, Covestro, CICO Technologies, Sika AG, and Fosroc.
Geographically, U.S. waterproofing membrane market is predicted to grow at a CAGR of more than 5%, driven by strict EPA regulations regarding the usage of fluorocarbons in the manufacturing process.
Rapid industrialization and urbanization will favor China waterproofing membrane industry size, which is likely to exceed 300 million square meters by 2024.
It is important to note that this market is highly fragmented, with many companies establishing their presence across countries such as India and China.
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