Waterproofing Chemicals Market is estimated to reach USD 32,915.00 million by 2023 and is expected to grow at a CAGR of 9.86% during the forecast period
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Waterproofing chemicals are used to prevent damage to the structure caused by water clogging and seepage when exposed to extreme weather condition such as heavy rains. It helps to enhance the durability and life of an edifice. Waterproofing chemicals are widely used in the construction industry either in the form of an emulsion or as a waterproofing membrane. The global waterproofing chemicals market is estimated to reach USD 32,915.00 million by 2023 and is expected to grow at a CAGR of 9.86% during the forecast period. The prominent factors favoring the growth of the market are growing demand for waterproofing chemicals from rapidly increasing construction and infrastructural activities in developing countries and growing demand for the waterproofing chemicals from roofing and walls application.
However, the growth trajectory of the market is likely to be hampered by the cost-sensitive nature of the market owing to the fluctuating crude oil prices and price-conscious consumers, especially, in developing countries. Nevertheless, in coming years, the scope of the application for the waterproofing chemicals is likely to widen with its rising use in landfill and water management applications.
The global waterproofing chemicals market has been segmented on the basis of type, application, and region. On the basis of the type, the market has been classified into bitumen, PVC, TPO, and EPDM, among others. Other waterproofing chemicals include polyurethane, silicone, polyethylene, and acrylic polymer. Among these types, bitumen held the largest share of the market in 2016 and is estimated to reach USD 17192.83 million by 2023. This is attributed to easy availability and lower price of the bitumen as compared to its counterparts. However, TPO has been estimated to grow at the highest CAGR owing to its maximum recyclability and lower environmental impact.
Based on the applications, the global waterproofing chemicals market is segmented into roofing, walls, flooring, basement, tunneling, and others. Among these applications, the roofing and walls together hold over 50% share of the market due to higher vulnerability of the roof and walls to the rainwater. During the years to follow, the roofing application segment is projected to retain its dominance and is estimated to grow at the highest CAGR of 11.35% to reach USD 12640.80 million by the end of the review period.
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The global waterproofing chemicals market is spanned across Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. As per MRFR analysis, Asia Pacific is likely to dominate the global market during the forecast period. In 2016, the region accounted for the largest share of the market and is estimated to grow at a CAGR of 10.88%. Asia Pacific market is followed by North America, which was accounted for the second largest waterproofing chemicals market in the globe as of 2016.
The U.S. is dominating the market on account of growing demand from surging reconstruction activities in the country. The region is estimated to reach USD 7,201.60 million by the end of 2023. Europe is a substantial region in the market, which accounted for 17% share of the market as of 2016. Country wise, China is the leading in the global waterproofing chemicals market, in terms of value and volume.
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