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Waterproofing Membrane Market Share,Outlook & Growth Report | 2024
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Waterproofing membrane offers various benefits such as energy efficiency, cost-effectiveness, high durability, and heat resistance. These benefits are driving their demand for applications such as roofing and building structures. The booming construction industry in China and other emerging countries is also working in favor of the market. The rapidly growing population in developing countries is leading to increase in residential construction projects. Moreover, the soaring global demand for waterproofing in the mining sector is stoking the growth of the market.
However, the sluggish growth of the construction industry in Europe is restricting the global waterproofing membrane market from realizing its utmost potential. On the other hand, the rapid urbanization in developing regions such as Asia Pacific and Latin America are creating a strong need for water and waste management activities, which in turn is unfolding ample growth opportunities for the overall market.
From the geographical standpoint, the report segments the global waterproofing membrane market into North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa. Asia Pacific will account for a substantial share in the global market. The rising urban population is providing a significant push to the construction and wastewater management industry, which in turn is triggering the demand for waterproofing membrane in the region. Emerging countries such as India and China will be at the forefront of the growth of the region.
North America will also be a strong contender in the global arena. The flourishing growth of the construction and mining sectors is the primary factor driving the growth of the region. The Middle East and Africa market is anticipated to hold immense potential. The increasing exploration and production of crude oil are translating into the greater uptake of waterproofing membrane in the region. The growth of Europe can be attributed to the increasing concerns regarding water and waste Management.
Players in the global waterproofing membrane market need to focus on the expansion of product portfolio to ensure sustainable growth. For this, key players are banking on strategies such as mergers and acquisitions and product innovation. Moreover, market participants are pouring hefty funds into research and development activities to stay ahead. The immense potential of the market is encouraging new players to foray into the market. However, stringent government regulations are creating high barriers for new entrants.
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Some of the prominent companies operating in the global waterproofing membrane market are Carlisle Companies Inc., The Dow Chemical Company, GAF Materials Corporation, BASF SE, Siplast, Johns Manville, W. R. Meadows Inc., Firestone Building Products Company, Soprema Group, and Sika AG.
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