New York , Oct. 16, 2023 (GLOBE NEWSWIRE) -- The global waterproofing membranes market size is predicted to grow at a CAGR of over 8% from 2023 to 2035. The market is projected to garner a revenue of USD 20 billion by the end of 2035, up from a revenue of USD 10 billion in the year 2022. The market is focused on providing materials and solutions to prevent the intrusion of water into buildings, infrastructure, and other structures. Waterproofing membranes are used to create a barrier against water and moisture, protecting the integrity and longevity of various construction elements. The real estate industry's growth, including residential, commercial, and industrial sectors, has led to a greater demand for waterproofing solutions to protect buildings and their foundations. Green roofs, which are becoming more popular for their environmental benefits, require effective waterproofing to prevent water leakage into the building. This trend has boosted the demand for waterproofing membranes designed for green roof applications. Older buildings and structures are often retrofitted with waterproofing membranes to extend their lifespan and ensure they meet modern waterproofing standards. Climate change-related events, such as heavy rainfall and flooding, have heightened the need for effective waterproofing solutions to protect structures against water-related damage and maintain their functionality. The market is expected to continue its growth trajectory as construction activities expand, infrastructure development continues, and the importance of water-resistant and sustainable construction materials becomes increasingly recognized.
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Waterproofing Membranes Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The bituminous segment to garner the highest growth
- Market in North America to grow at a highest rate
Increasing construction activities across the Globe to Boost Market Growth
The construction industry's growth is one of the primary drivers for the waterproofing membranes sector. According to a report, the global construction industry was expected to reach a value of over USD 17 trillion by the year 2024. Investments in infrastructure projects, such as roads, bridges, tunnels, and public utilities, were on the rise globally. Rapid urbanization and population expansion were driving the need for more housing and infrastructure, leading to increased construction activities and, subsequently, higher demand for waterproofing solutions. As urbanization continues to grow, there is a higher demand for waterproofing membranes in both residential and commercial buildings, as well as underground structures, to prevent water infiltration. Stringent environmental regulations have led to the adoption of eco-friendly waterproofing materials. These membranes are designed to be free from harmful chemicals and to reduce their impact on the environment. Ongoing advancements in membrane technology have resulted in the development of innovative and high-performance waterproofing solutions. These include self-healing membranes and smart membranes that enhance durability and functionality.
Waterproofing Membranes Industry: Regional Overview
The global waterproofing membranes market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Investment in Green Infrastructure to Drive the Market Growth in Asia Pacific Region
The waterproofing membranes market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. Governments and organizations in the Asia Pacific region are increasingly investing in green infrastructure, such as green roofs and sustainable drainage systems. Waterproofing membranes are essential components of these systems. The China Green Building Council reports that the adoption of green building practices, including green roofs, is on the rise in the region. Building owners and operators in APAC are increasingly aware of the importance of preserving their investments. Waterproofing membranes play a crucial role in preventing water damage, which can lead to costly repairs and maintenance. Advances in waterproofing membrane technology, including the development of innovative and high-performance solutions, drive market growth by offering more durable and efficient options. The Asia Pacific region has a growing population, leading to increased housing demand. Waterproofing membranes are essential in residential construction to prevent water damage and enhance the durability of buildings.
Growing Extreme Weather Events to Propel the Growth in the North America Region
The North America waterproofing membranes market is estimated to garner the highest CAGR by the end of 2035. North America experiences a range of extreme weather events, including heavy rainfall and hurricanes. Waterproofing membranes play a crucial role in protecting structures from water-related damage during these events. The National Oceanic and Atmospheric Administration (NOAA) reported that the United States experienced 22 separate billion-dollar weather and climate disasters in 2020, highlighting the need for resilient infrastructure. Older buildings and structures in North America are often retrofitted with waterproofing membranes to enhance their durability and protect against water damage. This trend contributes to the growth of the retrofitting market. Government initiatives and funding programs that promote infrastructure development and sustainable building practices have a significant impact on the waterproofing membranes market. These initiatives often prioritize the use of high-quality and long-lasting construction materials.
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Waterproofing Membranes, Segmentation by Type
- Bituminous
- Polymeric
Amongst these segments, the bituminous segment in the waterproofing membranes market is anticipated to hold the largest share over the forecast period. The renovation and retrofitting of older buildings often involve the replacement or upgrading of waterproofing systems. Bituminous membranes are frequently used in such projects to enhance the waterproofing performance of existing structures. Bituminous membranes are known for their resistance to environmental factors, including moisture, chemicals, and root penetration. This makes them suitable for applications such as green roofs and underground structures. Bituminous membranes are relatively easy to install, which can reduce labor costs and project timelines. Contractors often prefer them for their ease of handling and application. The ease of installation and efficiency of bituminous roofing systems contribute to their popularity in the roofing industry, as reported by the Asphalt Roofing Manufacturers Association (ARMA). Bituminous membranes are often cost-effective compared to other waterproofing materials, such as liquid-applied systems or thermoplastic membranes. This cost advantage makes them attractive for various construction projects. The National Roofing Contractors Association (NRCA) notes that built-up roofing systems, which often use bituminous membranes, are a cost-effective and reliable choice for commercial roofing applications.
Waterproofing Membranes, Segmentation by End User
- Construction
- Mining
- Waste Management
Amongst these segments, the construction segment is anticipated to hold a significant share over the forecast period. Governments and private investors are heavily investing in infrastructure projects, including roads, bridges, airports, and utilities. Waterproofing membranes are crucial to preserve and extend the life of these assets. The Global Infrastructure Hub's Global Infrastructure Outlook report estimates that USD 94 trillion in infrastructure investment is required by the year 2040 to maintain growth and development. The increasing frequency and severity of extreme weather events, such as heavy rainfall and flooding, highlight the need for effective waterproofing in construction to protect structures from water-related damage. Older buildings and structures are often retrofitted with waterproofing membranes to enhance their durability and protect against water damage. This trend contributes to the growth of the retrofitting market.
Few of the well-known market leaders in the global waterproofing membranes market that are profiled by Research Nester are Sika AG, BASF SE, Carlisle Companies Incorporated, Dow Inc., and GCP Applied Technologies Inc., and other key market players.
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Recent Developments in the Market
- BASF completes the carve-out of mobile emissions catalysts and precious metals services businesses. BASF has completed the carve-out of its mobile emissions catalysts and precious metals services businesses and named the separate legal entity BASF Environmental Catalyst and Metal Solutions (ECMS). The company's intention to carve out the entity was first announced in December 2021 with an expected completion timeframe of 18 months.
- BASF increases production capacity for medium-molecular weight polyisobutenes in Ludwigshafen, Germany. BASF has increased production capacity for medium-molecular weight polyisobutenes (IMWI) at its site in Ludwigshafen, Germany. The new capacity will be used to meet the growing demand for IMWI, which is used in a variety of applications, including adhesives, lubricants, and elastomers.
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