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Water proofing chemicals are generally used for protection of buildings from water seepage, since seepages can reduce the life span of a structure and can cause electrical, metal and health hazards. Waterproofing chemicals increases the durability of infrastructure when applied to the exterior of a building, as well as it helps in increasing the shelf life of concrete structure. Moreover, these chemicals can help in reducing maintenance cost of buildings.
In 2015, the global waterproofing chemicals market stood at a value of $3,652.5 which is anticipated to grow at a CAGR of 6.6% during the forecast period of 2016-2022. Some of the major factors driving the growth of the market include increasing compliance with manufacturing standards and favorable environmental regulation. Geographically, Asia-Pacific accounted for the largest share of 39.2% in the global market with an estimated value of $ 1,431.1 million value in 2015.
Waterproofing Chemicals Market Dynamics
The market for waterproofing chemicals is likely to witness a rapid growth owing to the rise in the global infrastructure and construction sector, favorable environmental regulation along with rapid growth in the end use markets. However, the market is likely to have an impact due to the highly volatile raw material prices. The value chain process for waterproofing chemicals is highly dependent on petroleum products, that act as feedstock materials for a differentiated range of products and chemical formulations. Due to the volatile nature of oil and gas market, ups and downs have an residual impact on the waterproofing chemicals market. Manufacturers are required to keep a continuous check on the crude oil prices in order to formulate strategies accordingly.
Governments across the global are aiming to fix loopholes by focusing on policies such as “Zero Effect and Zero Defect” in order to boost their construction and manufacturing industries. This is expected to boost the growth of waterproofing chemicals market. Moreover, regulatory authorities are aiming to set up guidelines in order to curb the rise in pollution levels, and in process aim to create a model which incentivizes energy efficient and green buildings. Such initiatives are expected to drive the demand for waterproofing chemicals. Initiatives taken by governments of developing nations in order to provide basic infrastructure facilities, such as concrete based homes, access to proper roads and better irrigation network is expected to boost the infrastructure and industrial sector, hence creating a demand for waterproofing chemicals. The industry also aims to respond to public concerns for manufacturing and usage of waterproofing chemicals to control the environmental ramifications of past practices.
For developing economies, increasing investments in infrastructure is expected to serve as a major opportunity to the waterproofing chemicals market. The industry requires investments from governments, regulatory bodies leading market players, and industrial federations for growth in the coming years. Government initiatives towards infrastructure development, along with backup for infrastructure industry from the Asian Development Bank and World Bank are likely to provide abundant opportunities to the market. In order to define set quality standards for the industry, government and regulatory authorities are setting tie ups. This is likely to reduce the growth of low quality and cheap waterproofing chemicals. This is also expected to incentivize major players to invest further for the development of high-quality products; thereby, creating ample growth opportunities for the market.
In developing economies, such as China, Brazil, and India governments are trying to create awareness for the usage of quality chemical products. Moreover, from end-users there is a shifting interest for quality and durability of waterproofing chemicals. However, waterproofing chemicals require technical expertise due to their applicability constraints. In order to provide this basic expertise, manufacturers and governments are trying to perform the requisite knowledge transfer and skill development plans to enhance the end use application of waterproofing chemicals.
Increasing compliance with international manufacturing standard is one of the current trends observed in the waterproofing chemicals industry. In developing countries, such as India, Brazil and Indonesia, waterproofing industry is focusing on developing best industrial practices as well as implementing consumer standard similar to international standards. This is likely to help the waterproofing chemicals industry grow. For instance, the ban of onsite concrete mixing is aimed to reduce the air pollution level, which in turn will generate demand of ready-mix concrete (RMC) admixtures. In areas where space is a constraint, high rise buildings are being constructed, which in turn is increasing the demand of high-performance construction chemicals and waterproofing chemicals.
Leading players in the global waterproofing chemicals market include Pidilite Industries Limited, Fosroc, Mitsubishi Chemical Holdings Corporation, The Dow Chemical Company, Bostik Inc., Evonik Industries AG, Zeon Corporation, Sika AG, BASF SE, Thermax Limited.
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