February 25, 2024

The Global Waterproof Coatings market Growth is driven by growing construction industry

Waterproof coating materials are extensively used in the construction industry to protect masonry structures such as basements and rooftops from water damage. These coatings form a protective layer that prevents water from seeping through construction materials. They are manufactured using bitumen, thermoplastic polymers, elastomers and other chemicals. Waterproof coatings offer excellent resistance to water, dampness and moisture. They protect buildings against rising dampness, seepage and leaks, thereby extending the lifecycle of construction assets.

The global Waterproof Coatings Market is estimated to be valued at US$ 17.13 Billion in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the waterproof coatings market is the growing adoption of green waterproof coatings. Traditional waterproof coatings contain volatile organic compounds (VOCs) that are harmful to the environment. However, researchers are developing eco-friendly waterproof coating materials using bio-based polymers derived from plant oils and other natural sources. These green coatings are non-toxic and emit lower VOCs as compared to conventional oil-based ones. Though expensive than traditional options currently, growing environmental awareness and stringent regulations regarding VOC emissions are expected to boost the demand for sustainable waterproof coating solutions in the coming years.

Porter’s Analysis

  • Threat of new entrants: The threat of new entrants to the waterproof coatings market is low due to high capital investment required and stringent regulations for manufacturing coatings.
  • Bargaining power of buyers: The bargaining power of buyers is moderate owing to the availability of various branded and generic products. However, buyers have less influence on pricing.
  • Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials used in manufacturing waterproof coatings such as resins, polymers, and solvents are availability from numerous global sources.
  • Threat of new substitutes: The threat of substitutes is low as waterproof coatings have irreplaceable properties and performance that cannot be replicated easily by alternative products.
  • Competitive rivalry: The competitive rivalry in the waterproof coatings market is high due to the presence of numerous international and domestic players competing on pricing strategies, quality, and innovation.

Key Takeaways

The global waterproof coatings market is expected to witness high growth over the forecast period of 2024 to 2031. The global Waterproof Coatings Market is estimated to be valued at US$ 17.13 Billion in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024 to 2031.

Asia Pacific region currently dominates the market owing to growth of construction industry in China and India. North America and Europe are also significant markets for waterproof coatings. Abundant availability of raw materials and rapid infrastructural development are fueling the demand in the region.

Key players: Key players operating in the waterproof coatings market include Dampney Company, The Valspar Corporation, PPG Industries, Sherwin-Williams Company, and BASF SE. Dampney Company offers an extensive range of waterproof coatings for various applications such as basements, roofs, and tunnels.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it