(I-BusinessNews.Com, October 08, 2021 ) Waterproofing Admixture Market size is forecast to reach $5.2 billion by 2026, after growing at a CAGR of 7.9% during 2021-2026. Waterproofing admixtures are porous materials having the ability to absorb water and water-borne contaminants, pore blocking, concrete sealers, and capillary absorption. The market growth can be attributed due to the rising concern about the quality of the civil structure and increasing the longevity of concrete structure with the help of using materials. The growing building and construction sector in the emerging nations and developing infrastructure drive the growth of the Waterproofing Admixture share globally. The rise in the tunneling process to shorten the distance and delivery time of goods, for reducing the overall logistic cost is also driving the market growth. Furthermore, the rise in consumer awareness regarding the benefits of using waterproofing admixture is also contributing to the market growth.
The COVID-19 pandemic continues to unfold every day with a severe impact on people, communities, and businesses. The Waterproofing Admixture market has been severely impacted by the pandemic. As there was a decrease in demand for both commercial spaces and residential buildings, due to a halt in construction projects and financial instability of the buyers during the pandemic. The other factor hindering the market is the diversion of government funds towards fighting the pandemic and stalling the infrastructure projects. As per Credit Rating Information Services of India Limited (CRISIL), the investment in the Indian construction industry faced a contraction of 12-16% during the pandemic
Waterproofing Admixture Market Segment Analysis – By Type
Crystalline Formulation held the largest share with more than 30% in the Waterproofing Admixture Market in 2020. Crystalline formulation is hydrophilic in nature and occurs in a dry and powdered form. These formulations are mainly used in waterproofing and repairing leaky water tanks, pore blocking, concrete sealers, maintaining walls, and swimming pools. These formulations prevent concrete damage along with effectually closing off conduits for moisture. Moreover, Crystalline Formulation prevents water from seeping in through all directions and making the concrete itself a water barrier. Furthermore, Crystalline Formulations having the self-healing abilities that enable them to automatically seal cracks of concrete structures up to half a millimeter wide, which prevents water and water-borne chemicals from entering, even under high hydrostatic pressure.
Waterproofing Admixture Market Segment Analysis – By Application
Infrastructure segment is projected to witness the highest CAGR of 9.1% during the forecast period in the waterproofing admixture market. Waterproofing admixture is used in infrastructure projects to increase their durability and longevity of the structure, which further reduces the maintenance cost of the structure. They are widely used in bridges, dam construction, sewage & water treatment plants, and flood systems due to its hydrophobic material, such as alkanes and greasy substances, which resists external water, decreasing absorption into the concrete. According to the Oxford economic report, the global infrastructure investment will reach US$ 94 trillion by 2040 and 59% of estimated global infrastructure spending needs relate to Asia. This huge investment in infrastructure will propel the waterproofing admixture market during the forecasted period.
Waterproofing Admixture Market Segment Analysis – By Geography
Asia-Pacific held the largest share of more than 40% in the Waterproofing Admixture market in 2020. China and India are the major contributors to the growth of the Waterproofing Admixture market in APAC. High population growth and improving standards of living have contributed to the demand in the region. Moreover, the rise in purchasing power of consumers and increase in demand for bridges, dams, and sewage systems to sustain such a huge population has propelled the demand for Waterproofing Admixture in APAC. Furthermore, rapid urbanization and increasing infrastructural activities & residential buildings are fueling the demand for pore blocking, concrete sealers, and capillary absorption admixtures in Asia Pacific region. As per the Indian Brand Equity Foundation (IBEF) report in 2020, India plans to spend US$ 1.4 trillion on infrastructure projects through the National Infrastructure Pipeline (NIP), from 2019 to 2023, to ensure sustainable development in the country, which further drives the market in the region.
Rapid Urbanization is Driving the Demand for Waterproofing Admixture
The demand for the residential, commercial complex, and infrastructure has increased worldwide due to rapid urbanization coupled with the growing population. Waterproofing Admixture are used across residential, commercial, and infra sectors to protect the structure from dampness, improves the cohesion of the concrete, and increases the longevity of the structure. In residential buildings, these admixtures are mixed with concrete and applied in roofing, exterior walls, ceilings, basements and bathroom flooring, which protects the applicant surface from mold & mildew caused by dampness and water seepage. Thus, increasing the life of the structure and increases the property value. According to the United Nation, 55% of the world population lives in urban areas and is projected to be 68% by 2050, such a huge population moving in urban areas will significantly boost the demand for the construction industry. For instance, a report released by Oxford Economics the global construction is expected to reach $15.5 trillion by 2030. China, the US, and India leading the way and accounting for 57% of all global growth, which in return boosts the demand for the Waterproofing Admixture market.
Increased Durability and Low Cost of Maintenance is Driving the Market
The increasing demand of waterproof products like pore blocking, concrete sealers, and capillary absorption in the construction industry is a major factor boosting the growth of waterproofing admixture market. The aim of contractors to increase the durability or longevity of the civil structure and buildings and bringing down the later maintenance cost is driving the market’s growth. The admixtures improve the concrete cohesion property, protect structures from degradation, and helps in reducing the maintenance cost. Growing awareness among consumers regarding the benefits of using waterproofing admixture to protect their residential building is further adding value to the market growth. Therefore, maintenance cost of structure has a lot of burden in the pockets of the builder or the consumer, which can be brought done by adding the waterproofing admixture in the concrete.
Waterproofing Admixture Market Challenges
Lack of skilled labor and Economy Instability
Admixtures need skilled and experienced labor for operating the admixture manufacturing equipments. Whereas, the low availability of such skilled and experienced labor added with the high cost of labor is hindering the market growth. Furthermore, Coal tar and waxes are used in these admixtures, and whose prices depend upon the prices of the coal and crude oil. From 2006 to 2014, the prices of crude oil were ranging between as low as $92 and as high as $117, which increases the cost of admixture and hinders the growth of the market. The waterproofing admixture market is directly dependent on a countries infrastructure & construction industry growth, any instability in the country’s economy affects the countries investment in infrastructure and construction projects, which hinders the waterproofing admixture market growth.
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Waterproofing Admixture Market report. Major players in the Waterproofing Admixture Market are Wacker Chemie A.G, Xypex Chemical Corp, Evonik A.G., Mapei S.p.A, and Pidilite Industries, BASF SE, W.R. Grace, RPM International, Sika A.G., Fosroc International, and Dow Corning Corp, among others.
In June 2019, RPM International Inc.’s Tremco business has acquired Schul International Co. LLC, a manufacturer of joint sealants for commercial construction, and Willseal LLC, a business that markets and sells Schul products. This acquisition will augment RPM’s product development capabilities and set it as a global leader in waterproofing. Which will further drive the growth of the market.
Key Take aways
The Middle East and Africa region is projected to grow with a significant rate during the forecast period due to rising construction of building and infrastructure in the region, especially Saudi Arabia and Qatar.
Rising consumer income coupled with growing demand for residential buildings are contributing to the market growth.
Waterproofing admixture leads to lower construction cost compared to traditional types of membrane waterproofing along with performing functions like pore blocking, concrete sealers, and capillary absorption.
COVID 19 has severely impacted the market growth due to a decrease in demand for commercial spaces due to lockdown.
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