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The global waterproofing membrane market size was USD 27.17 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with waterproofing membranes witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of 1.6% in 2020. The market is projected to grow from USD 28.05 billion in 2021 to USD 42.85 billion in 2028 at a CAGR of 6.2% during the 2021-2028 period. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
The rising demand for waterproofing membranes due to urbanization and infrastructural development activities globally is driving the market growth. The ability of the product to safeguard buildings and structures from water stresses is boosting its demand. Additionally, the increasing adoption of the product for water conservation applications will further surge the demand. During the COVID-19 pandemic, the market witnessed a substantial decrease in demand due to the shutdown of construction sites. The rising need for hospitals and healthcare facilities amidst the pandemic will slow down the impact on the market.
Shutdown of Construction Activities amidst COVID-19 Pandemic to Impede the Market
The onset of the pandemic in February 2020 caused by the COVID-19 virus resulted in the global lockdown and significantly affected the building & construction industry. The regulations implemented during the lockdown caused abrupt termination of infrastructure development and building & construction activities. Supply chain disruptions, decline in production rates, movement restrictions on man and material, and disturbances in the trade movements hampered the market. The stoppage of construction, development, and renovation activities in China resulted in lower demand for the product.
As per the Ministry of Industry and Information Technology of China, from January 2020 to May 2020, the cement production of China was 769 million tons, down by 8.2% year-on-year. However, the rising number of COVID-19 cases increased the demand for new hospitals, facilities, and care institutions that provided stability to the market. Government initiatives to construct modular healthcare facilities will slow the effect of this pandemic on the market.
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Increasing Awareness about Green Roofs is a Vital Trend
Waterproofing membranes are made from raw materials, such as bitumen, acrylic polyurethane, and others with inherent disadvantages, namely, high volatile organic compound content and toxicity. Companies, including Sika AG and Tremco Incorporated, offer liquid and sheet membranes with minimum impact on the environment. These companies are investing heavily in the development of eco-friendly products, and these products have been accredited, thereby permitting their use in sustainable construction projects.
Green buildings and green roofs are a part of sustainable construction, which helps in energy saving, filtering contaminant air particles, and preventing stormwater runoff. Waterproofing is an integral part of green buildings due to their efficient performance during storms and protection from water runoff. Countries such as the U.S., Germany, and the U.K. are encouraging the development of sustainable constructions, leading to the growth of the waterproofing membrane industry.
Rapid Urbanization and Infrastructure Development Activities to Fuel the Market
Rapid urbanization, infrastructure development, and exponential population growth are a few factors that increase the need for residential and commercial establishments, thereby fueling the demand for waterproofing membrane. The increasing spending by the government on private and public infrastructure projects, such as roads, power stations, water treatment plants, airports, bridges, hospitals, and schools, will positively influence the demand for these membranes.
Furthermore, in developing economies, the rising demand for residential spaces due to the growing population and various initiatives by the government to provide housing for the Economically Weaker Section (EWS) will boost the consumption of this product. For instance, in January 2021, India’s Union Housing and Urban Affairs Ministry approved the construction of over 168,000 houses in urban areas under the Pradhan Mantri Awas Yojana (PMAY).
Environmental and Health Hazards Associated with Membranes to Pose a Threat to the Market
Water proofing chemicals or liquid applied membranes are potential health and environmental hazards. These chemicals contain fluorinated compounds and are usually applied in the spray form, thus making them dangerous for workers in the vicinity. Exposure to these chemicals can lead to respiratory problems, including lung trauma, chemical pneumonia, bronchitis, and pharyngeal disorders. A Large section of laborers in developing countries has high exposure to these chemicals due to the less awareness amongst them. Additionally, chemicals, such as diluents, solvents, and other additives present in these membranes, release VOCs and toxic fumes, thus acting as a restraint for the waterproofing membrane market growth.
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Sheet Based to be the Fastest-growing Segment during the Forecast Period
Based on the type, the market is segmented into liquid applied and sheet based.
The liquid applied segment held the dominant share in the market in 2020. The segment's dominance is associated with the advantages provided by the product, such as easy installation and cost-effectiveness. Additionally, the increasing demand for water treatment and water conservation infrastructure will augment the segmental growth.
The sheet-based segment is estimated to be the fastest-growing segment during the forecast period owing to the increasing number of housing & construction projects. In addition, sheet membranes offer advantages, such as resistance to precipitation, UV radiation, and the ability to withstand heavy loads. Furthermore, the recyclability of sheet-based membranes will significantly fuel the segment’s growth.
Roofing Segment Occupied the Largest Share of This Market in 2020
Based on the application, the market is segmented into roofing, walls, building structures, landfills & tunnels, and others. The roofing segment held the largest share of the market in 2020. The growth of the segment is characterized by the increasing demand for residential constructions in Asia Pacific. Roofs are heavily exposed to rainwater and atmospheric moisture and hence are increasingly consuming these membranes.
The building structures segment is estimated to grow at the highest CAGR during the forecast period. These structures can bear stresses, such as water stresses, temperature variations, groundwater chemical exposures, biological contaminants, and others. Waterproofing of building structures will ensure long-term protection of these structures from stresses, thereby decreasing the maintenance costs.
Industrialization and infrastructure development activities globally will augment the growth of the landfills and tunnels segment. These membranes are used in tunnel liners. The others segment will witness substantial growth during the forecast period due to a rise in awareness about the benefits of these membranes, such as risk mitigation and long-term cost-effectiveness.
Asia Pacific Waterproofing Membrane Market Size, 2020 (USD Billion)
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The global waterproofing membrane market share in Asia Pacific stood at USD 10.56 billion in 2020. The region occupied the largest share of the market in 2020. The growth of the region is attributed to the rapid industrialization and infrastructure development activities, especially in China and India. Additionally, the increasing urban population will surge the need for water treatment infrastructure, thus resulting in market growth.
The market in North America is growing significantly due to the increasing number of construction activities. The rising investments in the healthcare, construction & infrastructure, and automotive industries will surge the demand for waterproofing membranes.
In Europe, a rise in the construction of residential housing and apartments in developing countries such as the Nordic and Baltic is likely to increase the product’s demand. Initiatives by the government to improve wastewater management and water conservation systems in the region will fuel the market growth.
In Latin America, the increasing investments in infrastructural projects will aid market growth. In the Middle East & Africa, the development of water treatment and water conservation infrastructure will boost the demand for waterproofing membrane.
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Offering Environmental-friendly Products Will Augment the Presence of Key Players
The competitive landscape of the market is fragmented. Companies have adopted strategies, such as acquisitions and joint ventures to increase their customer base. For example, GCP Technologies acquired a UK-based supplier of waterproofing membrane named RIW Limited to grow their regional presence. Key players are partnering with regional building and construction companies to establish their regional presence. Furthermore, leading players are focusing on offering sustainable solutions to diversify their product ranges. Sika AG and Tremco Incorporated have started offering waterproofing solutions for green roofs.
An Infographic Representation of WaterProofing Membranes Market
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The global waterproofing membrane market research report provides a detailed analysis of the industry. It focuses on key aspects, such as profiles of leading companies, types, and leading applications of the product. Besides this, it offers insights into the current market trends, dynamics and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the advanced market over recent years.
Value (USD Billion)
By Type, By Application and By Geography
Fortune Business Insights says that the global market size was USD 27.17 billion in 2020 and is projected to reach USD 42.85 billion by 2028.
In 2020, the Asia Pacific market value stood at USD 10.56 billion.
Registering a CAGR of 6.2%, the market will exhibit decent growth during the forecast period (2021-2028).
The roofing segment is expected to lead this market during the forecast period.
Rapid urbanization and infrastructure development activities are the major factors driving the growth of the market.
Sika AG, Tremco Incorporated, and GCP Applied Technologies are the major players in the market.
Asia Pacific dominated the market in terms of share in 2020.
Rising investments in water conservation and treatment infrastructure are expected to drive the adoption of the product.
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