WATERPROOFING MEMBRANES MARKET ANALYSIS
The waterproofing membranes market is estimated to be valued at USD 26.55 Bn in 2024 and is expected to reach USD 46.10 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 8.2% from 2024 to 2031.
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Rapid infrastructural development along with growth in residential and commercial construction spending across developed as well as developing nations is expected to drive the demand for waterproofing membranes globally over the forecast period. The global waterproofing membranes market is expected to witness robust growth owing to rising awareness about green building materials and growth in renovation and replacement activities. There is a rise in the demand for advanced and eco-friendly construction materials that are sustainable yet provide enhanced waterproofing protection. This has prompted manufacturers to introduce bio-based and self-healing waterproofing membranes. With sustainability becoming a priority, these green alternatives are expected to gain increasing preference compared to other conventional varieties. Furthermore, infrastructure projects in developing nations and repair & rehabilitation activities in developed markets will contribute significantly to the revenue generation of waterproofing membrane manufacturers globally in the coming years.
Increasing construction activities
With rapid urbanization taking place worldwide, the demand for residential, commercial, and industrial construction activities has seen significant rise over the past few years. Developing economies in Asian and African regions are witnessing huge investment in public infrastructure projects such as roads, bridges, dams, etc. to support the fast growing population and industrialization. Meanwhile developed nations of North America and Europe are expanding their existing construction capabilities with the renovation and retrofitting of old buildings.
This construction boom has created a huge demand for waterproofing membranes which are an integral part of maintaining the structural integrity of buildings. Whether its basement walls, terraces, wet areas or sloped roofs - protection from water ingress has become highly important considering various climatic conditions around the globe. This ensures the longevity of structures and prevents the occurrence of issues like dampness, leakages, and cracks at later stages. Various advanced membrane technologies like hot fluid applied, cold liquid applied, premixed, and fully bonded sheet membranes are being extensively used today to protect all critical areas that are susceptible to water accumulation and moisture damage.
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Stringent building codes and regulations
With growing awareness about the importance of dry construction and preventing long term issues, government authorities across countries have been formulating more stringent laws and norms regarding the waterproofing of buildings. Compliance to these codes and standards is now mandatory for obtaining necessary construction approvals and certificates. Various certification schemes like LEED also encourage use of efficient waterproofing systems for projects to get rated. This has pushed builders and contractors to give due consideration to the proper design and application of waterproofing membranes as per industry best practices and manufacturer guidelines. Third party inspection and testing is also being done regularly to ensure compliance.
Commercial and residential projects especially in wet or coastal regions have to undergo rigorous eligibility process to get necessary clearances. Simply using cheaper or substandard membranes is not acceptable anymore. Proper proof of designing, material quality, and application methodology is required. This ensures the long term performance of the membrane installed. While increasing compliance burden for contractors initially, it will help create a safe and quality built environment in the future. Overall this is proving beneficial for established waterproofing membrane brands that offer comprehensive product and application guidelines. Customers are now preferring reputed suppliers with proven track record for critical waterproofing projects.
Key Takeaways from Analyst:
The construction industry's growth worldwide, especially in developing regions, will drive increasing demand for waterproofing solutions. Rising building construction and infrastructure development activities in Asia Pacific and the Middle East & Africa are expected to provide major opportunities. Commercial and residential roofing will remain the largest application segment.
Stringent environmental regulations pose a challenge for market players regarding the use of certain chemicals in membrane production. High costs associated can also restrain the market growth. Innovations leading to higher durability and lower life cycle costs of materials are crucial for widespread adoption.
Liquid-applied membranes are anticipated to witness faster adoption over sheet membranes. Advantages such as single component system, speedy application, and seamless installation attract various end users. Among regions, North America holds the pole position currently and will continue dominating in the coming years. Europe and Asia Pacific are comparatively mature markets but will also see healthy growth.
Market Challenges: Volatility in raw material prices
The volatility in raw material prices has emerged as a major challenge hampering the expansion of the waterproofing membranes market in recent years. Waterproofing membranes are heavily dependent on petroleum-based synthetic materials like PVC, TPO, EPDM, and bitumen for their manufacturing. However, crude oil prices have witnessed significant fluctuations in the global market since 2020 mainly due to geopolitical tensions, supply chain bottlenecks, and uncertainty caused by the COVID-19 pandemic. When crude oil prices increase, it directly impacts the prices of various petrochemical derivatives used extensively in the production of waterproofing membranes. This puts upward pressure on the overall manufacturing costs. The spike in raw material costs is usually passed on to the consumers in the form of higher product prices. This makes the membranes less affordable for the construction industry as well as individual homeowners.
Market Opportunities: Growth prospects in emerging economies
Growth prospects in emerging economies could provide major opportunities in the waterproofing membranes market going forward. More than half of the world's population growth over the next three decades will be concentrated in just nine countries, most of which are emerging markets. By 2050, India is projected to have more people than China, with Nigeria poised to overtake the U.S. to become the third most populous country. Much of this population boom will happen in urban areas, exacerbating strain on existing infrastructure. As these emerging nations continue to urbanize and build new housing and infrastructure to accommodate their burgeoning populations, the need for effective waterproofing solutions will rise significantly. Many of these countries currently have inadequate or outdated water management systems, leading to leaky roofs, cracked basements, and flooding during monsoon seasons. With economic growth expected to continue across developing markets, populations will have greater means and accelerated lifestyle changes will drive the demand for better living standards that do not compromise on protection from water damage. In such a scenario, waterproofing membranes that are durable, cost-effective, and can withstand harsh weather conditions will see increasing adoption.
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Insights by category: Ease of Application Drives thee Demand for Liquid Applied Membranes
In terms of category, liquid applied membranes is expected to contribute 68.5% share of the market in 2024, owing to their convenient ease of application over other membrane types. These membrane systems are available in either one- or two-component formats that can be simply rolled, brushed, or sprayed onto a surface in liquid form and allowed to cure. The liquid applied format allows these membranes to conform to complex geometries and cover irregular surfaces more efficiently compared to rigid sheet-based options. They are particularly well-suited for waterproofing areas that are difficult to cover with sheet membranes like junctions, protrusions, and highly sloped or vertical areas. Another advantage lies in the speed of application, as liquid systems can typically be installed much faster than sheet membranes, reducing time and labor costs for contractors. Their ability to readily smooth out inconsistencies in substrate textures without requiring laborious surface preparations beforehand has made liquid applied membranes increasingly attractive to apply over rough concrete, plywood, or other irregular substrates. Overall, the ease, speed, and versatility associated with liquid application techniques have proven highly appealing to end users and driven increased demand compared to other membrane categories.
Insights by product type: Proven Durability of SBS Bitumen Propels its Market Dominance
In terms of product type, SBS bitumen is expected to contribute 29.6% share of the market in 2024, owing to its long-standing reputation for durable waterproofing performance. SBS bitumen membranes are composed of a flexible carrier mat saturated with specially formulated SBS-modified bitumen. The SBS modifier provides these membranes with exceptional flexibility at low temperatures alongside high mechanical strength and puncture resistance. Decades of widespread use have conclusively demonstrated that SBS bitumen membranes maintain watertight integrity over very long lifespans often measured in decades, outperforming other chemistries. Their resilient elasticity also allows the membranes to accommodate minor structural movements and cracks without compromising the seal. Furthermore, advances in SBS manufacturing have optimized permeability and weatherability characteristics while broadening the range of suitable application temperatures. This proven durability backed by extensive industry track record and experience has made SBS bitumen membranes a go-to solution for critical, long-life waterproofing installations.
Insights by application: Rising Roofing Demand Drives the Roofing & Walls Segment’s Leadership
In terms of application, roofing & walls is expected to contribute 31.1% share of the market in 2024, owing to the sheer volume of roofing installations globally. An overwhelming majority of commercial and institutional building stock relies on some form of waterproofed roofing system for protection, from low-sloped commercial roof membranes to steep-sloped residential asphalt shingles. The longevity and weather resistance requirements for roofing membranes are among the most stringent of any waterproofing application. Their extensive coverage area atop buildings also puts a premium on both durability and life-cycle cost-efficiency. These stringent performance needs have cemented roofing as the single largest end-use for advanced waterproofing technologies. Additionally, residential re-roofing cyclically generates steady long-term demand that complements new construction activity. The immense and enduring requirements of roofing systems worldwide have made this segment the primary driver of total waterproofing membrane consumption globally.
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North America holds the largest share of the global waterproofing membranes market. The region is expected to account for 38.7% of the market share in 2024. The region has an established construction industry with vast infrastructure, such as buildings, parking structures, tunnels, basements, and bridges, which require efficient waterproofing solutions. Major players operating in this region have production facilities with the latest technologies enabling them to cater to the increasing demand. Moreover, growing commercial and residential construction activities mainly in the U.S. and Canada are driving significant market opportunities.
The Asia Pacific region is experiencing the fastest growth in the waterproofing membranes market. Burgeoning populations and increasing disposable incomes have boosted construction spending across the residential and commercial segments. Nations like China, India, and Indonesia are undergoing rapid urbanization which is increasing the requirement for modern waterproofing techniques. The regional market is also stimulated by improving standards of living and rising focus on building weather-resistant structures. Manufacturers are actively expanding production capacities in Asia Pacific to leverage lucrative prospects.
Waterproofing Membranes Market Report Coverage
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2023 | Market Size in 2024: | US$ 26.55 Bn |
| Historical Data for: | 2019 To 2023 | Forecast Period: | 2024 To 2031 |
| Forecast Period 2024 to 2031 CAGR: | 8.2% | 2031 Value Projection: | US$ 46.10 Bn |
| Geographies covered: |
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| Companies covered: |
Carlisle Companies Inc., Chryso S.A.S., Copernit S.P.A., Derbigum, DuPont de Nemours Inc., Firestone Building Products Company LLC., Flex Roofing Systems, Fosroc Inc., GAF Materials Corporation, GCP Applied Technologies, IKO Industries Ltd., ISOMAT S.A., Johns Manville Corporation, Juta A.S., RENOLIT SE, Sika Group, Solmax International Inc., Soprema Group |
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| Restraints & Challenges: |
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*Definition: Waterproofing membranes are thin sheets made from materials such as modified bitumen, thermoplastic polyolefin, liquid-applied, and sheet-applied materials, which are used for waterproofing roofs and creating barriers to prevent leakage and seepage through building structures like foundations, basements, retaining walls, planters, and roofs. These membrane materials provide long-lasting protection against water infiltration and are designed to prevent moisture from damaging structures, materials and contents. The global waterproofing membranes market has been growing due to increasing construction activities and infrastructure development projects worldwide.
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About Author
Vidyesh Swar is a seasoned Consultant with a diverse background in market research and business consulting. With over 6 years of experience, Vidyesh has established a strong reputation for his proficiency in market estimations, supplier landscape analysis, and market share assessments for tailored research solution. Using his deep industry knowledge and analytical skills, he provides valuable insights and strategic recommendations, enabling clients to make informed decisions and navigate complex business landscapes.
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