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 Many of these countries currently have inadequate or outdated water management systems, leading to leaky roofs, cracked basements, and flooding during monsoon seasons.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.
Waterproofing Membranes Market Report Snapshots
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