LONDON, May 17, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the waterproofing chemicals market forecasts the market to grow at a compound annual growth rate (CAGR) of more than 10% from $19.8 billion in 2022 to $21.9 billion in 2023, and reach $31.9 billion in 2027 at a CAGR of more than 9%. In 2022, the Asia-Pacific region was the largest market for waterproofing chemicals.
The increase in construction activity is a major driver of growth in the waterproofing chemicals market. As the construction industry continues to grow, so does the need for waterproofing chemicals to safeguard structures and contents by providing a controlled atmosphere.
For instance, in April 2021, Canada's national statistical agency reported an increase in building construction investment from $14,294 million in April 2019 to $19,273 million. Similarly, total construction spending in the US increased by 16% since the onset of the pandemic.
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The major waterproofing chemicals companies include Pidilite Industries Limited, The Dow Chemical Company, Fosroc, Mitsubishi Chemical Holdings Corporation, Sika AG, Bostik Inc., Thermax Limited, Polygel Industries, ExxonMobil Chemicals, Choksey Chemicals Pvt. Ltd., Estop Group, Wacker Chemie AG, Mapei S.P.A, Soprema Group, and Johns Manville Corporation.
Technological advancements are also driving growth in the waterproofing chemicals market. Companies are developing products with advanced technologies to maintain their position in the market.
For example, in June 2021, JSW Cement launched its construction chemical range, which includes Krysta Leakproof integral crystalline waterproofing compound with reactive crystalline technology. This product is a capillary waterproofing substance used in cementitious and concrete mortars in building projects. The unique features of the compound help in safeguarding concrete and steel reinforcement in construction by permanently limiting water permeability.
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The global waterproofing chemicals market is segmented as-
1) By Product: Bitumen, Elastomers, PVC, TPO, EPDM
2) By Technology: Preformed Membranes, Coatings and LAMS (Liquid Applied Membrane Systems), Integral Systems
3) By Application: Roofing and walls, Floors and basements, Waste and water management, Tunnel liners, Other Applications
The waterproofing chemicals market report provides valuable insights into the global waterproofing chemicals market, including its projected growth, major players, and key trends driving market development. The report highlights the significant role played by the construction industry in fueling demand for waterproofing chemicals, along with the growing importance of technological advancements in the development of new products.
Waterproofing Chemicals Global Market Report 2023 by The Business Research Company provides insights on the waterproofing chemicals market size, waterproofing chemicals market segments, waterproofing chemicals market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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