by Waterproof coatings are used on roofs, walls, floors, and other architectural surfaces to provide protection against water penetration. They are applied on various substrates such as concrete, tiles, metal sheets, and wood among others. Waterproof coatings offer long-lasting protection, durability, and resistance to extreme weather conditions. Growing infrastructure development activities in emerging economies of Asia Pacific and Latin America are driving the demand for waterproof coatings. Rapid urbanization and investments in commercial construction are further augmenting the growth of this market.
The global Waterproof Coatings Market is estimated to be valued at US$ 16.45 Bn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030.
Market key trends:
One of the key trends in the waterproof coatings market is the increasing use of green coatings. Traditionally used waterproof coatings contain various chemicals that are harmful to both human health as well as the environment. However, growing environmental consciousness among consumers and stringent regulations have increased the demand for eco-friendly waterproof coating solutions. Major players are focusing on developing bio-based and low VOC waterproof coating materials. For instance, AkzoNobel has introduced Ecosure, a green acrylic waterproof coating made from bio-based materials. Such environment-friendly product innovations are expected to define the future trajectory of this market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the waterproof coatings market has a reasonable market size. However, existing players have established brand names and distribution networks.
Bargaining power of buyers: The bargaining power of buyers is moderate as they have various options available from various manufacturers.
Bargaining power of suppliers: The bargaining power of suppliers is low since raw materials required for waterproof coatings are easily available.
Threat of new substitutes: The threat of substitutes is low as waterproof coatings have no close substitutes and offer unique properties.
Competitive rivalry: The competitive rivalry is high among established players due to their large market shares and competitive pricing.
Key Takeaways
The Global Waterproof Coatings Market Size is expected to witness high growth.
Regional analysis:
North America dominates the market and is expected to continue its dominance over the forecast period. This is attributed to increasing construction activities in the US and Canada. Asia Pacific is expected to be the fastest growing region owing to growing population and urbanization in countries like China and India.
Key players operating in the waterproof coatings market are Serum Institute of India, Pfizer Inc., AstraZeneca plc., Bharat Biotech International Limited, Cadila Healthcare Limited, Johnson & Johnson, Moderna, GlaxoSmithKline plc., CanSino Biologics, Sinovac Biotech, Novavax, Inc., Glenmark Pharmaceuticals Limited, Dr. Reddy’s Laboratories, and Merck & Co., Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
