by The global waterproof coatings market is estimated to be valued at US$ 15.81 billion in 2022 and is projected to grow at a CAGR of 4.02% over the forecast period of 2022-2032, as stated in a new report published by Coherent Market Insights.
Market Overview:
Waterproof coatings are specially designed coatings that provide protection against water intrusion and prevent damage caused by moisture. These coatings are widely used in various industries, including construction, automotive, and marine, due to their excellent waterproofing properties. The increasing need for durable and long-lasting waterproofing solutions in these industries is fueling the growth of the global waterproof coatings market. The advantages of waterproof coatings include improved strength and durability of surfaces, reduced maintenance costs, and protection against corrosive substances.
Market Key Trends:
One of the key trends observed in the global waterproof coatings market is the growing demand for eco-friendly and sustainable coating solutions. With increasing environmental concerns and regulations, there is a rising preference for waterproof coatings that are free from harmful chemicals and have low VOC (Volatile Organic Compounds) content. Manufacturers are focusing on developing water-based and solvent-free waterproof coatings that offer high performance and are environmentally friendly. These coatings not only provide effective waterproofing but also contribute to reducing harmful emissions and promoting sustainability.
Segment Analysis:
One segment of the waterproof coatings market is the building and construction segment. This segment is expected to dominate the market during the forecast period, primarily due to the increasing demand for waterproof coatings in the construction industry. Waterproof coatings are widely used in various construction applications such as roofs, walls, and foundations to protect them from water damage. The growing awareness about the benefits of waterproof coatings, such as preventing leakage and increasing the lifespan of structures, is driving the demand in this segment. Additionally, the rapid urbanization and infrastructure development in emerging economies are further fueling the growth of the building and construction segment in the waterproof coatings market.
Key Takeaways:
Global Waterproof Coatings Market Size is expected to witness high growth, exhibiting a CAGR of 4.02% over the forecast period, from 2022 to 2032. This growth can be attributed to several factors. One of the main drivers is the increasing demand for waterproof coatings in the construction industry. The growing awareness about the need for waterproofing solutions to protect structures and prevent water damage is driving the market growth. Moreover, the rapid urbanization and infrastructure development in emerging economies, particularly in the Asia-Pacific region, are expected to drive the demand for waterproof coatings.
In terms of regional analysis, the Asia-Pacific region is projected to be the fastest-growing and dominating region in the waterproof coatings market. This can be attributed to the high demand for waterproof coatings in the construction industry in countries such as China and India. The increasing investments in infrastructure development, rising population, and urbanization in the region are driving the demand for waterproof coatings. Additionally, stringent government regulations regarding safety and building codes are further boosting the market growth in the Asia-Pacific region.
Key players operating in the waterproof coatings market include Dampney Company, The Valspar Corporation, PPG Industries, Sherwin-Williams Company, BASF SE, and Flosilchemical. These key players have a strong presence in the market and are focused on product innovation, strategic partnerships, and expansions to gain a competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
