The global Waterproofing Membranes Market size is expected to reach USD 34.61 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to grow at a CAGR of 6.4% from 2021 to 2028. The growing advancement in infrastructure and construction activities, coupled with a rise in demand for wastewater and water management, is expected to drive the market.
Adoption of wastewater techniques for water conservation and reuse is increasing owing to the rising demand for portable water resources across the globe. In addition, increasing government support to promote and adopt a wide array of waste management and water treatment initiatives is expected to boost the demand for the product during the forecast period.
Biomembranes are expected to witness a high adoption trend in the coming future owing to the increasing product demand in green building construction. In addition, government support to replace old buildings with new ones is opening new growth avenues for the construction industry, in turn, adding growth to the overall market.
The market is highly dependent upon the dynamics of the raw material supply chain. Although all types of products including cementitious, bituminous, and polyurethane are used for manufacturing waterproofing membranes, cementitious liquid applied membrane and bituminous sheet membranes are the most commonly used waterproofing membranes in the market.
The industry exhibits several mature players controlling a significant market share. However, increasing competition from a large number of small and local manufacturers from the Asia Pacific region is expected to boost the market competition. The market players put high stress on using sustainable raw materials to ensure an environmentally friendly image to their clients.
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Waterproofing Membranes Market Report Highlights
- By product, liquid applied membranes are expected to register the fastest revenue-based CAGR from 2021 to 2028 on account of their thermal-reflective properties for any exterior surface application
- Polyurethane liquid applied waterproofing membranes are expected to expand at the fastest revenue-based CAGR of 8.4% during the forecast period owing to seamless finish and easy and fast installation procedure
- The roofing application segment accounted for the largest revenue share of over 31.0% in 2020 owing to its high exposure to changing climatic conditions and leakages across residential, commercial, and industrial buildings
- Asia Pacific is projected to register the fastest CAGR in terms of revenue owing to increasing investment in residential and commercial construction due to rapid industrialization and the growing population
- The majority of the manufacturers have started emphasizing the use of sustainable and corrosive protective raw materials for producing waterproofing membranes to increase their market presence. In addition, growing infrastructure in the developing markets of China, India, and Brazil is adding rapid growth to the construction sector, thereby offering growth prospects to the market