Waterproofing is a process of making a structure or an object resistant to water or any liquid substance by using a waterproof material to prevent it from getting affected. Waterproofing materials mainly include rubber, chemicals, etc., and provide increased durability to infrastructure and to reduce maintenance cost of building.
Rising demand of waterproof material in various industries such as construction, electronics, and paints & coatings is a major factor driving growth of the global waterproof material market. In addition, rising demand for waterproof textiles which are used in several products such as tents, backpacks, and other fabric-based garments is another factor driving growth of the global waterproof material market. Moreover, rising demand for waterproof material for packaging is expected to further fuel growth of the global waterproof material market.
However, high cost of waterproof material is a key factor restraining growth of the global waterproof material market. Current trend observed in the market is development of eco-friendly waterproofing material and increasing adoption of waterproofing materials for food packaging, in textile industry, and in cosmetics. This trend is expected to further propel growth of the global waterproofing material to a significant extent over the forecast period.
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North America dominates in terms of revenue in the global waterproof material market, owing to presence of key vendors. The market in Europe is followed by the market in North America. Whereas, the market in Asia Pacific is expected to witness considerable growth in terms of revenue with highest CAGR of X.X%. This can be attributed mainly to rapid infrastructure development in countries in the region.
The global waterproof material market is segmented on the basis of type, application, and region. On the basis of region, the global waterproof material market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Key players in the global waterproofing material market include BASF SE, The Dow Chemical Company, Carlisle Companies Inc., Pidilite Industries Limited, Conpro Chemicals Private Limited, Drizoro S.A.U., Akzo Nobel Chemicals AG., Johns Manville Corporation, Mapei S.p.A., Sika AG and other prominent players.