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The global waterproof coatings market is set to thrive at a CAGR of 4.02% between 2022 and 2032, with the value rising from US$15.81bn in 2022 to an anticipated value of US$23.45bn by 2032.
From building & construction to automotive, chemical products and furniture, waterproof coatings have a long range of applications. The global market is enhancing its product packaging with waterproof and gloss finishing solutions. The market has flourished with unique formulation technologies.
The application of nanotechnology, such as hydrophobic (water-repellent), and oleophobic (oil repellent) elements, adds layers to the surface that is used in the dry surface application.
The advanced eco-friendly nano-coating provides high hydrophobicity that is usually applied onto objects to make them waterproof. The major applications that waterproofing technology serves are waterproofing walls, vehicles, aviation gear and ammunition to enhance their productivity in the odd weather.
The manufacturing industry has also started adopting waterproofing materials in the last two decades, including waterproofing systems. The use of pre-formed membranes, formally known as sheet-based waterproofing, is common among construction projects as primers and adhesives.
Coatings, membranes, sealants and water stops are used in products that are exposed to metal oxidation. The application of advanced waterproofing techniques prevent rusting. The rising population and changing lifestyles of consumers have been driving the market and are expected to continue to affect the sales of new technologies that improve and ease their lives.
Nanotechnology & waterproofing solutions: The future of crystalline waterpoofing
The innovative penetration in the waterproofing solution is top-notch as the significant development in textile engineering has addressed the problem-fixing solutions for the laymen.
With different and expanding applications of waterproofing on the ground, vendor companies have adopted different techniques and materials to waterproof specific products. In this race, the adoption of nanotechnology has been prominent and technologically advanced.
Nanotechnology and the based products have become a hot topic for the industry as they are eco-friendly and provide anti-corrosive support to the product, preventing it from oxidation. The technology also delivers a layer that is anti-icing, UV resistant, and high-temperature resistant while also being resistant to chemical compounds. However, nanotechnology holds a big chunk in advancing waterproofing solutions, but the latest crystalline technology has also gained traction in the market space.
Usually applied in construction projects, crystalline technology absorbs water and prevents damage and deterioration of the surface. The growth of the building & construction market is due to urbanisation and changing lifestyles in emerging economies such as Brazil, China and India. These countries focus on adopting the latest cutting-edge technologies to prevent extreme weather conditions.
Asia Pacific accounted for the largest market share in terms of demand for waterproof coatings. Europe held the second largest market, followed by North America.
Building and construction to remain key end-users
Water-proofing is making an object virtually impervious to water. Water-proof coatings help objects remain unaffected by water and resist the ingress of water under specified conditions. Such items can be used in wet environments and under water to specified depths.
Objects applied with waterproof coatings are resistant to penetration by water and wetting. Water-proof coatings have applications in various industries such as building & construction, automotive, furniture and chemical industries, among others.
Demand for water-proof coatings have been increasing, mainly due to rapid industrialisation and continued recovery of the global economy. Development of unique formulation technologies and products is expected to boost the market in the next few years.
Waterproof coatings dominate the paints and coatings market. Residential and commercial infrastructures are the major end-users for waterproof coatings. At the same time, automotive & aviation generate the largest revenue for the waterproof coatings market. Waterproof coatings are also in high demand in marine, energy and electronics, among others.
Asia Pacific accounted for the largest market share in terms of demand for waterproof coatings. Europe held the second largest market, followed by North America. Growing infrastructure activities coupled with lower operating costs encouraged major capacity additions of coatings in the region.
Growth of the building & construction market is due to urbanisation and changing lifestyles in emerging economies such as Brazil, China and India. Rising population and changing lifestyles of consumers have been driving the market and are expected to continue to do so in the next few years as well. Asia Pacific has experienced dynamic economic growth in the past decade. This trend is expected to continue in the next few years.
Growth in the economy has led to development in the building & construction industry in the region along with the overall living standards. With recovery in the world economy, enhanced construction activities are likely to be carried out globally.
This growth in construction activities is anticipated to trigger the demand for waterproof coatings used in building & construction activities. Waterproof coatings are used for interior as well as exterior applications. They are used to enhance aesthetics of products and provide more protection to them.
The US recently experienced an increase in construction activities due to the revival of its economy from recession. Demand for new houses has almost reached the pre-recession levels. This is likely to lead to a rise in construction activities in the U.S. and would subsequently increase the demand for water-proof coatings. Industries such as electronics and automotive are the fastest growing markets in India and China. These are expected to witness high demand for waterproof coatings in the near future.
Manufacturers have turned their attention towards waterproof coatings as they provide an economical option to other coatings. Other coatings are affected by fluctuating prices and unstable supply
Japan is likely to witness a significant rise in demand for water-proof coatings as earthquake reconstruction efforts gain momentum. The water-proof coatings market is also forecast to grow in mature markets such as the U.S. and Europe where manufacturers focus on product differentiation through various technologies to gain competitive advantages.
Key players include PPG Industries, Valspar Corp, BASF SE, Flosilchemical, Dampney Company and Sherwin-Williams, among others.
These insights are based on a report on Water Proof Coatings Market by Future Market Insights