Albany, NY -- (SBWIRE) -- 03/16/2018 -- The top three leading players in the global waterproofing admixtures market are Mapei S.p.A, BASF SE, and SIKA AG. These players collectively held a share of 34.9% in 2015 in the global market. The aggressive marketing strategies of these players and their strong research and development activities have helped them maintain the leadership in the global market. In the coming years, several players in the global market are expected to focus on the development of highly efficient products that will deliver improved durability to structures by enhancing their water resistance, states Transparency Market Research.
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According to the research report, the global waterproofing admixtures market is expected to be worth US$4.9 bn in 2024 from US$2.5 bn 2015. Between the forecast years of 2016 and 2024, the global waterproofing admixtures market is expected to progress at a CAGR of 7.9% due to growing demand for better concrete structures.
Extensive Usage of Crystalline Makes the Product Segment Vital to Global Growth
The products available in the global market are crystalline and pore-blocking. Out of these, the crystalline segment is projected to dominate the global market throughout the forecast period. This product segment is slated to acquire a share of 46.7% in the overall market by 2024. The demand for crystalline will spike in the coming years as it is the primary admixture that is commonly used in achieving waterproofing technology.
Geographically, the global waterproofing admixtures market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Of these, Asia Pacific led the pack in 2015 and is expected to continue its dominance throughout the forecast period. The regional market is poised to account for a share of 64% by the end of 2024. This market will be driven by the rising standards of living and improving disposable incomes that are leading to a renewed demand for better waterproofing admixtures.
Renovation and New Constructions Propel Demand for Waterproofing Admixtures
The growing importance of waterproofing any kind of structures to prevent degeneration or damage to them is expected to drive the global waterproofing admixtures market. Permeation of water not only causes damage to the aesthetics but also reduces the lifespan of structures by negatively impacting their durability. Furthermore, persistent water leakage or seepage can increase the maintenance cost of structures too. Thus, to avert these issues in the long term, builders are opting for waterproofing admixtures that offer buildings adequate durability. The booming building and construction industry that closely related to government initiatives is also expected to have a direct impact on the skyrocketing revenues of the global waterproofing admixtures market. In the coming years, the surging demand for the renovation of old structures and new ones is also projected to propel the uptake of waterproofing admixtures.
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Demand for Conventional Waterproofing to Shadow Progress of Global Market
The unwavering popularity of conventional waterproofing methods is expected to weigh down on the global waterproofing admixtures. Established perceptions of traditional waterproofing methods such as lime terracing, bituminous treatment, and box-type waterproofing are expected to slow down the growth rate of global market. Furthermore, limited awareness among consumers about the products available in the global market is also likely to hamper the overall market. Analysts anticipate that the high cost of material will also limit the acceptance of their method and products in the global market.