October 12, 2022 07:00 ET | Source: FACT.MR FACT.MR
Paris, Oct. 12, 2022 (GLOBE NEWSWIRE) -- Fact.MR’s latest report on the waterproofing membranes market provides a 10-year forecast through 2021 & beyond. The report further explicates crucial dynamics such as drivers, challenges, and opportunities shaping the market. To present the information in a vivid way, the report was segmented into application, end use, and region.
Fact.MR – A Market Research and Competitive Intelligence Provider: The global waterproofing membranes market is expected to be valued at US$ 55 Billion in 2031. The market is likely to exhibit robust growth at a CAGR of 8% during the forecast period (2021-2031).
Rising construction activities is driving the demand for waterproofing membranes worldwide. Additionally, over the last few years, the market has expanded as a result of increasing demand for residential spaces and surging government initiatives to encourage the use of waterproofing membranes in the construction sector.
Besides, ongoing infrastructural development and exponential population expansion are some of the other factors that are set to push the need for more residential and commercial buildings, consequently fueling the market for waterproofing membranes.
The market for waterproofing membranes will be positively impacted by rising government expenditure on commercial and public infrastructure projects, including highways, power plants, water treatment facilities, airports, bridges, hospitals, and schools. Adoption of innovative materials like geomembranes and growing consumer awareness regarding the benefits of these products are predicted to further boost demand in the market in the next ten years.
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In the Middle East and Asia Pacific, there has been an increasing demand for waterproofing membranes for use in wall and roofing applications. Expansion of commercial infrastructure projects in these regions is mainly attributed to growth.
In terms of both value and volume, Asia Pacific is predicted to witness the quickest growth rate in the waterproofing membranes market during the projected period. Demand in the region is primarily emerging from China and India amid rising use of sheet membranes and liquid-applied membranes by governments.
Based on application, the sheet waterproofing membranes category is projected to remain at the forefront owing to rising number of housing and building projects across the globe. Additionally, sheet membranes provide various benefits, including resistance to precipitation & UV rays and ability to support enormous loads. Expansion of the market will also be greatly aided by the recyclable nature of sheet-based membranes.
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The global waterproofing membranes market is highly fragmented, with a significant number of small and medium-sized manufacturers likely to hold lion’s share. These companies are also investing extensively in research and development activities, especially to launch eco-friendly products. They are also adopting various prominent strategies, including expansion of product portfolios, as well as mergers and acquisitions.
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In the latest study, Fact.MR offers a detailed study on global waterproofing membranes market for the forecast period of 2021 to 2031. This study also highlights key drivers promoting the sales of waterproofing membranes through detailed segmentation as follows:
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