India Waterproofing Solutions Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2030

India Waterproofing Solutions Market Analysis

The India Waterproofing Solutions Market size is estimated at 1.18 billion USD in 2024, and is expected to reach 1.81 billion USD by 2030, growing at a CAGR of 7.44% during the forecast period (2024-2030).

India's waterproofing industry is experiencing significant transformation driven by rapid urbanization and infrastructure development. The country's emergence as a key player in the Asia-Pacific region is evident, commanding approximately 8.46% of the regional waterproofing market share in 2023. This growth is further supported by the government's push towards sustainable construction practices and the implementation of stricter building codes. The industry is witnessing a shift towards eco-friendly waterproofing solutions, with manufacturers increasingly focusing on developing products with lower volatile organic compound (VOC) content and enhanced durability.

Technological advancements are reshaping the waterproofing industry landscape, with innovations in membrane technology and chemical formulations leading the way. The industry is seeing increased adoption of hybrid products combining silicone and polyurethane technologies, offering superior performance and enhanced worker safety. These advanced waterproofing solutions are particularly crucial as India positions itself to become the world's third-largest construction market by 2025, with projections indicating the addition of 11.5 million homes annually. Manufacturers are investing in research and development to create products that can withstand diverse climatic conditions while maintaining long-term effectiveness.

The market is witnessing a notable shift in consumer preferences, with growing awareness about the importance of quality waterproofing solutions in construction. This trend is particularly significant as India prepares for substantial urban expansion, with projections indicating that over 40% of the population will reside in urban areas by 2030. The industry is responding by developing specialized solutions for different applications, from foundation waterproofing to roof protection, with an increased focus on preventive maintenance rather than reactive repairs.

Regulatory frameworks and standardization efforts are playing a crucial role in shaping the waterproofing market in India. The Bureau of Indian Standards (BIS) continues to update and implement new standards for waterproofing materials, ensuring consistency and reliability in product quality. The industry is also adapting to new environmental regulations, with a particular focus on developing sustainable solutions that align with green building certifications. This regulatory environment is fostering innovation while ensuring that waterproofing solutions meet the demanding requirements of modern construction projects, especially considering the anticipated demand for 25 million additional affordable housing units by 2030. The focus on building envelope and moisture protection is increasingly critical in these developments.

India Waterproofing Solutions Market Trends

India’s Grade A office market is expected to reach 1.2 billion sq. ft by 2030 and is likely to drive the demand for the commercial construction sector

• In 2022, India's new commercial floor area saw a 6.2% volume growth compared to 2021. The retail sector, particularly in the top seven cities (Delhi NCR, Bangalore, Hyderabad, Mumbai, Pune, Chennai, and Kolkata), witnessed robust demand, adding over 2.6 million sq. ft of mall space, a 27% increase from 2021. Looking ahead to 2023, the sector's new floor area is expected to surge by 38 million sq. ft, driven by a surge in foreign direct investment (FDI) fueling the need for new offices, retail outlets, and other facilities. Notably, the FDI equity inflow for construction development in 2023 was projected to hit USD 96 million.
• In 2020, India's commercial new floor area plummeted by 68.3% in volume compared to 2019. This decline was primarily due to a nationwide lockdown imposed by the government, which disrupted ongoing projects, strained supply chains, and impacted labor availability. However, as restrictions eased in 2021, the country witnessed a significant rebound, with the new floor area surging by approximately 526 million sq. ft. Additionally, 2021 saw a notable uptick in green building initiatives, with around 55% of commercial projects embracing sustainability, further bolstering the demand for the sector.
• Looking ahead to 2030, India's commercial new floor area is projected to hit 358 million sq. ft, a significant jump from 2023. This surge drives a growing appetite for shopping malls, office spaces, and other commercial facilities. For instance, India's Grade A office market in the top seven cities is set to expand to 1 billion sq. ft by 2026 and further to 1.2 billion sq. ft by 2030. Consequently, the country's commercial new floor area is poised to witness a robust CAGR of 5.26% during the forecast period.

Rise in demand for housing units and increasing real estate sector to boost residential sector demand

• In 2022, India witnessed a 9.4% growth in residential floor area, outpacing the previous year. The demand for housing in the country surged, with the top seven cities (Delhi NCR, Bangalore, Hyderabad, Mumbai, Pune, Chennai, and Kolkata) collectively adding approximately 402,000 new units, marking a 44% increase from 2021. In Q1 2023, housing sales in these cities reached 1.14 lakh units, a staggering jump of over 99,500 units from the previous year. Consequently, it was projected that the residential new floor area in India would expand by approximately 71 million sq. ft in 2023 compared to 2022.
• In 2020, the residential sector in India faced a setback, witnessing a 6.25% decline in new floor area compared to the previous year. This decline was attributed to the nationwide lockdown, disruptions in the supply chain, labor shortages, reduced construction productivity, and a dip in foreign investments. However, in 2021, the Indian residential real estate market rebounded, adding around 163,000 new residential units across the top seven cities. This surge translated into a significant increase of about 649 million sq. ft in the residential sector's new floor area in 2021 compared to 2020.
• Looking ahead, the residential sector in India is poised to exhibit a CAGR of 2.95% in terms of volume from 2023 to 2030. This growth can be attributed to sustained housing demand, increased investments, and favorable government policies. Notably, by 2030, it is projected that over 40% of India's population will reside in urban areas, driving a demand for approximately 25 million additional affordable housing units. Furthermore, by 2030, the residential real estate market is expected to hit 1.5 million units in key cities, further fueling the demand in the sector.

OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT

Segment Analysis: End Use Sector

Residential Segment in India Waterproofing Solutions Market

The residential sector dominates the India waterproofing solutions market, commanding approximately 32% market share in 2024, driven by sustained housing demand and favorable government policies. The sector's prominence is reinforced by India's ambitious trajectory to become the world's third-largest construction market by 2025, with plans to add 11.5 million homes annually and achieve a market value of USD 1 trillion. The segment's robust growth is further propelled by rapid urbanization, with projections indicating that over 40% of India's population will reside in urban areas by 2030, creating demand for around 25 million additional affordable housing units. This urbanization trend, coupled with increasing awareness of roof waterproofing and government initiatives like the Pradhan Mantri Awas Yojana (PMAY), is expected to drive the segment's growth at approximately 9% through 2029, making it the fastest-growing segment in the market.

Remaining Segments in End Use Sector

The infrastructure sector represents the second-largest segment in the market, benefiting from increased government spending on various construction projects and the National Infrastructure Pipeline (NIP). The commercial sector maintains a significant presence, driven by the expansion of office spaces, retail establishments, and hospitality sectors across major metropolitan areas. The industrial and institutional sector, while smaller in market share, plays a crucial role in the overall market dynamics, supported by growing industrialization and the establishment of educational and healthcare facilities. These segments collectively contribute to the market's diverse application landscape, with each serving specific construction needs and benefiting from India's broader economic development and urbanization initiatives.

Segment Analysis: Sub Product

Membranes Segment in India Waterproofing Solutions Market

The membrane waterproofing segment dominates the India waterproofing solutions market, commanding approximately 66% market share in 2024. This significant market position can be attributed to membranes' widespread use in commercial and industrial constructions due to their flexible, sturdy, elastic, and tear-resistant properties. The segment is also experiencing the fastest growth trajectory, driven by increasing recognition of waterproofing's role in enhancing structural integrity and extending building lifespan. Leading membrane manufacturers are increasingly focusing on sustainable offerings with low volatile organic compound (VOC) content, aligning with the broader push for green buildings and roofs. The segment's growth is further bolstered by its extensive application in parking lots, roofs, and other commercial construction activities across India.

Chemicals Segment in India Waterproofing Solutions Market

The waterproofing chemicals segment plays a crucial role in the Indian waterproofing solutions market, offering non-flammable and non-hazardous solutions that don't produce toxic vapors when exposed to fire. These chemicals are extensively utilized in structural repairs, restoration, abrasion-resistant flooring, and enhancing flexural and tensile strength while reducing shrinkage and water permeability. The segment encompasses various technologies including epoxy-based, polyurethane waterproofing, and water-based solutions, each serving specific application needs in the construction industry. Water-based chemicals, in particular, have gained significant traction due to their eco-friendly properties and effectiveness in applications such as pitched roofs, concrete storage tanks, and coastal structures.

Free With This Report

We provide a complimentary and exhaustive set of data points on global and regional metrics that present the fundamental structure of the industry. Presented in the form of 24+ free charts, the section covers rare data on newly built floor area, infrastructural spending, and existing construction floor area across residential, commercial, industrial and institutional sectors.