Market Trends of Waterproofing Admixture Industry
This section covers the major market trends shaping the Waterproofing Admixture Market according to our research experts:
Increasing Usage in the Residential Construction
The residential sector is likely to serve as the major application in the waterproofing admixture market. Increasing construction of new residential buildings owing to the rise in disposable income of the middle class is expected to drive the waterproofing admixture market.
Superior properties of waterproofing admixture such as reduced maintenance cost and increased durability will boost the market studied. In the residential construction industry waterproofing admixture is used to prevent water penetration in concrete and improve concrete cohesion capacity.
The waterproofing admixture also offers various others benefits such as long-lasting protection, is useful in corrosive environments, and cannot be damaged or torn during the backfill.
According to the United Nations (UN), around 50% of the global population resides in urban cities, which is projected to increase to 68%, by 2050. The pace of economic and demographic growth must be in harmony with the demand for residential construction activities.
Furthermore, by 2030, about 40% of the population worldwide is likely to need housing at the rate of over 96,150 houses per day. Hence, with the growth of the residential sector, the use of waterproofing admixture is likely to increase.
Owing to all these factors, the market for waterproofing admixture is likely to grow globally during the forecast period.
Asia-Pacific Region to Dominate the Market
The Asia-Pacific region is expected to dominate the market. In the region, China is the largest economy, in terms of GDP. China and India are among the fastest emerging economies in the world.
The construction industry in Asia-Pacific is expected to become the largest and the fastest-growing industry globally, with over 45% share of global construction spending coming from the region. Construction output in Asia-Pacific is estimated to reach USD 7.4 trillion by 2030, according to an Oxford Economics report.
China dominates the construction industry in the Asia-Pacific region. The Chinese construction industry depicted significant growth over the years. China's construction market witnessed the slowest growth of just over 1% in 30 years in 2020. In 2020, the construction industry in China was valued at USD 1,049.19 billion. However, major government spending, especially focused on infrastructure has resulted in a rebounding of construction activity in 2021.
India's construction industry is expected to grow due to increased demand for infrastructure projects and real estate. FDI in the construction sector stood at USD 26.17 billion between April 2000 to December 2021, according to the Department for Promotion of Industry and Internal Trade (DPIIT). In the fiscal year 2021, infrastructure activities amounted to over 13% share of the total Foreign Direct Investment (FDI) inflow in the country. Besides, in the union budget 2021, the Indian government announced the allocation of USD 32.02 billion to transport infrastructure.
Owing to the sudden rise in the residential construction and projects related to the Tokyo Olympics 2021, the Japanese construction sector remained positive in terms of short-term growth. Additionally, Increasing investments in public infrastructure, renewable energy infrastructure, and commercial projects, the construction sector in the country is expected to record growth at a moderate pace during the forecasted period.
Due to all such factors, the market for waterproofing admixture in the region is expected to have a steady growth during the forecast period.
