Waterproofing is making a structure or an object completely water-resistant or impervious to water. Waterproof coatings are used to keep objected unaffected by water under specified conditions. Such coating is used in wet environments or for objects underwater to certain depths. Waterproof coatings find application in various industries such as automotive, building and construction, chemical, marine, and furniture. In the market, there is a wide range of waterproof coating materials available such as polyvinyl chloride, Hypalon, EPDM rubber, and more. Moreover, waterproof coating is used to protect the surface from moisture penetration, especially in the damp areas where water vapors are major issues.
Global waterproof coatings market size is projected to expand significantly during the forecast period (2019-2027), owing to growing use of waterproof coatings in various industries. Growing population and rapid urbanization around the world have increased the demand for waterproof coatings, which in turn will aid in growth of the market. Furthermore, significant growth in paints and coatings market is expected to boost the market growth during the forecast period. Moreover, increasing commercial and residential infrastructure around the world is expected to boost the demand for waterproof coatings and thereby drive growth of the market. Waterproof coatings find applications in various industries including energy, marine, electronics, and more. Growing use of waterproof coatings in these industries is expected to boost its demand and hence fuel market growth in the near future. Expanding automotive and furniture industry is expected to increase the demand for waterproof coatings and therefore, will propel growth of the market during the forecast period.
However, increasing cost of raw materials and stringent regulations by government authorities is expected to restrain growth of the global waterproof coatings market during the forecast period.
Market Regional Analysis
Asia Pacific is projected to account for major market share in the global waterproof coatings market during the forecast period. This is owing to rapid industrialization and growing urbanization in emerging economies such as India and China. Moreover, increasing disposable income of individuals along with growing population in the region are some other factors supporting growth of the market. North America is expected to witness significant growth during the forecast period, owing to rising infrastructure activities in the region. Construction activities in the U.S. have increased significantly, which is attracting market players around the world and thereby supporting market growth.
Major players operating in the global waterproof coatings market are Dampney Company, The Valspar Corporation, PPG Industries, Sherwin-Williams Company, BASF SE, and Flosilchemical, Dampney Company