Product Code: 61271
The Global Liquid Applied Membrane Market is expected to register a CAGR of more than 6% during the forecast period (2021-2026).
The market was significantly impacted by COVID-19 in 2020. Several countries were forced to go into lockdown, owing to the pandemic scenario, which led to the shutdown of manufacturing facilities of almost every industry worldwide for a specified time; including that of the construction industry. The commercial construction and infrastructure industries, which are the major consumers of liquid applied membrane, were significantly impacted due to the pandemic. The ongoing scenario then prompted many owners to delay or cancel construction projects for a few months in 2020. According to the Associated General Contractors of America Organization, a decrease of 40%in higher education construction, 38%in public buildings, and 27% in school construction were observed. Still, according to The National Association of Realtors, single-family home is expected to reach 6% in 2021, thus leading to the growth of liquid applied membrane market. Thus, a rise in the residential construction sector and commercial construction will boost the liquid applied membrane market. The COVID-19 outbreak has significantly impacted infrastructure development and the global economy. As per the World Bank Organization, in terms of developing-country infrastructure projects, 256 have been reported as canceled or delayed. The project disruptions in the pipeline peaked in April 2020, but since then, it started to stabilize.
* Over the long run, growing usage of waterproofing membranes to maintain the longevity of buildings, increasing benefits of liquid applied membranes resulting in cost-effective construction, and growing infrastructural and commercial projects in emerging economies are expected to drive the market growth in the forecast period.
* Availability of substitutes such as sheet membranes is expected to hinder the market growth during the forecast period.
* Increasing need for office spaces, amongst other factors, is likely to act as an opportunity for the market studied over the forecast period.
* Asia-Pacific is expected to dominate the liquid applied membrane market; while North America is expected to register the fastest growth through the forecast period.
Key Market Trends
Roofing Application is Expected to Dominate the Market
- The waterproofing of concrete roofs has always been a great challenge to engineers and coating specifiers. With the increased complexity of structural movements, the growing concern for leakages in the concrete structures has carved the need for diverse waterproofing systems for a long time, which in turn facilitated the growth of liquid applied membrane in the global market.
- An effective and durable waterproofing system is critical to ensure the long-term durability of the concrete slabs, as well as to keep maintenance costs low, by avoiding costly repairs.
- Liquid applied membranes that cure to form rubber-like elastomeric waterproof membranes can stretch and return to their original shape without damage. These membranes have found wide acceptance in the roofing market.
- These membranes are applied in roofing by conventional methods, like brush, roller, or single component airless spray, with a single coat yielding around 450-500 microns per coat, with a re-coat window of four hours. They have excellent crack bridging abilities to tackle the structural movements in the concrete. They also possess puncture resistance quality to build landscaping, gardens, and ballast or pavers over them, without undermining the integrity of the waterproofed layer.
- The liquid applied membranes in roofing further offer complete water-tightness with a long life expectancy and minimal maintenance. These membranes are applied without the use of bitumen, open flames, or solvents and do not contain seams or stitches.
- According to Global Construction Perspectives and Oxford Economics, the volume of construction output is expected to reach USD 15.5 trillion worldwide by 2030, with three countries - China, the United States, and India leading the way and accounting for 57% of all global growth.
- In the United States, according to the Mortgage Bankers Association (MBA) forecasts, single-family housing is expected to be around 1.134 million in 2021, and further increase to 1.165 million single-family homes in 2022 and 1.210 million in 2023.
- In India, the office sector has witnessed an absorption of about 29 million square feet (sq ft) in the top five metros, which is about 30% less than the annual absorption of 2019. However, in 2021 the office absorption is expected to rise to around 40.0 million sq ft.
- All such factors are expected to drive the usage of liquid applied membranes in the construction sector through the years to come.
North America to Register the Fastest Growth in the Market
- The North American region is expected to register the fastest growth through the coming years. The United States is the largest market for liquid applied membranes in North America. This is majorly due to the increase in the number of housing projects, growing underground water construction requirements, and rising infrastructural developments in the country.
- Residential construction for single families witnessed steady growth in the states of Florida, Georgia, North Carolina, Washington, Utah, Tennessee, Ohio, California, Idaho, and South Carolina through the recent years. This has led to a significant increase in the demand for liquid-applied membranes in the country.
- However, North America's construction output fell by 6.5% in 2020, largely impacted by the pandemic scenario.
- Nevertheless, huge projects that were underway for some time were nearing completion while others were just getting off the ground, such as those of New York City transit upgradation and Denver International Airport renovation, amongst other projects. The airport will likely have to have to tap into its contingency to finish the project and make a deal with Great Hall, bringing the potential cost of the terminal renovation to USD 770 million.
- Additionally, the country has more than 100 million square feet of space, still under construction for office requirements.
- Therefore, considering the aforementioned factors, the market for the liquid applied membrane is expected to witness high growth in the country during the forecast period.
The liquid applied membrane market is partially fragmented in nature, with no players occupying a significant position in the global market. Some of these major players include MBCC Group, Saint Gobain Weber, SOPREMA SAS, Sika AG, and MAPEI SpA.
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
TABLE OF CONTENTS
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 Growing Usage of Waterproofing Membranes to Maintain Longevity of Buildings
- 4.1.2 Increasing Benefits of Liquid Applied Membranes Resulting in Cost-effective Construction
- 4.1.3 Growing Infrastructural and Commercial Projects in Emerging Economies
- 4.2 Restraints
- 4.2.1 Availability of Substitutes such as Sheet Membranes
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
- 4.4 Porters Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5 MARKET SEGMENTATION
- 5.1 Type
- 5.1.1 Polyurethane
- 5.1.2 Cementitious
- 5.1.3 Bituminous
- 5.1.4 Other Types
- 5.2 Application
- 5.2.1 Roofing
- 5.2.2 Walls
- 5.2.3 Underground and Tunnels
- 5.2.4 Other Applications
- 5.3 Geography
- 5.3.1 Asia-Pacific
- 184.108.40.206 China
- 220.127.116.11 India
- 18.104.22.168 Japan
- 22.214.171.124 South Korea
- 126.96.36.199 ASEAN Countries
- 188.8.131.52 Rest of Asia-Pacific
- 5.3.2 North America
- 184.108.40.206 United States
- 220.127.116.11 Canada
- 18.104.22.168 Mexico
- 5.3.3 Europe
- 22.214.171.124 Germany
- 126.96.36.199 United Kingdom
- 188.8.131.52 Italy
- 184.108.40.206 France
- 220.127.116.11 Russia
- 18.104.22.168 Rest of Europe
- 5.3.4 South America
- 22.214.171.124 Brazil
- 126.96.36.199 Argentina
- 188.8.131.52 Rest of South America
- 5.3.5 Middle East & Africa
- 184.108.40.206 Saudi Arabia
- 220.127.116.11 South Africa
- 18.104.22.168 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 Carlisle Companies Incorporated
- 6.4.2 Dow
- 6.4.3 Fosroc Inc.
- 6.4.4 GAF
- 6.4.5 GCP Applied Technologies Inc.
- 6.4.6 Henry Company
- 6.4.7 Johns Manville (A Berkshire Hathaway Company)
- 6.4.8 KEMPER SYSTEM Ltd
- 6.4.9 MAPEI SpA
- 6.4.10 MBCC Group
- 6.4.11 SOPREMA SAS
- 6.4.12 Saint-Gobain Weber
- 6.4.13 Sika AG
7 MARKET OPPORTUNITIES AND FUTURE TRENDS