ASEAN Waterproofing Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2029)

The ASEAN Waterproofing Market size is estimated at USD 517.28 million in 2025, and is expected to reach USD 727.88 million by 2030, at a CAGR of 7.07% during the forecast period (2025-2029).

The market has been negatively impacted by the COVID-19 outbreak in 2020, considering government-imposed lockdowns in various countries. Such factors temporarily stopped construction activities in the ASEAN region. However, the market recovered in 2021 and is expected to grow significantly in the coming years.

Key Highlights

• Increasing government investments in construction projects and superior properties compared to existing alternatives are expected to drive market growth during the forecast period.
• Factors like limitations of liquid-applied membranes, geopolitical concerns and the volatility of trade are likely to hinder the growth of the market.
• New emerging markets and applications for waterproofing membranes and other opportunities are projected to create market opportunities.
• By country, Indonesia is expected to dominate the market during the forecast period.

ASEAN Waterproofing Market Trends

Roofing and Walls Segment to Dominate the Market

• Commonly employed in both residential and commercial buildings, cementitious waterproofing serves to safeguard roofs and walls. This method stands out as an effective, cost-efficient, and adaptable solution, ensuring robust protection against water damage.
• In roofing applications, professionals commonly utilize liquid-applied membranes derived from acrylics, polyurethanes, polymethyl Methacrylate (PMMA), and polyurea. Additionally, roofing applications also employ sheet membranes crafted from styrene-butadiene-styrene (SBS), polyethylene (PE), polyvinyl chloride (PVC), thermoplastic polyolefin (TPO), among others.
• While aesthetics often take center stage in building design, their longevity hinges on effective waterproofing of roofs and walls. Each year, numerous households and commercial buildings face challenges due to insufficient waterproofing. However, timely intervention can prevent significant water-related damage.
• In November 2024, Danang unveiled four significant commercial housing initiatives in Vietnam.
• The inaugural project, Olalani Riverside Towers, is situated in the Nai Hien Dong ward of the Son Tra district. United First JSC commenced construction in June 2024, with plans for 1,425 apartments and 113 single-family homes.
• The second initiative is an apartment complex located at Lots B4-1 and B4-2 in the tourism-service zone of My An ward, Ngu Hanh Son district. Cu Lao Cham Investment Tourism Trade JSC is spearheading this project, which will feature 679 apartments.
• As of November 2024, the Ministry of Housing and Local Government (KPKT) has built and refurbished 5,000 homes since 2023. This initiative received a total allocation of MYR 91.15 million (~USD 19.95 million), with MYR 40.81 million (~USD 8.96 million) disbursed in 2023 and MYR 50.34 million (~USD 10.99 million) in 2024. Looking ahead to 2025, the government plans to allocate nearly MYR 60 million (~USD 13.10 million) for refurbishing old homes and constructing new ones, aiming to address urban poverty.
• As of May 2024, Thailand’s Board of Investment (BOI) has granted investment privileges to new residential projects aimed at low-income individuals. Applications for these privileges must be submitted to the BOI by the end of 2025.
• These factors underscore the growing demand for waterproofing in both residential and commercial buildings, propelling the waterproofing market's growth during the forecast period.

Indonesia to Dominate the Market

• Urbanization, infrastructure development, and heightened awareness of waterproofing solutions are propelling the growth of Indonesia's waterproofing market. The construction boom, especially in residential and commercial sectors, coupled with government initiatives to uplift infrastructure and housing standards, are the primary catalysts.
• The market boasts a wide array of products, spanning membrane-based, cementitious, and liquid-applied solutions.
• Key players in the arena include Sika Indonesia, Saint-Gobain, and Fosroc Indonesia. Notably, Sika derives 85% of its turnover in Indonesia from traditional “mom-and-pop” stores. The company's focus is on waterproofing products and mortars for floors and walls. These categories dominate all stores. Given Indonesia's heavy rainfall, the company's waterproofing solutions are perfectly tailored for this market. Thus, Sika's brand enjoys significant recognition across Indonesia.
• Indonesia stands out as one of Southeast Asia's largest and fastest-growing markets, with infrastructure development, urbanization, and housing projects driving a surge in demand for waterproofing solutions. Notably, the Indonesian government has earmarked approximately USD 1 billion to its ambitious program of constructing one million housing units nationwide.
• Sequoia Hills Sentul Residential Development: Spanning 95 ha in Bogor, West Java, Indonesia, this residential project kicked off in Q4 2023 and is slated for completion in Q1 2027.
• Data from the Ministry of Investment / Indonesia Investment Coordinating Board (BKPM) reveals that in 2023, foreign direct investments in specialized construction in Indonesia reached about USD 115.6 million, while building construction attracted around USD 46 million. The nation boasted approximately 143.66 thousand active small construction establishments, underscoring the industry's growth, largely fueled by escalating infrastructure projects.
• The construction sector received a significant boost when the government announced its capital shift to Nusantara on Borneo Island, a move to alleviate the overcrowded and sinking Jakarta. In line with this, the government invested IDR 32 Billion (~USD 1.92 billion) in infrastructure construction in 2023.
• As of September 2024, South Korea is injecting USD 690 million into Indonesia’s ambitious underwater tolled tunnel project. This tunnel will link to the new capital, Nusantara, and is a pivotal segment of the 47 km expressway connecting to Balikpapan’s Sepinggan International Airport. Managed by Indonesia’s Ministry of Public Works and Housing (PUPR), the project, with a total cost of USD 736.6 million, is set to commence construction at the end of 2024.
• These infrastructural developments and investments are set to significantly boost the demand for waterproofing solutions in Indonesia.

ASEAN Waterproofing Industry Overview

The ASEAN Superabsorbent Polymers Market is partially consolidated, with the top five players accounting for a major share of the market. The key players in the market (not in any particular order) include Sika AG, Saint-Gobain, Fosroc, Inc., MAPEI S.p.A., and Arkema (Bostik) among others.

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