Global Waterproof Coating Market 2023-2030

Global Waterproof Coating Market 2023-2030

Global Waterproof Coating Market Size, Share & Trends Analysis Report by Type (Emulsion and solvent), by Application (Construction, Automotive, Furniture, Electronics and Others), Forecast Period (2023-2030)

The global waterproof coating market is anticipated to grow at a CAGR of 5.2% during the forecast period (2023-2030). Waterproof coatings play a crucial role in protecting objects from water damage and preventing water saturation under specific conditions. These coatings find applications in various industries, including chemicals, furniture, automobiles, and building & construction. As a result, market players are heavily investing in the development and implementation of waterproof coating solutions to gain a competitive edge and drive overall market growth. For instance, in January 2023, Unilin Technologies and Kastamonu Entegre joined their forces to extend their licensing cooperation, incorporating the waterproof technology Unicoat. With kastamonu’s adoption of the Unicoat technology, this new agreement Kastamonu becomes the first flooring manufacturer in Turkey to sign a license agreement for the coating technology developed by Unilin. With the adoption by Kastamonu, some of the industry's largest players in North America, Europe, and Asia will now utilize this advanced waterproofing solution.

The expansion of waterproof coating applications is set to benefit a wide range of industries, as these coatings enhance the durability and longevity of products, minimizing water-related damage and increasing overall performance. As more companies embrace these technologies, the market for waterproof coatings is expected to witness continued growth and global adoption.

Segmental Outlook

The global waterproof coating market is segmented on the type, and application. Based on the type, the market is sub-segmented into Emulsion and solvent. Based on the application, the market is sub-segmented into construction, automotive, furniture, and electronics and other which includes transportation. Among the application, the furniture sub-segment is anticipated to hold a considerable share of the market owing to the rise in demand for waterproof furniture in industries as well as normal households.

The Construction Sub-Segment is Anticipated to Hold a Considerable Share of the Global Waterproof Coating Market

Among the applications, the construction sub-segment is anticipated to hold a significant share of the global waterproof coating market. This growth can be attributed to the increasing population and rapid industrialization, leading to a higher demand for waterproof building solutions in various industries. Moreover, there is a rising need for superior quality and waterproof constructions. For instance, in October 2022, Unilin Technologies, the IP division of Mohawk Industries, further strengthened its position in the market by expanding its patent portfolio on waterproof edge-coatings for MDF and HDF based boards. This move includes the granting of an additional US patent on the 18th of October 2022, which adds to the already substantial US and European patent portfolio.

The growing adoption of waterproof coatings in the construction industry is driven by the need for durable and water-resistant structures that can withstand various environmental conditions. As a result, the waterproof coating market is expected to witness significant growth in the coming years, fueled by increasing demands across diverse sectors.

Regional Outlook

The global waterproof coating market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, the North America region is anticipated to hold a prominent share of the market across the globe, owing to increasing demand for waterproof solution due to climate change causing heavy rain and rise in frequency of cyclones in the region.

Global Waterproof Coating Market Growth by Region 2023-2030

Source: OMR Analysis

The Asia-Pacific Region is Expected to Grow at a Significant CAGR in the Global Waterproof Coating Market

Among all the regions, the Asia-Pacific regions is anticipated to grow at a considerable CAGR over the forecast period. The regional market growth is attributed to the region's harsh climatic conditions, which include a high frequency of rain in this belt as well as the urban construction of waterproof structures. Also due to uncertainties in the region such as severe rain, flood, cyclone and storm, which have an influence on demand, countries like as India and China are high demand areas, expanding the opportunity for the waterproofing industry. Waterproofing was most widely used to protect roofs which are especially vulnerable to the changing climates, water, and chemical damage. Hence, the companies are focusing on introducing better and improved solutions in the region due to presence of large number of competitors. For instance, in August 2022, Asian paints launched Asian Paints ‘SmartCare Hydroloc’ the company’s interior waterproofing champion. Hydroloc is a ready-to-use interior waterproofing solution that can be applied effortlessly sans hassle. Unlike conventional solutions that involve the hassle of breakage of plaster and doing civil work, SmartCare Hydroloc can be applied directly at plaster level, thus fixing the problem with minimum effort.

Market Players Outlook

The major companies serving the waterproof coating market include Polycoat Products, Nanotech Coatings, the Valspar Corp, neverwet, LLC, Chemistik pvt. Ltd., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in November 2021, Nuvoco Vistas corp. launched Zero M Water Shield 2k and Zero M Speedex Tile Grout in a virtual event. Developed at the Nuvoco construction development and innovation centre, the products are ready to use and are designed to provide excellent resistance to water ingress.

Further, in June 2023, Fosroc introduced Polyurea WH 100, a product which gives many benefits to a wide range of roof waterproofing applications. Its hand-applied application makes it very easy to install which is especially beneficial in flat roof applications where detailing can be tricky and spray equipment might not be available.

In August 2022, BASF and Nippon Paint China, the leading coatings manufacturer, jointly launched an eco-friendly industrial packaging, which has been adopted by the Nippon Paint dry-mixed mortar series products. With BASF's water-based acrylic dispersion Joncryl High-Performance Barrier (HPB) as the barrier material, the new packaging material is commercialized for the construction dry mortar products of Nippon Paint. It is the first time BASF’s water-based barrier coatings will be used in industrial packaging in China.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global waterproof coating market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.