The market for ASEAN Waterproofing is expected to grow at a CAGR of over 7% during the forecast period. Major factor driving the market studied is increasing government investments on construction projects. On the flipside, geopolitical concerns and volatility of trade and unfavorable conditions arising due to COVID-19 outbreak, are the major restraints, which are expected to hinder the growth of market.
- New emerging markets and applications regarding waterproofing membranes, is expected to offer lucrative opportunities for the growth of market.
- By system type, membranes segment accounted for the largest share, due to their application in roads, railroad bridges, retaining walls, dams, tanks, and others.
- By country, Thailand is expected to dominate the market during the forecast period.
Key Market Trends
Growing Demand of Waterproofing Membranes
- Water proofing membranes are continuous thin layer water-resistant materials, laid over various surfaces, such as terrace, swimming pools, basements and raft slabs, roof gardens, bridges and tunnels, underground car parking, etc.
- Polyurethane membrane offers a durable, robust, and cost-effective waterproofing system solution. Superior hydrophobic properties of polyurethane membranes make them a perfect choice for waterproofing systems in both new and renovation projects,
- Sheet-based membranes are available in the form of rolls. The rolls are unfurled and laid on a fixed surface and is attached to the floor through adhesives or generally blow torches (primarily for loose laid sheets). It is an ideal solution for roofs, parapet walls, and tunnel bridges.
- Bitumen is a black, highly viscous, and very sticky liquid or semi-solid, found in some natural deposits. It is also the byproduct of fractional distillation of crude petroleum.
- Bitumen is known for its excellent properties, such as rheology properties (viscosity, stiffness modulus, complex shear modulus), cohesion, adhesion, and durability. Bitumen asphalt are used for roads, railroad bridges, culverts, retaining walls, tanks, dams, conduits, spray decks, foundations, tunnels, and subways.
- In other circumstances, bitumen asphalts are also used in storm spillways, reservoirs, and for storing contaminated liquids and protecting ground water and soil from the risk of contamination with dangerous substances.
- The aforementioned factors are expected to positively influence the demand for waterproofing systems in the Southeast Asian region during the forecast period.
Thailand to Dominate the Market
- According to IMF data, the GDP of Thailand rose by 2.4% in 2019. However, GDP is expected to dip to reach -6.7% in 2020. The dip is expected to occur owing to the impact of the COVID-19 outbreak, through a decline in external demand affecting trade and tourism, supply chain disruptions and weakening domestic consumption.
- The Thai construction industry is estimated to expand at a significant rate over the next few years, primarily owing to the increasing public and foreign investments in the country’s construction sector. In 2019, the Thai government invested in four major infrastructure projects, namely, Eastern Economic Corridor (EEC), which includes the construction of a high-speed railway network to connect Don Muang, Suvarnabhumi, and U-Tapao International Airports, and invested around EUR 22.8 billion (~USD 25.97 billion) for the same. The U-Tapao Airport and Eastern Aviation City Development Project are in progress, which are government sponsored projects.
- According to the UK ASEAN business council, the government of Thailand is planning to invest around EUR 11.5 billion (~USD 13.10 billion) in double track rail projects, in order to improve the transportation competence. In addition, the government is planning to invest EUR 14 billion (~USD 15.95 billion) in mass transit systems in Bangkok, primarily to expand the network from 110 km to 464 km.
- The above-mentioned factors are likely to drive the demand for waterproofing systems in Thailand during the forecast period.
The ASEAN Superabsorbent Polymers Market is partially consolidated, with the top five players accounting for major share of the market. The key players in the market include, BASF SE, Sika AG, MAPEI S.p.A., Bostik, and Fosroc, Inc.
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