Posted On: 2021-05-19
Sheet waterproofing acquired the largest revenue share in the waterproofing market of the Middle East and Asia Pacific region in recent years – 6Wresearch.
The Middle East and Asia Pacific waterproofing market witnessed a modest decline during the period 2017-2020 owing to the global pandemic situation caused by the outbreak of coronavirus in 2020 which led to the closure of all construction operations, business operations and manufacturing units and disrupted the demand and supply of waterproofing due to the government imposed nation-wide lockdown in all the concerned countries. However, recovery is expected in market revenues from 2021 onwards, with a gradual lifting of lockdown restrictions, re-opening of international borders and thereby resumption of economic activities, business, trade and industry which in turn, would bring in the flow of foreign investment along domestic, public and private investments in the construction industry of both the regions and thus contribute to the growth of waterproofing market in upcoming years.
According to 6Wresearch, the Middle East and Asia Pacific Waterproofing Market size is projected to grow at a CAGR of 10.4% during 2021-2027F. The primary reason for the growth in the Middle East and Asia Pacific waterproofing industry can be attributed to the ongoing and upcoming infrastructure, residential, commercial, hospitality, healthcare projects such as Dubai Smart City Project, replacement of the capital of Egypt Cairo, West Container Terminal of Colombo Port of Sri Lanka, Nagdhunga-Naubise tunnel road project of Nepal, Hazrat Shahjalal International Airport Expansion of Bangladesh, among others. Furthermore, UAE has emerged as one of the major contributors to the waterproofing market revenues in the Middle East and Asia Pacific region on account of several initiatives launched by the UAE government such as Dubai’s Industrial Strategy 2030, Plan Abu Dhabi 2030, Fujairah Plan 2040, which aims at developing and strengthening public sectors such as housing, transportation, infrastructure, tourism, and retail, thus creating a huge potential for waterproofing market in the country.
According to Bhawna Singh, Research Associate, 6Wresearch, “Based on types, sheet waterproofing has emerged as a major market revenue shareholder in the Middle East and Asia Pacific waterproofing market in 2020 as it possesses properties to withstand extreme stress and aggressive ground conditions. Additionally, sheet waterproofing has high durability in respect of dynamic weather conditions and are applied in basements, below-grade areas and other concrete structures.
Moreover, on the back of rising infrastructure projects in the regions, supported by the countries’ economic diversification and wide applicability across various domains such as commercial, residential, industrial, among others, to provide protective backing on both sides, allowing work to continue in the space as the membrane bonds to the substrate, the sheet waterproofing market is anticipated to grow in the years to come. Additionally, due to its capacity to cover cracks and gaps more effectively, the demand for sheet waterproofing would increase in the Middle East and Asia Pacific region in the upcoming years.” Bhawna further added.
According to Akshay Kumar, Research Associate, 6Wresearch, “The roofs and balconies application garnered the majority of the market revenue share during the year 2020 and the same trend is anticipated to persist over the coming years due to the widespread usage of waterproofing in residential and commercial buildings as the roofs and balconies are more prone to the harsh weather conditions like rains, hailstorm, UV rays, and more. Additionally, the need for waterproofing these areas become a priority due to rising consumer awareness towards the water entering the seepages and cracks and affecting the life of the buildings, thereby contributing to the increase in demand for waterproofing in roofs and balconies segment.
Moreover, the rising number of government initiatives such as Dubai 2040, Egypt Vision 2030, Dubai Economic Strategy 2030, Qatar Vision 2030, Sri Lanka National Physical Planning Policy & the Plan for 2017–2050, Nepal Development Vision 2030, among others would give a tremendous boost to the construction outlook of residential, healthcare, transportation, hospitality, and commercial sectors of these countries thereby contributing to the growth of the usage of waterproofing in the roofs and balconies domain in the Middle East and Asia Pacific in coming years.”, Akshay further added.
“The Middle East and Asia Pacific waterproofing market (2021-2027F)” report provide in-depth analysis with 96 figures and 65 tables, covered in 209 pages. The report estimates and forecasts the Middle East and Asia Pacific waterproofing market by types, application, and countries. The report provides an unbiased and detailed analysis of the ongoing trends, opportunities/ high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.