The global 1K cementitious waterproofing mortar market is expected to grow at a CAGR of 3.7% during the forecasting period (2023-2030)
1K cementitious waterproofing mortar is used to stick building blocks such as bricks, stones and other similar building materials together. It is reinforced with admixtures, binders and other additives to improve tensile strength, adhesion, toughness, and chemical resistance. As an economically sustainable solution, companies in the residential and industrial construction industries are switching to one-component waterproofing systems
Because one-component systems produce less waste and are easier to handle; adoption patterns are trending upward. During the projected period, research will continue to play an essential role in developing 1k cementitious waterproofing mortar
One of the most noticeable global trends is urbanization, in which governments invest resources in the construction of new buildings and megastructures. The huge increase in construction projects has fueled demand for effective waterproofing and surface protection systems
North America contributed the highest market revenue share of 48.27% in the year 2020. The construction industry in the region is anticipated to expand rapidly during the forecast period, contributing to the highest market growth
China has the world's largest construction industry and the U.S. is among top 3. During the forecast period, residential construction in these countries is expected to rise slowly but steadily. During the forecast period, the residential and non-residential construction sectors are expected to grow rapidly, further contributing to the market growth
Market Dynamics
Drivers
- Increasing urbanization and growing construction industry
- Growing demand for single component and rising demand of the product in different applications
Restraints
- Fluctuation in raw material pricing
Increasing urbanization and growing construction industry
According to UN World Urbanization Prospects, approximately 4 billion people live in urban areas. It is expected to reach 7 billion by 2030 due to rising living standards leading to the migration oliverom rural to urban areas aryanization is raising the need for new buildings and infrastructures. Furthermore, according to the Institution of Civil Engineers, the volume of construction output would grow by 85% to $15.5 trillion worldwide by 2030, and in 2021, Asia-Pacific is expected to have the highest growth in construction industry globally
As per the studies, the construction industry grew to US$ 12 trillion in 2019, before the coronavirus pandemic and is expected to grow 3% YoY after 2020. It comprises real estate developments, both residential and commercial, as well as infrastructure and industrial constructions
Population expansion in emerging countries, infrastructure upgrades in developed countries, the tendency toward increased residential construction, and planned investments in renewables and telecommunications are all the possible factors adding to the growing construction industry market
Therefore, rising construction activities increase the use of 1K cementitious waterproofing mortar due to its properties such as high tensile strength, adhesion and ease of use. Moreover, the easy availability of the 1K cementitious waterproofing mortar is stimulating market growth
Geographical Analysis
North America is one of the largest regional markets in the global 1K cementitious waterproofing market, estimated to account for a share of XX% in 2020
The North American construction market exhibited very healthy growth momentum in recent years. Investments in commercial buildings remained steady in the U.S., the largest market in the North American region. However, in Canada, this market benefited from the high demand for mineral resources
Increasing requirement of commercial infrastructure development and need for maintenance of old buildings in North America are some of the major driving forces that are propelling the growth of the 1K cementitious waterproofing market gradually from US$ 1,804.66 million in 2020 to US$ 2,238.31 million in 2028 with a growth rate of 3.0% in the forecast period
The ongoing strongest momentum in Concrete, Refurbishment, Roofing, Sealing & Bonding, and the distribution business is driving the market growth in this region
Global companies are investing in this region in terms of partnerships, acquisition and collaborations. For instance, Sika AG, a leading manufacturer of construction-related chemical products, to achieve a further expansion, acquired Parex in 2019, which further completes Sika AG product portfolio and provides new business opportunities in interior finishing and facades
The need for improvement and maintenance of old infrastructures in U.S. is driving the growth of the 1K cementitious waterproofing market gradually from US$ 1,617.16 million in 2020 to US$ 1,988.78 million in 2028 with a growth rate of 2.9% in the forecast period
In U.S.Approximately US$ 20 trillion is the cumulative size of infrastructure of roads, bridges, freight rail, ports, electrical grids and internet provision. However, the construction in place at present was built decades ago and according to economists, the delays and rising maintenance costs are restraining economic performance back
Many civil engineers are concerned that many bridges are structurally lacking and that outdated municipal drinking water and wastewater treatment systems create risks to public health
For instance, in 2014, the U.S. Government Accountability Office "National Bridge Inventory (NBI) data" finds that almost one in four bridges are deficient, with 10% categorized as structurally defective and 14% categorized as functionally outdated; a recent study is not conducted on the same till yet
Although America's airports carry the most passengers among all countries globally, its aviation infrastructure is also over-stressed, with some 20% of all arrivals and departures delayed in 2019, as per Department of Transportation's Bureau of Transportation Statistics. The high requirement of improving the infrastructure level in U.S. is expected to strengthen the 1K cementitious waterproofing market in this country
The growing government initiatives for healthy and green life in Canada are driving the growth of the 1K cementitious waterproofing market gradually from US$ 129.57 million in 2020 to US$ 167.03 million in 2028, with a growth rate of 3.6% in the forecast period
Through the Investing in Canada Plan, introduced in 2016, the Government of Canada committed over US$ 180 billion over 12 years for infrastructure that benefits Canadian citizens from energy systems, public transit, broadband networks, trading ports, community services and natural spaces
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