Water-proofing is making an object virtually impervious to water. Water-proof coatings help objects remain unaffected by water and resist the ingress of water under specified conditions. Such items can be used in wet environments and under water to specified depths. Objects applied with waterproof coatings are resistant to penetration by water and wetting. Water-proof coatings have applications in various industries such as building & construction, automobiles, furniture and chemical industries among others.
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Demand for water-proof coatings have been increasing mainly due to rapid industrialization and continued recovery of the global economy. Development of unique formulation technologies and products is expected to boost the market in the next few years. Water-proof coatings dominate the paints and coatings market. Residential and commercial infrastructures are the major end-users for water-proof coatings. At the same time, automotives & aviation generate the largest revenue for the water-proof coatings market. Water-proof coatings are also in high demand in marine, energy and electronics, among others.
Asia Pacific accounted for the largest market share in terms of demand for water-proof coatings. Europe held the second largest market, followed by North America. Growing infrastructure activities coupled with lower operating costs encouraged major capacity additions of coatings in the region. Growth of the building & construction market is due to urbanization and changing lifestyles in emerging economies such as Brazil, China and India. Rising population and changing lifestyles of consumers have been driving the market and are expected to continue to do so in the next few years as well. Asia Pacific has experienced dynamic economic growth in the past decade. This trend is expected to continue in the next few years. Growth in economy has led to development of the building & construction industry in the region along with the overall living standards. With recovery in the world economy, enhanced construction activities are likely to be carried out globally. This growth in construction activities is anticipated to trigger the demand for water-proof coatings used in building & construction activities. Water-proof coatings are used for interior as well as exterior applications. They are used to enhance aesthetics of products and provide more protection to them. The U.S. recently experienced an increase in construction activities due to the revival of its economy from recession. Demand for new houses has almost reached the pre-recession levels. This is likely to lead to a rise in construction activities in the U.S. and would subsequently increase the demand for water-proof coatings. Industries such as electronics and automotive are the fastest growing markets in India and China. These are expected to witness high demand for water-proof coatings in the near future.
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Manufacturers have turned their attention towards water-proof coatings as they provide an economical option to other coatings. Other coatings are affected by fluctuating prices and unstable supply. Japan is likely to witness a significant rise in demand for water-proof coatings as earthquake reconstruction efforts gain momentum. The water-proof coatings market is also forecast to grow in mature markets such as the U.S. and Europe where manufacturers focus on product differentiation through various technologies to gain competitive advantages.
Key players in the water-proof coatings market are Key players include PPG Industries, The Valspar Corporation, BASF SE and, Flosilchemical, Dampney Company, Sherwin-Williams Company among others.
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