Market Insights
Bitumen or asphalt is found in deposits such as oil sands or can be obtained from the distillation of crude oil refineries. It is widely used on road pavements, parking lots, and footpaths. In the construction and infrastructure industries, bitumen is modified with polymers to enhance its performance as a waterproofing material. Bitumen is a by-product that remains after crude oil distillation, which makes it economical. Its versatility due to its viscoelastic and thermoplastic characteristics makes it a widely used waterproofing material.
Bitumen is the largest waterproofing type among all and accounts for more than two-thirds share of the total waterproofing market. As urbanization and infrastructure development continue to increase globally, there is a growing need for high-quality and reliable waterproofing solutions. Additionally, technological advancements in the manufacturing of bitumen waterproofing materials have led to the development of more efficient and cost-effective products. This has helped to boost demand and increase adoption rates. However, the bitumen waterproofing industry also faces some challenges, such as the fluctuation of crude oil prices and the increasing adoption of alternative waterproofing materials, such as polyurethane and PVC. The bitumen waterproofing industry is evolving and adapting to changing customer needs and industry trends is the key to retaining its leading position.
The bitumen waterproofing market is estimated to grow at a healthy CAGR of 5% during the forecast period to reach a value of US$ 37.4 billion in 2028. The waterproofing industry has relatively low capital investment, is less technology-intensive, has a mature, and easy production process, and the overall entry threshold is low which makes it easier for small and mid-sized companies to enter the industry, making it a highly fragmented industry. Increasing concentration on quality structure and the growing construction and infrastructure industries are accelerating the demand for waterproofing materials.
Recent Market JVs and Acquisitions:
The market has recorded a fair number of M&A activities over the years. Bitumen waterproofing is a relatively more fragmented market compared to the overall waterproofing market. There have been a significant number of mergers and acquisitions in the industry. For instance, Sika acquired Index Construction Systems and Products in 2022. The acquisition expanded Sika’s bitumen product range and boosted its position both in the Italian and overseas regions.
Segments' Analysis
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Segmentations
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List of Sub-Segments
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Dominant and Fastest-Growing Segments
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Material-Type Analysis
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APP, SBS, and Others
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APP is expected to remain the dominant material type during the forecast period.
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Product-Type Analysis
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Sheet Membrane, Liquid Membrane, and Coating,
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Sheet Membrane is likely to remain the largest segment by product type in the years to come.
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Application-Type Analysis
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Roofing & Walls, Building Structures, Industrial, Water & Wastewater Management, Tunnels, and Others
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Roofing & Walls are expected to maintain their dominance during the forecasted period.
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End-User -Type Analysis
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Commercial, Residential, and Others
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Commercial end-user segment to dominate the market during the study period.
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Construction -Type Analysis
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New Construction and Repair & Renovation
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Repair & Renovation to dominate the market during the study period.
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Regional Analysis
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North America, Europe, Asia-Pacific, and The Rest of the World
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Asia-Pacific is expected to remain the largest market over the next five years and is also likely to grow at the fastest rate.
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Material Type
Among material types, APP (Atactic Polypropylene Membrane) holds supremacy in the bitumen waterproofing market across regions. APP membrane is a popular waterproofing material utilized on concrete and low-slope roofs that is commonly applied using a torch on top of asphalt. Its versatility extends beyond just roofing, as it can also be used to protect a variety of structures such as man-made ponds, bathrooms, water tanks, curtain walls, and concrete channels against water ingress. The material's durability and effectiveness make it a preferred choice for contractors seeking to safeguard surfaces against leakage and water damage.
Product Type
The market is segmented into sheet membranes, liquid membranes, and coatings. Sheet membranes are estimated to maintain their huge dominance during the forecast period, driven by their ability to withstand harsh weather conditions, adapt to irregularly shaped surfaces, and prevent water from penetrating surfaces. They are a cost-effective and reliable solution for providing long-lasting waterproofing protection to structures.
Application Type
The market is segmented into roofing & walls, building structures, industrial, water & wastewater management, tunnels, and others. The roofing & walls segment has supremacy in the bitumen waterproofing market, driven by the predominant usage of bitumen waterproofing in both flat and pitched roof markets. Ease of application, compatibility across roofing substrates, and cost vs. performance ratio are key factors propelling the usage of bitumen waterproofing in the application segment.
Regional Analysis
Asia-Pacific is expected to remain the largest market for bitumen waterproofing over the forecast period. In addition to that, the region is also likely to witness the highest growth in the coming years. China holds an assessable lead in the market with bitumen waterproofing widely used in the country. Oriental Yuhong and Keshun Waterproofing Technologies are the major players in the bitumen waterproofing market in the region.
The bitumen waterproofing market is segmented into the following categories:
By Material Type
- APP (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- SBS (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By Product Type
- Sheet Membrane (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Liquid Membrane (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Coatings (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By Application Type
- Roofing & Walls (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Building Structures (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Industrial (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Water & Wastewater Management (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Tunnels (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By End-User Type
- Commercial Structures (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Residential Structures (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Public Infrastructures (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By Construction Type
- New Construction (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Repair & Renovation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Italy, and The Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and The Rest of Asia-Pacific)
- Rest of the World (Sub-Region Analysis: Latin America, The Middle East, and Others)
Key Players
The market is highly populated, with the presence of several local, regional, and global players. Most of the major players compete on some of the governing factors including price, product offerings, regional presence, etc. The market is highly fragmented with the presence of a large number of organized as well as unorganized manufacturers. Some of the key players catering to the bitumen waterproofing market are as follows:
- Oriental Yuhong
- Sika AG
- Keshun Waterproofing Technologies
- MBCC Group
- Hongyuan Waterproof Technology Group Co., Ltd.
- Carlisle Companies, Inc.
- RPM International Inc.
- GAF Materials Corporation
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s bitumen waterproofing market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to five players)
- SWOT analysis of key players (up to five players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
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