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1K Cementitious Waterproofing Mortar Market Overview
The global 1K cementitious waterproofing mortar market reached US$ XX million in 2022 and is expected to record significant growth by reaching up to US$ XX million by 2030, growing at a CAGR of 3.7% during the forecast period (2023-2030).
Building blocks like bricks, stones and other comparable building materials are combined using 1K cementitious waterproofing mortar. It is strengthened with admixtures, binders and other additives to increase tensile strength, adhesion, toughness and chemical resistance.
Companies in the residential and industrial building sectors are converting to one-component waterproofing systems as an economically viable solution. The adoption of one-component systems is on the rise because they generate less waste and are simpler to manage. The research will continue to be crucial to creating 1k cementitious waterproofing mortar over the anticipated time frame.
1K Cementitious Waterproofing Mortar Market Dynamics
The increasing urbanization & growing construction industry and various applications of cementitious waterproofing drive the market. The rising concerns associated with fluctuating raw material costs may hamper growth.
Increasing urbanization and the growing construction industry
Around 4 billion people reside in urban settings, according to the UN World Urbanization Prospects. By 2030, it is anticipated to reach 7 billion due to growing living standards driving a shift from rural to urban areas. The requirement for new infrastructure and construction is growing due to modernization. In addition, the Institution of Civil Engineers estimates that by 2030, the global construction output will increase by 85% to US$15.5 trillion, with Asia-Pacific predicted to see the largest growth globally in 2021.
According to research, the construction sector expanded to US$ 12 trillion in 2019 before the coronavirus pandemic and after 2020, growth is predicted to be 3% YoY. It includes residential and commercial real estate developments as well as industrial buildings.
The rising demand for various applications
The product adheres well to various substrates, such as concrete, cement mortars, stone and masonry and has good sag resistance. These benefits make the products more popular and increase their demand in various applications, such as below-grade interior foundation walls, parking lots, basements, water & wastewater treatment facilities and others, which boosts the market for the product over the projection period.
Tanks, basins, pipes and other concrete structures are protected by the flexible 1K cementitious waterproofing mortar. Additionally, before installing ceramic tiles adhered with adhesives, the product is used to waterproof bathrooms, terraces, balconies, showers and swimming pools.
Fluctuation in raw material price
A building, whether a house, an office or a commercial space, is a valuable asset that requires a substantial investment. Water causes more damage or destruction to these structures than natural disasters and is the most destructive weathering element. However, the cost of rehabilitating the damaged building is far larger than the initial investment's cost.
The primary factor impeding the market's expansion is the rising volatility in the price of 1K cementitious waterproofing mortar's raw materials. The ingredients in the expensive 1K cementitious waterproofing mortar are crucial to the product's effectiveness and need a large upfront investment.
COVID-19 Impact Analysis on 1K Cementitious Waterproofing Mortar Market
The global demand for 1K cementitious waterproofing mortar has decreased due to the COVID-19 epidemic and manufacturing facilities have been closed. Before the pandemic, the outbreak in the construction industry was expanding quickly, especially in developing nations like India and China. The reasons that boosted the market were rising urbanization, impending infrastructure projects and an expanding population base.
It is the third-largest economic expansion driver and offers various current project options. However, due to the coronavirus pandemic, the construction sector has experienced a considerable decline due to the closure of numerous megaprojects, workforce shortages and interruptions to their raw material supply chains. The rapid decline has directly influenced the construction industry's 1K cementitious waterproofing mortar.
1K Cementitious Waterproofing Mortar Market Segment Analysis
By application, the 1K Cementitious Waterproofing Mortar Market is segmented into residential and non-residential.
Wide expansion of the non-residential sector across the world
Due to their increased flexibility, outstanding crack-bridging mechanical qualities and resistance to frost and salinity, consumers are choosing 1K cementitious waterproofing mortars to build non-residential structures such as offices, resorts, banquets, clubs and others.
In the upcoming years, Germany's non-residential and commercial buildings are predicted to experience a significant increase. Reduced interest rates, rising real disposable incomes and significant investments made by the German government and the European Union contribute to the rise. As a result, the demand for 1K cementitious waterproofing mortar is increasing due to construction activity in many nations.
1K Cementitious Waterproofing Mortar Market Geographical Analysis
The growing construction sector in Asia-Pacific
Asia-Pacific has played a significant role in boosting the market for 1K cementitious waterproofing. Due to expanding government initiatives to construct infrastructure, rising urbanization and emerging economies like India, Indonesia and China, the developing markets in Asia-Pacific are the primary driving force behind the global 1K Cementitious Waterproofing Mortar Market.
India's government implemented several measures to support the economy, including tax cuts, among other measures. The economy of the construction sector in Asia-Pacific has been supported by investments in infrastructure and the commercial construction sector; despite a labor shortage, Japan also announced an incentive package to support economic growth. The Asia-Pacific market is growing due to increased government initiatives for infrastructure development.
1K Cementitious Waterproofing Mortar Market Competitive Landscape
The COVID-19 outbreak has significantly influenced the 1K cementitious waterproofing mortar industry, causing everything from decreased demand and supply chain disruption to the closure of manufacturing facilities, seriously affecting the product's market share. However, it is anticipated that as conditions in several emerging regions improve, end users that rely on the 1K cementitious waterproofing mortar sectors will increase in demand.
Major global 1K cementitious waterproofing mortar market companies include Sika AG, MAPEI S.p.A., organik Kimya, MYK Arment Private Limited, Armorsil, PCI Augsburg GmbH, Master Builders Solutions, MATEX, Aquafin Inc. and Assess Build Chem Pvt. Ltd.
SIKA AG
Overview: The building and automotive sectors receive their bonding, sealing, strengthening, dampening and protective materials from Sika AG, a manufacturer of specialty chemicals. Construction Solutions and Industrial Solutions are the categories under which the company's extensive product ranges are divided. In the "Construction Solutions" category under "Waterproofing," the business offers 1K cementitious waterproofing mortar.
The business services several industries, including automotive, transportation, textiles, construction components, consumables and other sectors. Sika AG produces goods in more than 300 plants with affiliates in 100 nations. The business has a global network of more than 200,000 distributors.
Product Portfolio: Under the trade name SikaSeal-250 Migrating, the business sells a 1K cementitious waterproofing slurry that has been altered with aggregates and active additives. A one-component cementitious, fiber-reinforced mortar based on cement that has been specially modified with alkali-resistant polymers is called Sikalastic-1K.
Key Development: Supermassa do Brasil Ltda., a mortar manufacturer that sells its products in Brazil under the trade name BR Massa, will be purchased by Sika AG in March 2021. The acquisition will expand Sika's production area and increase its market dominance in the Minas Gerais region.
The global 1K cementitious waterproofing mortar market report would provide access to an approx. 53 market data table, 41 figures and 201 pages.