Market Overview Waterproofing tape adheres to the applied surface, helps to make the building waterproof. It creates a complete waterproofing system by applying in application areas such as joints and in places such as windows, doors, sewage, piping, roof, and others where water and air can enter the buildings.
Waterproofing tapes are butyl or bitumen-based, cold applied, one side is coated with colored mineral or aluminum foil and the other is adhesive. The protective cover on it is removed and adhered to the application surface and provides protection. Waterproofing is important in making the buildings built ready to live, which decreases the chances of mold, rot, and corrosion occurring.
Based on adhesive, the waterproof tapes market is segmented into silicone, acrylic, butyl, and others. Silicone waterproof tapes are expected to dominate the market due to their unique chemical structure, resistance to pressure, and temperature. Therefore, these tapes are one of the most commonly used complementary waterproofing materials.
Market Dynamics Infrastructure development plans and additional support from policies are to drive the waterproof tapes market. In addition, framework advancement in residential housing and infrastructure such as air terminals, extensions, dams and metro stations support the market. However, stringent environmental regulations regarding volatile organic compounds (VOC) emissions are expected to hinder.
Infrastructure development plans and additional support from policies to drive the market
The strong housing market and low-interest rates have supported the real estate business. The construction industry is poised to benefit from the resurgence in infrastructure spending. Therefore, construction companies are looking to invest in new technology for the job site and in the back office to benefit from negative inflation-adjusted interest rates.
Moreover, the government's policy and the fiscal response have allowed for stability in the property markets, making it better for investors. For instance, as per The Associated Press, in June 2021, a bipartisan agreement had been reached on a $973 billion infrastructure plan in U.S. The pared-down plan calls for $559 billion in new spending over five years.
The major players are developing and introducing more efficient products, thus contributing to the growth of the waterproof tapes market in housing and construction. For instance, 3M Sealing Tape 8777 is a self-adhered, waterproof membrane designed for sealing. The product has a unique acrylic pressure-sensitive adhesive that aggressively sticks and stays stuck at lower and higher application temperatures.
It is suitable for sealing joints around sills, jambs and heads of rectangular windows in wood frame construction and exterior walls. Henceforth, growing commercial uses are anticipated to drive the market.
Market Segmentation: By Adhesive Silicone Acrylic Butyl By Substrate Metal Plastic Rubber By End-User Building & Construction Electrical & Electronics Automotive Healthcare Packaging
Geographical Analysis The waterproof tapes market is segmented into North America, Europe, South America, Asia-Pacific and Middle East & Africa based on geography.
The Asia-Pacific dominates the waterproof tapes due to increased demand for foam backing material in double-sided products, widely used in various building applications. In addition, high volume growth has been noted for PVC backing material because of its properties, such as resistance to heat and dimensional stability, contributing to its increased usage in the growing construction industry in the region.
Besides, the government of China has massive construction plans, including making provisions for the movement of 250 million people to its new megacities. In addition, as per the National Bureau of Statistics, real estate investment in China rose 7.0% in 2020 from 2019, accelerating from a 6.8% gain in the first 11 months of the year. Moreover, Japan's growing demand for waterproof tapes can be attributed to improved economic conditions, infrastructure development plans and additional support from policies.
Competitive Landscape The waterproof tapes market is moderately competitive with the presence of local as well as global companies. Some of the key players contributing to the market's growth include 3M, DuPont, Huntsman International LLC., Henkel Adhesives Technologies India Private Limited, Chowgule Construction Chemicals, Johnson & Johnson Services, H.B. Fuller Company, Bostik, Sika AG, Ashland, among others.
The major players are adopting several growth strategies such as product launches, acquisitions and collaborations, contributing to the growth of the waterproof tapes market globally.
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