Ken Research - Waterproofing Membrane Price India | Page 2

Market Potential
India waterproofing membrane market is valued at INR ~ million in FY’2012 and witnessed sharp growth
during FY’2013-FY’2014, registering revenues of INR ~ million in FY’2014. Growing nuclear families, rapid
urbanization and rising household income were the key drivers for growth in all spheres of real estate,
including residential, commercial, hospitality and retail. Since waterproofing is integral to all sorts of
infrastructures including residential, commercial, hospitality and retail, the market has witnessed rapid
growth in the last few years. In August 2015, the Union Cabinet approved 100 Smart City Projects in
India. The Government has also raised FDI limits for townships and settlements development projects to
100%. Real estate projects within the Special Economic Zone (SEZ) are also permitted 100% FDI. In Union
Budget 2015-16, the government allocated USD 3.72 billion for housing and urban development. The
private equity investments in real estate increased 26% to a nine-year high of nearly INR 40,000 crore
(USD 6.01 billion) in 2016. As a result, the waterproofing membrane market grew at a CAGR of ~%
during the period FY’2012-FY’2017.
Market Segmentation by Liquid and Sheet Membrane: In terms of sales, liquid applied membranes
dominated the waterproofing membrane market. The higher adoption of the same was attributed to
several beneficial attributes of liquid applied waterproofing membrane products, including product
durability, ease of application amongst other properties, over sheet membrane products.
Market Segmentation by Low and High End Liquid Membrane: Indian customers being highly price
sensitive, the low-end liquid membrane waterproofing products were largely preferred over the high
end ones. Low end liquid membrane products accounted for more than the market share of high end
liquid membrane products as of FY’2017. As of FY’2017, Emulsion Liquid Membrane (EML) comprised for
~% market share in the overall liquid waterproofing membrane market in India. Polymers accounted for
~% market share of all the raw materials used in membrane waterproofing products.
Market Segmentation by Raw Material: Polymers were the preferred raw material used for developing
membrane waterproofing products in India as of FY’2017. Of all polymers, Polyurethanes was most
widely used for developing membrane waterproofing products, followed by PVC (Polyvinyl Chloride),
TPO (Thermoplastic polyolefin) and EPDM (Ethylene propylene diene monomer). Bitumen and polymer
modified cement were other commonly used raw materials used in manufacturing waterproofing
membrane products.
Competitive Landscape: The Indian waterproofing membrane market is currently in a developing stage
and is quite concentrated with top 5 players comprising for a major bulk of the revenue share as of
FY’2017. The top 5 leading companies accounted for almost two-third market share in the overall
waterproofing membrane in India. Pidilite was the leading player in this sector largely owing large