Key Takeaways
Atactic Polypropylene and Styrene Butadiene Styrene modified membranes to be key growth focus for companies in bituminous waterproofing
Despite stiff competition from polymer-based solutions, Bituminous formats to grow in line with construction industry growth
Market Penetration (vis-à-vis competition) and Market Development remain key pivots for strategy development

Scope & Limitations

Macroeconomic Trends
The Indian construction space is set to see rapid growth driven by urbanization and large infrastructure investments
India's urbanization will be complemented by large infrastructure projects especially for connectivity and energy
Rising population and an undersized residential construction market provide scope for high growth in the residential construction space also
A stable government and multiple investment initiatives set to aid growth in industrial construction and warehousing

Market outlook: India
The Indian Market for Waterproofing is characterized by low penetration and low spending power (hindered by low cost of construction)
Growth in construction chemicals results in growing waterproofing market; bituminous solutions, especially, seeing increasing adoption rates
Domestic production constitutes 92% of the market while imports constitute just 8%, majorly through APP and SBS
The top three players in the market command 50% of the total sales, indicating high degree of concentration
APP and SBS are growth drivers in the Indian bituminous waterproofing market
Infrastructure which dominates bituminous waterproofing due to greater penetration may see sustained growth with large govt. initiatives
Although infrastructure is the biggest target, industrial, house and building segments also provide opportunities due to ease of access and execution
With channel sales accounting for only 25%, commercials offered to intermediate decision makers like contractors key to growth…
…Especially in Infra-BOT and House & Building Tier 1 segments, which have high premiumization potential
Aside from product specifics, consultants, applicators, and channel partners are key influencers in the waterproofing product space
However, it is imperative that the manufacturer maintain relationships with all stakeholders across the purchase process
Even with best price to performance ratios among bituminous products, APP and SBS face potential substitution from polymeric counterparts
SBS, which warrants higher margins could substitute APP in many applications if product awareness and availability is increased

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