DUBAI, UAE / ACCESSWIRE / April 15, 2020 / The global vapour barrier market is on a steady growth trajectory, primarily driven by the rising number of infrastructure development activities. Projecting the market growth at a moderate CAGR of 4%, a new market study by Future Market Insights (FMI), provides a detailed analysis of the market and the COVID-19's impact on the market.
In recent times, infrastructure development activities in the private, public, commercial, and residential sectors are inclining towards green building concepts on the back of growing environmental awareness, subsequently leveraging the amenities of modern technological advancements. Owing to this fact, the demand for vapour barriers is propelling over the forecast period (2019 - 2029).
"The market facing an adversary in the form of global outbreak of COVID-19 that has led the construction activities to a standstill for an indefinite period of time. With mounting restrictions on movement, the trade is taking the blow. BASF Group, a prominent player, has issued a statement stating that the viral infection could result in the second year of falling profit for the company and reduce the production to about 1.2%. That would be the worst growth for the sector since the Great Recession in 2008 and a significant dip compared to 2019 when it grew 1.8%. While the statement stands true to the overall chemical industry, the impact of the pandemic on vapour barrier segment is inevitable," says the FMI analyst.
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Segmental Highlights
Polymer vapour barriers, owing to their excellent resistance properties, are likely to garner traction in the near future.
Polyethylene will remain the most sought-out polymer type, accounting for nearly 60% of overall share, owing to the low-cost factor associated with low-density polyethylene (LDPE), and is expected to grab high attention of manufacturers.
Asphalt & Bitumen vapour barriers, which are currently being used widely, especially in concrete foundations, will witness a decline in demand due to the shortcomings that retrain the material in applications with consistent exposure to sunlight.
Drywall board lumber and gypsum board are anticipated to exhibit rapid growth both in terms of volume and value.
Membrane type vapour barriers will register remarkable growth and maintain a dominating share on the back of the easy installation.
North America will persist its dominance throughout the forecast period, on the back of stringent government regulations for improving the overall efficiency and comfort of existing homes as well as of ongoing housing developments.
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Asia is expected to bestow substantial revenue opportunities for players in the vapour barrier market, backed by flourishing construction industry in China, and India. However, the ongoing pandemic is likely to put a pause on the rapid growth in the immediate future.
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SOURCE: Future Market Insights