Waterproofing Material Market Worth 250 Billion KRW Dominated by Noroo, KCC, and Samhwa with Three Companies Holding Three-Quarters
Annual Close Competition for 1st Place Intensifies in Waterproofing Season with Eco-Friendly Products Leading the Battle
[Asia Economy Reporter Kim Jong-hwa] The curtain has risen on the paint industry's 'autumn war' to capture the waterproofing material market after a long rainy season. The waterproofing season in the paint industry is divided into the spring season (May to June) before the rainy season begins and the autumn season (August to September). This year, due to the longest rainy season on record and many damages, a fiercer autumn war than usual is expected.
The size of the domestic waterproofing material market is estimated to be around 250 billion KRW as of last year. In the spring season this year, special-purpose paints such as pastel-tone paints for home decoration showed strength due to the impact of the novel coronavirus infection (COVID-19), rather than waterproofing materials, but the autumn season is expected to be led by waterproofing materials due to the prolonged rainy season.
Last year, Noroo Paint narrowly took the lead in the waterproofing material market. KCC and Samhwa Paint are closely following. These three companies account for three-quarters of the waterproofing material market, with the remaining 25% competed for by small and medium-sized companies.
The sales of the three companies are also similar, each in the late 50 billion to 60 billion KRW range. Every year, Noroo Paint and KCC alternate in first place, while Samhwa Paint aims to seize market share by targeting niches, creating a 'Waterproofing Material Three Kingdoms' battle. Especially this year, when flood damage was severe, sales related to waterproofing materials are expected to increase significantly, making the competition even fiercer.
Noroo Paint's representative waterproofing product is 'Eco Clean Tan.' This product is an eco-friendly urethane product that does not use the four major harmful heavy metals?hexavalent chromium compounds, lead, cadmium, mercury?six major phthalates, and 4,4'-Methylenebis(2-chloroaniline, MOCA), classified as toxic substances. Since its launch last year, it has received a positive response in the waterproofing material market. It is an environmentally friendly product that has obtained the eco-label from the Korea Environmental Industry & Technology Institute.
The leading waterproofing materials from the three major paint companies. From the left, Noroo Paint's 'Eco Clean Tan', KCC's 'Spotan', and Samhwa Paint's 'Green Waterproof Master' [Photo by each paint company]
KCC is aiming to regain the lead in waterproofing material sales with its 'Spotan KS1 Type Waterproofing Material (Premium).' This product is a paint mainly composed of polyurethane resin, with excellent physical properties that prevent cracks in the coating film and finish seamlessly to prevent leaks. It is mainly used as a waterproof flooring material applied on concrete when constructing exposed areas such as building rooftops or neighborhood facilities. It is also an eco-friendly product that has obtained the eco-label and is a representative eco-friendly waterproof paint that surpasses domestic and international regulatory standards. KCC's strategy is to actively leverage its image as the top technology company leading market trends and developing eco-friendly paints with various functions.
Samhwa Paint has made a bold move with eco-friendly paints such as 'Green Waterproof Master' and 'New Watertan.' Launched last year, Green Waterproof Master gained sensational popularity in the waterproofing material market and is evaluated as a product that shows the possibility of Samhwa Paint securing the top position in both architectural coatings and the waterproofing material market. New Watertan is a water-based urethane elastic waterproofing material that is consumer-friendly and easy to use at home. It has excellent abrasion resistance, impact resistance, durability, and outstanding elasticity. Samhwa Paint emphasizes that it is a product anyone can easily use without worrying about health and the environment.
A paint industry official said, "Usually, after major floods, sales increase significantly, and inquiries about waterproofing materials also rise," adding, "If the first half of the year benefited from home decoration by people staying at home due to COVID-19, the second half is expected to see an expansion of the waterproofing material market due to flood damage caused by the rainy season."
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