PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1566335
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1566335
Waterproofing Materials Market Assessment, By Material Type, By Application, By Region, Opportunities and Forecast, 2017-2031F
Global waterproofing materials market is expected to witness a CAGR of 5.33% during the forecast period from 2024 to 2031, increasing from USD 60.27 billion in 2023 to USD 91.34 billion in 2031. The market is driven by several factors, such as the ongoing boom in construction activity and infrastructure development across the world. Growing urbanization and the rise in new residential, commercial, and industrial projects are increasing the demand for waterproof materials. Simultaneously, government-funded large-scale projects, including metro, highways, bridges, and buildings, are among the primary forces propelling the global waterproofing materials market expansion across emerging economies around the world.
Waterproofing materials are vital as these products protect structures from water damage and related concerns, which can lead to severe damage, such as the growth of overall structural weakening and shortened building lifespan. Effectively, waterproofing ensures that walls, roofs, and foundations remain intact and functional, preventing costly repairs in the future and maintaining the safety and comfort of indoor environments for the longer life of buildings.
The market for waterproofing materials is growing rapidly due to an increase in construction activities around the world and increasing demand for full water damage protection products, stringent building regulations, and heightened awareness of climate. Future developments in the construction sector are expected to impact the waterproofing materials market. Waterproof material provides better performance and environmentally friendly solutions across construction work, technological developments, and innovations in the infrastructure sectors, propelling growth and supporting the market expansion for waterproofing products.
In June 2023, Fosroc International Limited, a construction material manufacturer company launched Polyurea WH 100, a solution that offers various advantages for roof waterproofing applications. This application makes it very easy to install, which is especially advantageous in flat roof situations where detailing can be problematic and spray equipment might not be available.
Expansion of Product Lines with Advanced Waterproofing Solutions to Boost Market Growth
The waterproofing products and materials market is experiencing strong growth, largely driven by the expansion of various product lines and benefits offered by companies featuring advanced waterproofing solutions in large and small construction projects. As the construction industry is evolving, there is a rising demand for more effective and innovative waterproofing technologies in the market. Various manufacturers are responding to this demand by launching range of advanced products and designed to offer superior protection against any kind water damage and providing specific waterproofing products according to the needs of different types of customers around the globe.
For instance, the development of pre-applied waterproofing systems with dual bond technology represents a significant leap forward. These systems provide enhanced adhesion to concrete through mechanical and chemical bonds, ensuring a more reliable and durable seal with a strong performance. This kind of advancement improves the performance of waterproofing materials and addresses the increasing need for solutions that can withstand harsh environmental conditions and provide protection in extreme weather. Expansion of product offerings includes a variety of new technologies and materials that cater to diverse applications, from residential buildings to large-scale infrastructure projects. The broader range of options helps builders and contractors select the most suitable solutions for their specific needs according to their requirements, leading to better overall protection and long-lasting results with strong built quality.
For instance, in October 2023, Berger Paints Limited developed the Berger DAMPSTOP product line of waterproofing products, which offers a streamlined process for customers and a variety of solutions for different waterproofing needs, including dampness, silane treatment, and salt leaching treatment.
Strategic Acquisitions by Major Players to Enhance Market Reach and Product Offering
Strategic acquisitions by the various major players in the waterproofing materials market are continues enhancing their market reach and total product offerings in their portfolio all around the world, which is helping them to gain market share on a global scale. Leading companies in the industry are increasingly acquiring businesses that specialize in complementary products or have a strong regional presence or strong demand of any particular brand in waterproof materials.
For instance, in September 2022, Saint-Gobain acquired GCP Applied Technologies Inc. to extend its range of waterproofing products and leverage GCP's expertise in cement additives, concrete admixtures. It allowed Saint-Gobain to strengthen its overall position across various segments of the waterproofing market and also help to maintain strong market presence.
For instance, in May 2023, the MBCC Group was acquired by Sika, one of the leading global providers of construction chemicals and material company, along with its flooring resins, waterproofing solutions, anchors and grouts, repair and rehabilitation chemicals, and other businesses. This acquisition will help to reach more customers over the globe.
Major players in waterproof material market improving their competitive edge and respond more agilely to market demands. As a result, these acquisitions support their growth ambitions and contribute to capture large share of the global waterproofing materials market.
Asia-Pacific Region to Witness Significant Growth for Various Waterproofing Materials
Asia-Pacific is experiencing high growth in the waterproofing materials market during the forecast period, driven by multiple key factors, such as rapid urbanization in Asian countries and infrastructure development coupled with renovation activities in emerging country, such as China, India, and Southeast Asian nations. India and China both continue to expand their urban landscapes and build new and modern infrastructure in rural areas and semi-urban areas with the government investing in various construction projects and the need for effective water protection in construction projects, expected to increase demand for all types of waterproof materials.
Economic growth in Asia-Pacific, especially in India and China, has led to a surge in construction activities in rural and urban areas, including residential, commercial, and industrial projects. It is accompanied by a heightened awareness of the significance of waterproofing in preventing water damage and ensuring the durability of structures in the public and private sectors.
There is an increasing adoption in Asian countries of innovative waterproofing products and technologies. Customers demand waterproofing solutions that are more cost-effective than others, offer superior quality for construction work, and deliver better long-term results in future. Second increase investments in infrastructure projects, especially India, such as roads, bridges, metros, and tunnels, further driving the demand for waterproofing solutions, which is directly increasing the overall demand for waterproof materials in the region.
Increasing Products in Cement-based Waterproofing Material Segment and Product Diversification
The cement-based waterproofing materials market is experiencing significant growth, largely due to the increasing number of innovative products being introduced. Manufacturers are developing a wider range of solutions to meet diverse needs as construction demands evolve. It includes products tailored for specific applications, such as waterproofing for foundations, roofs, and basement walls. Enhanced formulations that improve adhesion, flexibility, and overall performance are becoming more common, catering to both residential and commercial sectors.
The market for cement-based waterproofing materials is expanding due to the overall number of products to protect from water damage in cement-based construction and creating awareness in customers purchasing decisions about advanced waterproof materials, leading to a heightened demand for reliable solutions. This awareness drives innovation and competition among manufacturers, resulting in a broader array of choices that can cater to specific project requirements.
For instance, in February 2023, Bostik India Private Limited Private Limited launched the SEAL & BLOCK brand, which offers multiple cement-based waterproofing solutions from basement to roof across the globe.
Future Market Scenario (2024 - 2031F)
Urbanization and the expansion of small and large construction projects worldwide are expected to drive the demand for advanced waterproofing materials.
Increasing investment by the country's government will further boost the demand for waterproofing materials.
The market is expected to witness increased competition as new players enter while existing companies expand their offerings. Collaborations between manufacturers and construction firms may emerge to develop bespoke solutions tailored to project-specific requirements.
North America is expected to continue its strong demand for advanced waterproof materials such as coating materials and water leakage solution materials.
An increasing number of commercial and non-commercial construction projects in emerging economies is expected to increase the overall demand for waterproof materials in the forecast period.
Key Players Landscape and Outlook
The growth of the waterproofing materials market is supported by high investment in the construction and building sector on a large scale, which in turn boosts the demand for waterproofing materials and augments the growth of the market. Companies aim to partner and launch products according to the needs of customers in various geographies through acquisitions to gain a larger market share on a global scale.
In April 2022, Pidilite Industries Limited, a prominent producer of sealants, adhesives, and construction chemicals, collaborated with GCP Applied Technologies Inc., one of the major global providers of construction products, to enhance its waterproofing material portfolio.
In March 2023, VINNAPAS 754 ED and VINNAPAS 764 ED are two innovative hydrophobic dispersions that Wacker Chemie AG introduced especially for building waterproofing in cold weather on a global level for company expansion.
Table of Contents
1. Project Scope and Definitions
2. Research Methodology
3. Executive Summary
4. Voice of Customer
- 4.1. Product and Market Intelligence
- 4.2. Brand Awareness
- 4.3. Factors Considered in Purchase Decisions
- 4.3.1. Features and Other Value-Added Service
- 4.3.2. Product Quality
- 4.3.3. Pricing
- 4.3.4. After-Sales Support
5. Global Waterproofing Materials Market Outlook, 2017-2031F
- 5.1. Market Size Analysis & Forecast
- 5.1.1. By Value
- 5.2. Market Share Analysis & Forecast
- 5.2.1. By Material Type
- 5.2.1.1. Cement-based Waterproofing Materials
- 5.2.1.2. Liquid Waterproofing Membrane Materials
- 5.2.1.3. Liquid Bituminous Membrane Waterproofing Materials
- 5.2.1.4. Sheet Membrane Waterproofing Materials
- 5.2.1.5. Polyurethane Liquid Membrane Waterproofing Materials
- 5.2.1.6. Others
- 5.2.2. By Application
- 5.2.2.1. Floors and Basements
- 5.2.2.2. Bridges and Highways
- 5.2.2.3. Sewage Treatment Plants
- 5.2.2.4. Tunnel Liners
- 5.2.2.5. Roofing and Walls
- 5.2.2.6. Others
- 5.2.3. By Region
- 5.2.3.1. North America
- 5.2.3.2. Europe
- 5.2.3.3. Asia-Pacific
- 5.2.3.4. South America
- 5.2.3.5. Middle East and Africa
- 5.2.4. By Company Market Share Analysis (Top 5 Companies and Others - By Value, 2023)
- 5.2.1. By Material Type
- 5.3. Market Map Analysis, 2023
- 5.3.1. By Material Type
- 5.3.2. By Application
- 5.3.3. By Region
6. North America Waterproofing Materials Market Outlook, 2017-2031F*
- 6.1. Market Size Analysis & Forecast
- 6.1.1. By Value
- 6.2. Market Share Analysis & Forecast
- 6.2.1. By Material Type
- 6.2.1.1. Cement-based Waterproofing Materials
- 6.2.1.2. Liquid Waterproofing Membrane Materials
- 6.2.1.3. Liquid Bituminous Membrane Waterproofing Materials
- 6.2.1.4. Sheet Membrane Waterproofing Materials
- 6.2.1.5. Polyurethane Liquid Membrane Waterproofing Materials
- 6.2.1.6. Others
- 6.2.2. By Application
- 6.2.2.1. Floors and Basements
- 6.2.2.2. Bridges and Highways
- 6.2.2.3. Sewage Treatment Plants
- 6.2.2.4. Tunnel Liners
- 6.2.2.5. Roofing and Walls
- 6.2.2.6. Others
- 6.2.3. By Country Share
- 6.2.3.1. United States
- 6.2.3.2. Canada
- 6.2.3.3. Mexico
- 6.2.1. By Material Type
- 6.3. Country Market Assessment
- 6.3.1. United States Waterproofing Materials Market Outlook, 2017-2031F*
- 6.3.1.1. Market Size Analysis & Forecast
- 6.3.1.1.1. By Value
- 6.3.1.2. Market Share Analysis & Forecast
- 6.3.1.2.1. By Material Type
- 6.3.1.2.1.1. Cement-based Waterproofing Materials
- 6.3.1.2.1.2. Liquid Waterproofing Membrane Materials
- 6.3.1.2.1.3. Liquid Bituminous Membrane Waterproofing Materials
- 6.3.1.2.1.4. Sheet Membrane Waterproofing Materials
- 6.3.1.2.1.5. Polyurethane Liquid Membrane Waterproofing Materials
- 6.3.1.2.1.6. Others
- 6.3.1.2.2. By Application
- 6.3.1.2.2.1. Floors and Basements
- 6.3.1.2.2.2. Bridges and Highways
- 6.3.1.2.2.3. Sewage Treatment Plants
- 6.3.1.2.2.4. Tunnel Liners
- 6.3.1.2.2.5. Roofing and Walls
- 6.3.1.2.2.6. Others
- 6.3.1.2.1. By Material Type
- 6.3.1.1. Market Size Analysis & Forecast
- 6.3.2. Canada
- 6.3.3. Mexico
- 6.3.1. United States Waterproofing Materials Market Outlook, 2017-2031F*
All segments will be provided for all regions and countries covered
7. Europe Waterproofing Materials Market Outlook, 2017-2031F
- 7.1. Germany
- 7.2. France
- 7.3. Italy
- 7.4. United Kingdom
- 7.5. Russia
- 7.6. Netherlands
- 7.7. Spain
- 7.8. Turkey
- 7.9. Poland
8. Asia-Pacific Waterproofing Materials Market Outlook, 2017-2031F
- 8.1. India
- 8.2. China
- 8.3. Japan
- 8.4. Australia
- 8.5. Vietnam
- 8.6. South Korea
- 8.7. Indonesia
- 8.8. Philippines
9. South America Waterproofing Materials Market Outlook, 2017-2031F
- 9.1. Brazil
- 9.2. Argentina
10. Middle East and Africa Waterproofing Materials Market Outlook, 2017-2031F
- 10.1. Saudi Arabia
- 10.2. UAE
- 10.3. South Africa
11. Porter's Five Forces Analysis
12. PESTLE Analysis
13. Pricing Analysis
14. Market Dynamics
- 14.1. Market Drivers
- 14.2. Market Challenges
15. Market Trends and Developments
16. Case Studies
17. Competitive Landscape
- 17.1. Competition Matrix of Top 5 Market Leaders
- 17.2. SWOT Analysis for Top 5 Players
- 17.3. Key Players Landscape for Top 10 Market Players
- 17.3.1. BASF SE
- 17.3.1.1. Company Details
- 17.3.1.2. Key Management Personnel
- 17.3.1.3. Products and Services
- 17.3.1.4. Financials (As Reported)
- 17.3.1.5. Key Market Focus and Geographical Presence
- 17.3.1.6. Recent Developments/Collaborations/Partnerships/Mergers and Acquisition
- 17.3.2. Sika AG
- 17.3.3. The Dow Chemical Company
- 17.3.4. Pidilite Industries Limited
- 17.3.5. Fosroc International Ltd.
- 17.3.6. Mapei S.p.A.
- 17.3.7. Johns-Manville Corporation
- 17.3.8. GAF Materials Corporation
- 17.3.9. GCP Applied Technologies Inc.
- 17.3.10. Fyfe Asia Pte Ltd.
- 17.3.11. Kryton International Inc.
- 17.3.12. Henkel AG & Co. KGaA
- 17.3.13. Tremco Inc.
- 17.3.14. Kansai Nerolac Paints Limited
- 17.3.15. Baumerk YapI ve Kimya Sanayi Ticaret Limited Sirketi
- 17.3.1. BASF SE
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.
18. Strategic Recommendations
19. About Us and Disclaimer
List of Tables
- Table 1. Pricing Analysis of Products from Key Players
- Table 2. Competition Matrix of Top 5 Market Leaders
- Table 3. Mergers & Acquisitions/ Joint Ventures (If Applicable)
- Table 4. About Us - Regions and Countries Where We Have Executed Client Projects
List of Figures
- Figure 1. Global Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 2. Global Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 3. Global Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 4. Global Waterproofing Materials Market Share (%), By Region, 2017-2031F
- Figure 5. North America Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 6. North America Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 7. North America Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 8. North America Waterproofing Materials Market Share (%), By Country, 2017-2031F
- Figure 9. United States Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 10. United States Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 11. United States Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 12. Canada Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 13. Canada Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 14. Canada Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 15. Mexico Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 16. Mexico Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 17. Mexico Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 18. Europe Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 19. Europe Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 20. Europe Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 21. Europe Waterproofing Materials Market Share (%), By Country, 2017-2031F
- Figure 22. Germany Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 23. Germany Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 24. Germany Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 25. France Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 26. France Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 27. France Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 28. Italy Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 29. Italy Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 30. Italy Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 31. United Kingdom Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 32. United Kingdom Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 33. United Kingdom Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 34. Russia Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 35. Russia Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 36. Russia Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 37. Netherlands Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 38. Netherlands Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 39. Netherlands Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 40. Spain Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 41. Spain Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 42. Spain Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 43. Turkey Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 44. Turkey Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 45. Turkey Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 46. Poland Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 47. Poland Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 48. Poland Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 49. South America Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 50. South America Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 51. South America Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 52. South America Waterproofing Materials Market Share (%), By Country, 2017-2031F
- Figure 53. Brazil Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 54. Brazil Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 55. Brazil Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 56. Argentina Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 57. Argentina Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 58. Argentina Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 59. Asia-Pacific Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 60. Asia-Pacific Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 61. Asia-Pacific Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 62. Asia-Pacific Waterproofing Materials Market Share (%), By Country, 2017-2031F
- Figure 63. India Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 64. India Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 65. India Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 66. China Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 67. China Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 68. China Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 69. Japan Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 70. Japan Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 71. Japan Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 72. Australia Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 73. Australia Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 74. Australia Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 75. Vietnam Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 76. Vietnam Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 77. Vietnam Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 78. South Korea Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 79. South Korea Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 80. South Korea Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 81. Indonesia Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 82. Indonesia Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 83. Indonesia Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 84. Philippines Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 85. Philippines Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 86. Philippines Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 87. Middle East & Africa Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 88. Middle East & Africa Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 89. Middle East & Africa Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 90. Middle East & Africa Waterproofing Materials Market Share (%), By Country, 2017-2031F
- Figure 91. Saudi Arabia Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 92. Saudi Arabia Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 93. Saudi Arabia Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 94. UAE Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 95. UAE Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 96. UAE Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 97. South Africa Waterproofing Materials Market, By Value, In USD Billion, 2017-2031F
- Figure 98. South Africa Waterproofing Materials Market Share (%), By Material Type, 2017-2031F
- Figure 99. South Africa Waterproofing Materials Market Share (%), By Application, 2017-2031F
- Figure 100. By Material Type Map-Market Size (USD Billion) & Growth Rate (%), 2023
- Figure 101. By Application Map-Market Size (USD Billion) & Growth Rate (%), 2023
- Figure 102. By Region Map-Market Size (USD Billion) & Growth Rate (%), 2023
