Watertightness Paint

Watertightness Paint Market Outlook

The global watertightness paint market is anticipated to reach approximately USD 1.8 billion by 2035, growing at a Compound Annual Growth Rate (CAGR) of around 6.3% from 2025 to 2035. This robust growth can be attributed to increasing awareness about the importance of waterproofing in residential and commercial buildings. The rising incidences of water damage, driven by climate change and severe weather conditions, have highlighted the need for protective coatings that ensure structural integrity. Additionally, urbanization and infrastructure development projects across emerging economies continue to propel demand for effective watertightness solutions. Furthermore, innovations in paint formulations and the growing trend of eco-friendly products are expected to further drive market expansion.

Growth Factor of the Market

One of the primary growth factors for the watertightness paint market is the increasing investment in construction and renovation activities globally. As more urban areas are developed, the need for high-quality waterproof materials becomes essential to ensure longevity and reliability of structures. Moreover, awareness campaigns regarding the benefits of waterproofing are being conducted by various stakeholders, which is significantly influencing consumer choices. The rise in DIY culture has also led to increased sales of waterproofing products through retail channels, as homeowners seek to take on maintenance projects independently. Additionally, the expansion of the e-commerce sector provides easy access to a wider range of products, thereby enhancing market growth. Government regulations mandating the use of waterproofing solutions in public infrastructure further contribute to the market's upward trajectory.

Key Highlights of the Market

• The market is expected to exhibit a CAGR of 6.3% during the forecast period.
• North America and Europe hold significant shares due to stringent building codes and standards for water resistance.
• Elastomeric waterproof paint is anticipated to dominate the product type segment due to its flexibility and durability.
• Online distribution channels are witnessing rapid growth, driven by the increasing trend of e-commerce shopping.
• The demand for eco-friendly ingredients in paint formulations is rising, pushing manufacturers to innovate sustainably.

By Product Type

Elastomeric Waterproof Paint:

Elastomeric waterproof paint is renowned for its flexibility and ability to expand and contract with the underlying surface, making it ideal for areas subject to temperature fluctuations and movement. This type of paint forms a thick, protective film that effectively seals out water while allowing moisture vapor to escape, which helps prevent peeling and blistering. As a result of its superior adhesion properties and elasticity, elastomeric waterproof paint is commonly used on roofs and walls, where durability is crucial. Furthermore, advancements in elastomeric technology have led to the development of formulations that are both UV resistant and environmentally friendly, enhancing their appeal in eco-conscious markets.

Cementitious Waterproof Paint:

Cementitious waterproof paint is primarily composed of cement, sand, and polymers, making it a popular choice for waterproofing exterior and interior surfaces like basements and swimming pools. Its unique composition allows it to bond effectively to concrete and masonry, creating a mechanical bond that is highly resistant to water intrusion. This type of paint is particularly advantageous in preventing water leaks and is often used in areas with high humidity and moisture exposure. Its durability, ease of application, and cost-effectiveness make it a favored option among contractors and DIY enthusiasts alike, contributing to its growing market share.

Acrylic Waterproof Paint:

Acrylic waterproof paint has gained popularity due to its versatility and ease of use. It is water-based, which makes it easier to clean up and less harmful to the environment compared to solvent-based alternatives. This type of paint forms a robust barrier against water while providing excellent adhesion to various surfaces, including wood, masonry, and metal. Its breathable properties allow moisture to escape without trapping it, thus preventing mold and mildew growth. As acrylic waterproof paint is available in a wide range of colors and finishes, it is particularly appealing to homeowners looking to enhance the aesthetic appeal of their properties while ensuring waterproofing.

Polyurethane Waterproof Paint:

Polyurethane waterproof paint is known for its exceptional durability and chemical resistance. This paint forms a tough, resilient coating that can withstand harsh environmental conditions, making it suitable for both interior and exterior applications. Its high-performance characteristics include excellent adhesion, flexibility, and abrasion resistance, which make it ideal for high-traffic areas like flooring and industrial settings. The ability of polyurethane waterproof paint to maintain its appearance over time, combined with its resistance to UV rays, makes it a desirable option for long-term applications in both residential and commercial sectors.

Epoxy Waterproof Paint:

Epoxy waterproof paint is renowned for its strong adhesion and impermeability, making it an excellent choice for protecting surfaces exposed to moisture and chemicals. Typically used in industrial settings, such as warehouses and manufacturing plants, epoxy coatings provide a robust barrier against water infiltration, oil spills, and other harsh elements. The two-component nature of epoxy systems allows for customizable formulations that can be tailored to specific application requirements. With a growing emphasis on industrial safety and maintenance, the demand for epoxy waterproof paint is increasing, particularly for floors and heavy-duty surfaces subjected to rigorous use.

By Application

Roofing:

The roofing sector is a significant application area for watertightness paints, as these coatings are vital for preventing water intrusion and damage to the underlying structures. Various types of waterproof paints, including elastomeric and acrylic formulations, are widely utilized in this segment due to their flexibility and UV resistance. They help extend the lifespan of roofing systems by protecting against the elements, such as rain, snow, and harsh sunlight. As the construction industry continues to adopt energy-efficient materials, coatings with reflective properties are gaining traction for their ability to reduce heat absorption, contributing to lower energy costs and enhanced building performance.

Walls:

Waterproof coatings for walls are essential in both commercial and residential buildings to prevent moisture ingress and related issues, such as mold growth and structural damage. The use of cementitious and acrylic waterproof paints in this application ensures that walls remain resilient against water exposure, especially in areas prone to high humidity or water splashes. These paints also provide an additional aesthetic layer, allowing for various color and texture options that enhance the overall décor. The growing trend of urban living, with increased demand for apartments and condominiums, has further escalated the need for effective wall waterproofing solutions.

Basement:

Basement waterproofing is crucial for protecting below-ground structures from water damage, which can result in severe long-term issues. The application of cementitious and epoxy waterproof paints is common in this area, as these products offer superior adhesion to concrete and exceptional resistance to water penetration. Homeowners and builders increasingly recognize the importance of waterproofing basements to maintain structural integrity and ensure a healthy living environment. As awareness about the risks associated with moisture in basements grows, the demand for effective waterproofing solutions is expected to rise significantly during the forecast period.

Flooring:

In the flooring segment, watertightness paints are vital for protecting surfaces from spills and moisture, especially in industrial and commercial settings. Epoxy and polyurethane waterproof paints are particularly popular due to their durability and resistance to chemicals and heavy traffic. The ability to create seamless, easy-to-clean surfaces makes these coatings highly desirable for warehouses, factories, and retail spaces. As businesses focus on maintaining clean and safe environments, investments in high-quality waterproof flooring solutions are anticipated to increase, driving the growth of this segment in the watertightness paint market.

Others:

Besides the primary applications mentioned, there are various other areas where watertightness paints find utility. These include applications in swimming pools, bridges, and tunnels, where protection against water intrusion is critical for safety and longevity. The versatility of waterproof coatings allows them to adapt to unique challenges presented by different environments. As infrastructure development continues globally, there is a growing recognition of the importance of utilizing effective waterproofing solutions across various segments, which is likely to expand the market further.

By Distribution Channel

Online Stores:

Online stores have emerged as a key distribution channel in the watertightness paint market, offering consumers convenience and a broader selection of products. The increased penetration of the internet and mobile devices has transformed shopping behaviors, with more customers preferring the ease of purchasing paints and coatings online. E-commerce platforms often provide detailed product descriptions, customer reviews, and competitive pricing, making it easier for consumers to find the right waterproofing solution for their needs. Additionally, the proliferation of home improvement DIY projects has led to a surge in online sales, further cementing this channel's importance in the market.

Hardware Stores:

Hardware stores remain a traditional and widely utilized distribution channel for watertightness paints. These physical locations offer customers the opportunity to see products firsthand, seek expert advice, and obtain immediate assistance. The availability of a diverse range of waterproofing solutions, coupled with knowledgeable staff, enhances the shopping experience for contractors and homeowners alike. Additionally, hardware stores often run promotions and provide bundled products, making them attractive to consumers looking to complete their waterproofing projects efficiently.

Specialty Stores:

Specialty stores that focus on paints, coatings, and construction materials cater to a niche market requiring specific waterproofing solutions. These establishments typically offer expert guidance, a wide variety of high-performance products, and brands that may not be available in general retail outlets. The knowledgeable staff can assist customers in selecting appropriate products based on individual project requirements, ensuring that the chosen waterproofing solution meets their specific needs. As the demand for specialized coatings continues to grow, specialty stores are playing an increasingly critical role in the distribution of watertightness paints.

Home Improvement Centers:

Home improvement centers provide a comprehensive shopping environment for consumers seeking watertightness paint solutions. These large retail establishments typically stock a wide variety of home improvement materials, including waterproofing products for both DIY enthusiasts and professional contractors. The convenience of one-stop shopping, along with in-store workshops and demonstrations, enhances the consumer experience, encouraging informed purchasing decisions. As home improvement projects become more popular, especially among millennial homeowners, the role of home improvement centers in the watertightness paint market is expected to remain strong.

Others:

In addition to the primary distribution channels, several other routes contribute to the availability of watertightness paints in the market. These may include direct sales from manufacturers, construction supply companies, and builder's merchant wholesalers. These alternative channels often cater to businesses and contractors who require bulk purchasing options and specialized services. The ability to provide tailored solutions and direct communication with manufacturers enhances the efficiency of these channels, helping to meet the specific demands of the construction and renovation industries.

By Ingredient Type

Silicone:

Silicone-based waterproofing products are renowned for their versatility and effectiveness in repelling water while maintaining breathability. They create a flexible and durable film over surfaces, preventing water penetration and protecting against environmental damage. Silicone waterproof paints are commonly used in various applications, including roofing and masonry, where their resistance to extreme weather conditions is particularly beneficial. The growing trend of sustainable construction practices has led manufacturers to innovate and develop silicone formulations that are less harmful to the environment, further driving demand in this segment.

Acrylic:

Acrylic ingredients in waterproof paints are favored for their ease of application and fast-drying properties. These water-based formulations offer excellent adhesion, making them suitable for a wide range of surfaces including wood, metal, and concrete. The flexibility of acrylic waterproof paints allows them to withstand temperature swings without cracking or peeling, which is crucial for outdoor applications. Additionally, their low VOC content aligns with sustainability trends, attracting environmentally conscious consumers. As homeowners seek to improve their living spaces with aesthetically pleasing and effective waterproofing solutions, acrylic paints are gaining traction.

Polyurethane:

Polyurethane components in waterproof paints provide unmatched durability and resistance to wear and tear. These paints form a strong, long-lasting barrier that can withstand harsh chemicals, making them suitable for industrial environments and heavy traffic areas. Their versatility allows for both glossy and matte finishes, catering to a wide range of consumer preferences. Polyurethane waterproof paints are often employed in commercial settings where maintenance and longevity are crucial, thereby driving their popularity in the market. As industries continue to prioritize high-performance coatings, polyurethane-based products are expected to become increasingly prevalent.

Epoxy:

Epoxy ingredients in waterproof paints are known for their superior adhesion and resistance to moisture and chemicals. This makes epoxy waterproof paints ideal for use in industrial settings, such as factories and warehouses, where heavy machinery and spills are common. The two-part nature of epoxy systems allows for tailored solutions that can handle specific challenges. Epoxy waterproof paints also provide a high-gloss finish that enhances the aesthetic appeal of floors and surfaces while offering long-lasting protection. As the industrial sector expands, the demand for epoxy-based waterproofing products is anticipated to grow significantly.

Cementitious:

Cementitious waterproofing materials are characterized by their ability to bond effectively to concrete and masonry surfaces, creating a mechanical barrier against water infiltration. These products are commonly used in basements, swimming pools, and exterior walls where moisture exposure is a concern. The cost-effectiveness and ease of application of cementitious waterproof paints make them a popular choice among contractors and homeowners alike. With the increasing focus on preserving structural integrity and preventing water damage in construction projects, the demand for cementitious waterproofing solutions is expected to rise, further solidifying its presence in the market.

By Region

The North American watertightness paint market is projected to witness steady growth, driven by stringent building codes and a high level of awareness regarding the importance of waterproofing in construction. With a market value estimated at approximately USD 600 million by 2035, the region is expected to grow at a CAGR of 5.9% from 2025 to 2035. The United States accounts for a significant share of the market, as investments in infrastructure repair and renovation continue to rise in response to aging structures and adverse weather conditions. Furthermore, the trend of sustainable building practices is driving demand for eco-friendly waterproofing solutions across the region.

In Europe, the watertightness paint market is poised for significant development, with a market value projected at around USD 500 million by 2035. The region is experiencing a steady uptick in construction activity, driven by urbanization and government initiatives to improve housing and infrastructure. Countries like Germany and the United Kingdom are leading the charge in adopting advanced waterproofing technologies. The increasing awareness of the detrimental effects of water damage on buildings and the growing emphasis on energy-efficient solutions are likely to bolster the demand for effective waterproofing products in the European market. The Asia Pacific region is also witnessing a surge, with a projected market value of USD 400 million by 2035, driven by rapid urbanization and infrastructure development in countries like India and China.

Opportunities

The watertightness paint market presents numerous opportunities driven by the increasing demand for sustainable and eco-friendly products. As consumers become more environmentally conscious, there is a growing market for paints made from natural ingredients and low in volatile organic compounds (VOCs). Manufacturers who invest in research and development to create innovative, environmentally friendly waterproofing solutions will find a receptive audience among consumers looking to reduce their ecological footprint. Additionally, as urban areas become more densely populated, the need for effective waterproofing in residential and commercial buildings becomes paramount, creating opportunities for companies to expand their product lines and reach new customers.

Another significant opportunity lies in the growing trend of smart building technologies and advanced construction methods. The incorporation of smart materials and IoT (Internet of Things) capabilities in building designs opens up new avenues for the application of waterproofing solutions. For instance, smart coatings that can self-heal or indicate water intrusion through color changes could revolutionize the industry. Companies that stay ahead of these trends and develop cutting-edge waterproofing technologies will not only enhance their market presence but also cater to a new generation of technologically savvy consumers.

Threats

The watertightness paint market faces challenges from intense competition and price fluctuations, which can significantly impact profit margins for manufacturers. The presence of numerous players offering similar waterproofing solutions can lead to aggressive pricing strategies, forcing companies to cut costs to maintain market share. Additionally, economic downturns and fluctuations in raw material prices can further exacerbate these challenges. Companies that fail to adapt to changing market dynamics or invest in innovation may find it increasingly difficult to compete, which poses a threat to their long-term viability in the market.

Another looming threat is the potential for regulatory changes that may affect the production and formulation of waterproofing paints. Increasing awareness regarding environmental concerns can lead to stricter regulations surrounding the use of certain chemicals and materials in paint formulations. Compliance with these regulations may require significant changes to manufacturing processes, potentially increasing production costs. Companies that do not proactively address these regulatory challenges may face challenges in maintaining their market position and could struggle to meet evolving consumer expectations.

Competitor Outlook

• BASF SE
• DuluxGroup
• AkzoNobel N.V.
• Nippon Paint Holdings Co., Ltd.
• PPG Industries, Inc.
• Sherwin-Williams Company
• Asian Paints Ltd.
• Beckers Group
• Kansai Paint Co., Ltd.
• Benjamin Moore & Co.
• RPM International Inc.
• Valspar Corporation
• Hempel A/S
• Fosroc International
• Mapei S.p.A.

The competitive landscape of the watertightness paint market is characterized by a mix of established players and emerging companies striving to gain market share. Leading multinational corporations hold significant positions due to their extensive product portfolios, strong distribution networks, and ongoing investments in research and development. These companies leverage their brand reputation and technological expertise to develop innovative solutions that meet the evolving needs of consumers. In addition to product differentiation, they focus on strategic partnerships and collaborations to enhance their market reach and operational efficiency.

Major companies such as BASF SE and PPG Industries are at the forefront of the market, offering a wide range of waterproofing solutions that cater to various applications. BASF, for example, is known for its advanced polymer technologies that enhance the performance of waterproof paints while ensuring sustainability. PPG Industries, with its strong portfolio of coatings and paints, has been actively involved in developing eco-friendly formulations that appeal to environmentally conscious consumers. These companies are also focused on expanding their global footprint through acquisitions and mergers, thereby strengthening their position in the highly competitive market.

Additionally, emerging players like Valspar Corporation and RPM International Inc. are making significant strides in product innovation and market penetration. Valspar has positioned itself as a leader in high-performance coatings, offering specialized solutions for both commercial and residential applications. RPM International, on the other hand, has expanded its operations through targeted acquisitions to diversify its product offerings and enhance its market presence. As the demand for effective waterproofing solutions continues to rise, the competitive landscape is expected to evolve, with both established and new entrants vying for market share.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 BASF SE
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 DuluxGroup
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Hempel A/S
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Mapei S.p.A.
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Beckers Group
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 AkzoNobel N.V.
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Asian Paints Ltd.
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Valspar Corporation
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Benjamin Moore & Co.
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Fosroc International
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 PPG Industries, Inc.
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Kansai Paint Co., Ltd.
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 RPM International Inc.
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Sherwin-Williams Company
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Nippon Paint Holdings Co., Ltd.
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Watertightness Paint Market, By Application
    • 6.1.1 Roofing
    • 6.1.2 Walls
    • 6.1.3 Basement
    • 6.1.4 Flooring
    • 6.1.5 Others
  • 6.2 Watertightness Paint Market, By Product Type
    • 6.2.1 Elastomeric Waterproof Paint
    • 6.2.2 Cementitious Waterproof Paint
    • 6.2.3 Acrylic Waterproof Paint
    • 6.2.4 Polyurethane Waterproof Paint
    • 6.2.5 Epoxy Waterproof Paint
  • 6.3 Watertightness Paint Market, By Ingredient Type
    • 6.3.1 Silicone
    • 6.3.2 Acrylic
    • 6.3.3 Polyurethane
    • 6.3.4 Epoxy
    • 6.3.5 Cementitious
  • 6.4 Watertightness Paint Market, By Distribution Channel
    • 6.4.1 Online Stores
    • 6.4.2 Hardware Stores
    • 6.4.3 Specialty Stores
    • 6.4.4 Home Improvement Centers
    • 6.4.5 Others

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Watertightness Paint Market by Region
  • 10.6 Middle East & Africa - Market Analysis
    • 10.6.1 By Country
      • 10.6.1.1 Middle East
      • 10.6.1.2 Africa

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Watertightness Paint market is categorized based on

By Product Type

• Elastomeric Waterproof Paint
• Cementitious Waterproof Paint
• Acrylic Waterproof Paint
• Polyurethane Waterproof Paint
• Epoxy Waterproof Paint

By Application

• Roofing
• Walls
• Basement
• Flooring
• Others

By Distribution Channel

• Online Stores
• Hardware Stores
• Specialty Stores
• Home Improvement Centers
• Others

By Ingredient Type

• Silicone
• Acrylic
• Polyurethane
• Epoxy
• Cementitious

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• BASF SE
• DuluxGroup
• AkzoNobel N.V.
• Nippon Paint Holdings Co., Ltd.
• PPG Industries, Inc.
• Sherwin-Williams Company
• Asian Paints Ltd.
• Beckers Group
• Kansai Paint Co., Ltd.
• Benjamin Moore & Co.
• RPM International Inc.
• Valspar Corporation
• Hempel A/S
• Fosroc International
• Mapei S.p.A.