Rapid industrialization and the mounting need for energy saving in commercial and residential settings are poised to drive market growth.
Roofing Chemicals Market Size – USD 95.52 Billion in 2019, Growth - CAGR of 7.7%, Trends – High demand for residential projects from the APAC region.
The global Roofing Chemicals market size is forecast to reach USD 167.27 billion from USD 95.52 billion in 2019, exhibiting a growth rate of 7.7% through 2027. The market growth is driven by the surging demand for energy-efficient buildings and large-scale utilization of bio-based roofing chemicals.
Roofing chemicals are witnessing high demand as they efficiently reflect the sunlight on roofs and aid in maintaining lower temperatures inside buildings. This, in turn, reduces the energy consumption for cooling residential or commercial buildings. Several industry players are focusing on expansions and new product development activities to offer environment-friendly and more energy-efficient solutions. The newly introduced roofing chemicals offer low VOC (Volatile Organic Compound) emissions that are compliant with standards set by regulatory bodies in the European Union, such as Restriction of Substances Directive (RoHS) and REACH.
The rise in the number of R&D activities associated with the reduction of costs in the installation of roofing systems will positively impact the roofing chemicals market. Moreover, increasing investments in technological advancements in a bid to improve the aesthetics of buildings, along with the efficiency of membrane material of roofing chemicals, will foster market growth over the forecast period.
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Further key findings from the report suggest:
Key participants in the global roofing chemicals market include BASF SE, E. I. du Pont de Nemours and Company, The Dow Chemical Company, Saint-Gobain S.A., 3M, Owens Corning, Eastman Chemical Company, Akzo Nobel N.V., Sika AG, and GAF Materials Corporation, among others.
Based on type, the bituminous segment has generated a revenue of USD 25.10 billion in 2019 and is forecast to hold 36.3% of the global roofing chemicals market share through 2027. The robust growth can be attributed to the increasing adoption of bituminous material for residential and commercial buildings. Product properties like lightweight, non-combustible, and easy-to-use material are the key factors propelling demand.
Based on application, Metal roofing is expected to contribute significantly to the roofing chemicals market share over the forecast period due to growth in the development of prefabricated metal buildings and non-residential applications.
The increasing number of suppliers and manufacturers of bitumen, elastomers, and epoxy resins is likely to drive global roofing chemicals market growth over the analysis period.
On the basis of end-use, the commercial segment is estimated to witness substantial growth over the forecast period due to a significant rise in infrastructure activities, including roof repairing and remodeling.
In the regional landscape, Asia Pacific is expected to account for the majority of the global roofing chemicals market share, delivering a CAGR of nearly 8.1% through 2027. Factors like strong economic growth in China, population growth in India and China. Besides, increased infrastructure development activities, the strong presence of key manufacturers, along with the development of organic roofing products in the region will supplement market revenue share over the analysis period.
Europe is forecast to witness significant growth over the projected timeframe on account of a strict regulatory framework for environmentally friendly components in roofing systems across the region.
In May 2020, Nouryon, a global specialty chemicals leader, launched a new elastomeric cool roofing coating solution that offers energy-savings with high reflecting light & enhanced self-cleaning properties, making it ideal for the building & construction application.
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Type Outlook (Revenue, USD Billion; 2017-2027)
- Epoxy Resin
Application Outlook (Revenue, USD Billion; 2017-2027)
- Metal Roofing
- Membrane Roofing
End-Use Industry Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Key questions covered in the global Roofing Chemicals Market report:
- What is the expected market size of the global Roofing Chemicals Market during the forecast period?
- What factors are expected to hamper global Roofing Chemicals Market growth over the forecast period?
- What key factors are expected to drive global revenue growth between 2021 and 2028?
- Which application segment is expected to dominate other application segments over the forecast period?
- Which region is expected to dominate in terms of revenue during the forecast period?
- What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
- Which leading players are operating in the global Roofing Chemicals Market?
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