Advances in chemical engineering and materials
science contribute to the development of innovative roofing
chemicals. New formulations that offer improved performance,
durability, and resistance to weathering are driving the market.
Additionally, technologies such as cool roof coatings, which
reflect sunlight and reduce heat absorption, are gaining popularity
due to their energy-saving benefits.
WILMINGTON,
Del., May 8, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Roofing
Chemicals Market by Material Type (Acrylic, Asphalt,
Elastomer, Epoxy Resin, Styrene, and Others), Roofing Type
(Membrane roofing, Elastomeric roofing, Bituminous Roofing, Metal
Roofing, Plastic (PVC) Roofing, and Others), Construction Type (New
Construction and Re-Roofing), and End-Use (Residential and
Non-Residential): Global Opportunity Analysis and Industry
Forecast, 2024-2033". According to the report, the roofing
chemicals market was valued at $42.3
billion in 2023 and is estimated to reach $69.4 billion by 2033, growing at a CAGR of 5.1%
from 2024 to 2033.
Prime determinants of growth
The global roofing chemicals market is
experiencing growth due to several factors such as innovations in
roofing chemical formulations. However, environmental concerns are
expected to hinder the market growth. Moreover, an increase in
emphasis on green building practices is expected to offer
remunerative opportunities for the expansion of the global roofing
chemicals market.
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Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2033
|
Base Year
|
2023
|
Market Size in
2022
|
$42.3
billion
|
Market Size in
2032
|
$69.4
billion
|
CAGR
|
5.1 %
|
No. of Pages in
Report
|
300
|
Segments
Covered
|
Material Type, Roofing
Type, Construction Type, End-use, and Region
|
Drivers
|
Surge in and renovation
activities
An increase in demand
for energy-efficient solutions
|
Opportunity
|
The development of cool
roofing solutions
|
Restraint
|
Environmental and
health concerns
|
The others segment including polyurethane,
Polyvinyl Chloride (PVC), thermoplastic olefin (TPO), and others is
expected to grow faster throughout the forecast period.
By material type, the asphalt segment held the
highest market share in 2023, accounting for more than one-fourth
of the roofing chemicals market revenue. This can be attributed to
the fact that asphalt is commonly used in the manufacture of
roofing shingles. These shingles consist of a base material (often
fiberglass or organic felt) coated with asphalt and covered with
granules for protection against the elements. Asphalt provides
waterproofing and helps the shingles adhere together. However, the
others segment including polyurethane, Polyvinyl Chloride (PVC),
thermoplastic olefin (TPO), and others, is expected to be the
fastest-growing segment in the roofing chemicals market at a CAGR
of 6.1%.
The bituminous roofing segment is expected to
lead throughout the forecast period.
By roofing type, the bituminous roofing segment
held the highest market share in 2023, accounting for more than
one-fourth of the global roofing chemicals market revenue and is
expected to retain its dominance throughout the forecast period.
Asphalt is the primary component of bituminous roofing. It provides
waterproofing and weatherproofing properties to the roofing
material. Asphalt is a mixture of bitumen (a naturally occurring
substance) and mineral fillers. The others segment including slate
roofing, composite roofing, and others, is expected to grow at a
CAGR of 6.4%.
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The new construction segment dominated the
roofing chemicals market.
By construction type, the new construction
segment held the highest market share in 2023, accounting for more
than half of the market share and is expected to retain its
dominance throughout the forecast period. Roofing adhesives and
sealants are used to bond roofing materials together and seal gaps
to prevent water infiltration. They are essential in the
installation of roofing systems and are widely used in both new
construction and roofing repair projects. The re-roofing segment is
expected to grow at aCAGR of 5.6% during the forecast period.
Roofing chemicals are used to seal joints, seams, and gaps in the
roof structure to prevent water penetration. They are also used as
adhesives for attaching roofing materials such as shingles, tiles,
and membranes to the substrate. Silicone sealants, polyurethane
adhesives, and asphalt mastics are examples of commonly used
products for these purposes.
The residential segment is expected to lead
throughout the forecast period.
By end-use, the residential roofing segment held
the highest market share in 2023, accounting for more
than half of the global roofing chemicals market revenue and is
expected to retain its dominance throughout the forecast period.
The non-residential segment is expected to grow at a CAGR of 5.3%.
Roofing chemicals are used to waterproof and insulate roofs,
protecting the building from leaks and reducing energy consumption.
Chemicals are applied to roofing materials to enhance their
resistance to weathering, UV radiation, and foot traffic.
Asia-Pacific
to maintain its dominance by 2032.
By region, Asia-Pacific held the highest market share in
terms of revenue in 2023, accounting for one-third of the roofing
chemicals market revenue and is expected to dominate in terms of
revenue throughout the forecast timeframe, whereas Asia-Pacific is also expected to witness a
CAGR of 5.4% during the forecast period. China is a significant market for roofing
chemicals due to its large construction industry. Waterproofing
chemicals, such as bitumen membranes and polymer-modified bitumen,
are widely used for flat roofs and concrete roofs. Reflective
coatings to reduce heat absorption are also common, especially in
urban areas with high temperatures.
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Strategies:
https://www.alliedmarketresearch.com/roofing-chemicals-market/purchase-options
Players: -
- BASF SE
- Dow
- SIKA CORPORATION
- GAF, Inc
- Owens Corning
- Johns Manville
- Saint-Gobain
- DuPont
- Akzo Nobel N.V.
- PPG Industries
The report provides a detailed analysis of these
key players in the global roofing chemicals market. These players
have adopted different strategies such as new product launches,
collaborations, expansion, joint ventures, agreements, and others,
to increase their market share and maintain dominant shares in
different regions. The report is valuable in highlighting business
performance, operating segments, product portfolio, and strategic
moves of market players to showcase the competitive scenario.
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