Roofing Chemicals Market Size 2024-2028
The roofing chemicals market size is forecast to increase by USD 46.8 billion at a CAGR of 7.08% between 2023 and 2028. The market is experiencing significant growth due to the increasing demand for durable roofs with superior properties. Roofing chemical formulations, including polymer based roofing chemicals, are gaining popularity for their ability to enhance the performance and longevity of various roofing systems. The trend towards green building practices is driving the development of eco-friendly waterproofing compounds and sealants, which offer excellent adhesion and resistance to water ingress.
Roofing membranes and coatings are essential in preventing water damage, and advances in technology have led to the creation of reflective coatings that reduce heat absorption and minimize the impact of sunlight. Flat roofs, particularly those prone to pooling water and joints with seams, benefit greatly from these advancements. However, challenges such as moisture management and the need for cost-effective solutions continue to pose obstacles in the market. Overall, the market is poised for growth, driven by the need for energy efficiency, sustainability, and effective waterproofing solutions.
The market encompasses a wide range of products used in the production of roof coatings and coverings for various types of roofing systems. These include asphalt and bituminous roofing, metal roofing, elastomeric roofing, membrane roofing, and PVC roofing. Roofing chemical formulations are essential in enhancing the superior properties of these roofing systems, such as adhesion, waterproofing, and resistance to extreme temperatures. Low-temperature roofing chemicals, including acrylic resins and elastomers, are increasingly popular due to their ability to perform effectively in cold climates. Environmental concerns have also driven the demand for sustainable roofing solutions, leading to the adoption of green building practices and the use of eco-friendly roofing chemicals.
Furthermore, waterproofing compounds, sealants, and membranes are crucial components of roofing systems, preventing water ingress and water damage. Roofing chemicals such as epoxy resins, styrene, and polymer-based formulations offer excellent resistance to UV radiation, wind, and other environmental factors. Aesthetics also play a role in the market, with a growing focus on sustainable living standards and the desire for visually appealing roofing solutions.
Market Segmentation
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
- Product
- Asphalt
- Acrylic resin
- Epoxy resin
- Elastomer
- Others
- Geography
- APAC
- China
- India
- North America
- Canada
- US
- Europe
- Germany
- South America
- Middle East and Africa
- APAC
By Product Insights
The asphalt segment is estimated to witness significant growth during the forecast period.The asphalt/bituminous segment holds a significant share in The market due to its extensive usage in various construction activities. Bituminous materials, including asphalt and bituminous shingles, are popular choices for roofing applications due to their energy-conserving properties, high tensile strength, and improved surface texture. Bituminous roofing, such as membrane roofing and elastomeric roofing, offers long-lasting solutions for flat roofs. These roofing options are known for their flexibility, waterproofing capabilities, and ease of repair and maintenance. Modified bitumen, a type of asphalt product, can be applied in both hot and cold liquid forms, making it a versatile option for roofing applications.
Furthermore, with a lifespan of up to 20 to 50 years, modified bitumen roofing is an energy-efficient and cost-effective solution for factory sheds and commercial buildings. Bituminous roofing chemicals, including acrylic resins, epoxy resins, elastomers, and styrene, play a crucial role in enhancing the performance and durability of these roofing systems.
Get a glance at the market share of various segments Request Free Sample
The asphalt segment was valued at USD 40.00 billion in 2018 and showed a gradual increase during the forecast period.
Regional Insights
APAC is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
For more insights on the market share of various regions Request Free Sample
The market in the Asia Pacific (APAC) region is experiencing significant growth due to the expanding construction sector, urbanization, and population increase. China, India, South Korea, Japan, and Indonesia are the leading consumers of roofing chemicals in APAC, driven by the increasing construction spending in these countries. The demand for roofing chemicals is further driven by government initiatives encouraging the use of durable and energy-efficient roofing solutions, such as asphalt, bituminous, acrylic resins, epoxy resins, elastomers, styrene, metal roofing, elastomeric roofing, membrane roofing, and plastic roofing. These materials offer high tensile strength, improved surface texture, and energy conservation properties, making them ideal for factory sheds, bituminous shingles, and various roofing applications. The construction industry's rapid growth and the increasing need for energy-efficient solutions in residential and commercial buildings are expected to drive the market in APAC through 2023.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Market Driver
The growing need for thermal management in buildings is the key driver of the market. The demand for roofing chemicals is on the rise due to the increasing focus on sustainable living standards and energy efficiency in buildings. Roofing chemicals, including roof coatings and coverings, play a crucial role in maintaining the thermal management of structures, particularly in low-temperature environments. These products offer reflective properties, which help in reducing the absorption of solar radiation and subsequently lowering the interior temperature of buildings. Moreover, the implementation of roofing chemicals is not only beneficial for energy savings but also addresses environmental concerns. By reducing the energy consumption of cooling systems, these chemicals contribute to a decrease in carbon emissions.
Furthermore, in industrial structures such as warehouses and factories, the use of roofing chemicals offers additional advantages like fire protection, wind protection, and hail protection. The growing trend of cold roofs, which aims to maintain a low temperature inside the roofing system, further boosts the demand for roofing chemicals. As buildings become more energy-efficient and eco-friendly, the use of sustainable roofing solutions is becoming increasingly popular. Bituminous roofing, a common type of roofing system, benefits significantly from the application of roofing chemicals for enhanced durability and resistance to weather conditions. In summary, the market is witnessing significant growth due to the increasing need for energy-efficient and sustainable roofing solutions. These products offer numerous advantages, including improved thermal management, reduced energy consumption, and enhanced protection against environmental elements. As the construction industry continues to evolve, the demand for roofing chemicals is expected to remain strong.
Market Trends
The rising development of bio-based roofing chemicals is the upcoming trend in the market. The market is witnessing significant growth due to the increasing demand for eco-friendly, sustainable roofing solutions. Consumers are increasingly seeking alternatives to petrochemical-based roof coatings and coverings, with a focus on low-temperature applications for interiors, as well as for cold roofs. Environmental concerns are driving the adoption of bio-based roofing systems that offer improved aesthetics, durability, and energy efficiency. These roofing solutions help reduce the emission of volatile organic compounds (VOCs) and hazardous air pollutants (HAP), making them an attractive choice for buildings that adhere to sustainable living standards. Roofing systems that provide fire, wind, and hail protection are also gaining popularity.
Furthermore, bituminous roofing, a traditional choice, is being replaced with more sustainable options. Icopal, a leading manufacturer, has introduced a 100% bio-based roofing solution under the project DISCOVER. This development underscores the industry's commitment to innovation and the use of renewable resources such as vegetable oils, plants, and starch to create sustainable roofing chemicals. The trend towards bio-based roofing chemicals is expected to continue, as the construction industry shifts towards energy-efficient and environmentally responsible practices.
Market Challenge
The fluctuations in crude oil prices are a key challenge affecting market growth. The market is experiencing significant growth due to its application in the construction industry for energy-efficient roofing solutions, thermal management, and weather protection. Roof coatings, coverings, and bituminous roofing systems are increasingly being used to enhance the durability and sustainability of buildings, aligning with the growing trend toward sustainable living standards.
However, the market growth is challenged by the volatility in raw material prices, particularly those derived from petrochemicals such as asphalt/bitumen, epoxy resins, and acrylic resins. The fluctuations in crude oil prices directly impact the availability and cost of these raw materials, leading to a supply-demand imbalance. The overproduction of oil by certain Organization of Petroleum Exporting Countries (OPEC) members has exacerbated this issue, causing instability in the global oil market and ultimately affecting the roofing chemicals industry. Despite these challenges, the market continues to grow due to the increasing demand for roofing solutions that offer fire protection, wind protection, hail protection, and aesthetics for various buildings, including warehouses and factories.
Exclusive Customer Landscape
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Key Companies & Market Insights
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
3M Co: The company offers roofing chemicals products such as 3M Dyneon and 3M Dynamar.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
- 3M Co.
- Akzo Nobel NV
- Atlas Roofing Corp.
- BASF SE
- Berkshire Hathaway Inc.
- CICO Group
- Compagnie de Saint Gobain
- Dow Chemical Co.
- DuPont de Nemours Inc.
- Eastman Chemical Co.
- GAF Materials LLC
- Henry Co.
- Industrial Foams Pvt. Ltd.
- Holcim Ltd.
- National Coatings Corp.
- NovaTuff Coatings
- Owens Corning
- PPG Industries Inc.
- Sika AG
- SOPREMA SAS
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Research Analyst Overview
The market is witnessing significant growth due to the increasing demand for energy-efficient solutions in the construction sector. Roof coatings and coverings are gaining popularity as they offer excellent thermal insulation, reflective properties, and UV protection. Low-temperature roofing solutions are particularly in demand in regions with extreme weather conditions. Environmental concerns are driving the market for sustainable living standards, leading to the adoption of eco-friendly roofing systems. Cold roofs, which help prevent overheating, are becoming increasingly popular. Roofing systems are not just about durability and protection against wind, hail, and fire; they also need to meet aesthetic requirements.
Furthermore, roofing chemicals such as acrylic resins, epoxy resins, elastomers, styrene, and polymer-based formulations are used in various roofing applications. Bituminous roofing, including bituminous shingles, asphalt, and membranes, continues to dominate the market due to their high tensile strength and durability. Roofing chemicals are used in various types of roofing systems, including metal, elastomeric, membrane, plastic (PVC) roofing, and bituminous roofing. Advanced polymers and eco-friendly roofing materials, such as cool-roof coatings with infrared reflective pigments, are gaining traction due to their energy conservation properties. Waterproofing compounds, sealants, membranes, and coatings are essential components of roofing systems, preventing water ingress and damage.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
155 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 7.08% |
|
Market growth 2024-2028 |
USD 46.8 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
6.45 |
|
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
|
Performing market contribution |
APAC at 41% |
|
Key countries |
China, US, India, Germany, and Canada |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
3M Co., Akzo Nobel NV, Atlas Roofing Corp., BASF SE, Berkshire Hathaway Inc., CICO Group, Compagnie de Saint Gobain, Dow Chemical Co., DuPont de Nemours Inc., Eastman Chemical Co., GAF Materials LLC, Henry Co., Industrial Foams Pvt. Ltd., Holcim Ltd., National Coatings Corp., NovaTuff Coatings, Owens Corning, PPG Industries Inc., Sika AG, and SOPREMA SAS |
|
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
|
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Market Research and Growth Report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
- Precise estimation of the size of the market and its contribution of the market in focus to the parent market
- Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
- Growth of the market across APAC, North America, Europe, South America, and Middle East and Africa
- Thorough analysis of the market's competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of market companies
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch