Thursday, June 13, 2024

Roofing Chemicals Market Is Expected to Grasp the Value of USD 167.27 billion with Growing A CAGR of 7.7%by 2027

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Market Overview: The Compound Annual Growth Rate (CAGR) for the global Roofing Chemicals market, spanning the period 2019 to 2027, is reported at 7.70%. This information is sourced from Reports and Data.

Study Period: The study covers the years 2019 to 2027, with the base year being 2018.

Market Growth: Projections indicate that the global Roofing Chemicals market is set to expand from USD 95.52 billion in 2019 to USD 167.27 billion in 2027, showcasing a growth rate of 7.7%. Environmental concerns related to the widespread use of cold roofs globally are anticipated to drive market growth. The market is further expected to benefit from the imperative to reduce carbon footprints.

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Market Dynamics: Various factors contribute to the robust demand for roofing chemicals, including increased interest in cool roofing materials, extensive utilization of powder coating, UV reflecting coating chemicals, and waterproofing chemicals. Coating materials that enhance roof longevity and facilitate refurbishment of older roofs are gaining traction. Diverse roof coating types, such as Polyurethane, Asphalt, Acrylic, and Silicone coatings, are witnessing substantial market growth.

Factors Influencing Demand: R&D activities aimed at cost reduction in Roofing Systems installation, technological advancements for improved building aesthetics, and innovations in roofing membrane materials are expected to positively impact market demand. The widespread use of acrylic resin as a weather-resistant polymer is identified as a significant driver for the acrylic resin segment.

Market Drivers by Region: The United States and Canada are witnessing a surge in demand for energy-efficient roofs, driven by environmental consciousness. Reflective coatings for dark-colored roofs and the use of bitumen coatings as sealants are also contributing to market growth.

Application Focus: Membrane roofs, predominantly made from elastomers or modified bitumen roofing chemicals, are extensively used in residential buildings. Metal roofs are gaining prominence, especially for non-residential applications and prefabricated metal buildings.

Types of Roofing Materials: Bituminous roofing is widely adopted due to its water-resistant and cost-effective nature, contributing to the increased demand for residential and commercial buildings. Easy-to-use, lightweight, and non-combustible features further stimulate the roofing chemicals market.

End-Use Verticals: Increased infrastructure activities, particularly in commercial roof remodeling and repair, are driving market growth. The residential sector is witnessing a surge in demand for high-performance roofing systems.

Regional Dynamics: The Asia-Pacific region dominates the global roofing chemicals market, fueled by economic growth in China, robust infrastructure development in India and China, and the presence of key manufacturers. North America benefits from a strong regulatory framework for environmentally friendly roofing systems, while the Middle East, Africa, and Latin America show growing demand for high-performance roofing chemicals.

Market-O-Nomics: Growing demand for bitumen and elastomer with cooling granules for energy-efficient buildings, coupled with increased infrastructure development activities, is propelling market growth. Government initiatives globally are promoting the use of sustainable, energy-efficient chemicals in the construction industry.

Key Players and Innovations: Major players such as BASF SE, The Dow Chemical Company, and Saint-Gobain S.A. are profiled in the report. Companies are focusing on innovative products, with Sika winning the Swiss Technology Award for its high-performance adhesive technology. Other players, like Eastman Chemical Company and Nouryon, have expanded production capacities and launched advanced roofing coating solutions.

Start-up Traction: Start-ups like de Cavis AG, Innosyn B.V., and Sixonia Tech GmbH are introducing innovative products and technologies, contributing to market growth. For instance, INDRESMAT, an early-stage start-up, has developed a disruptive extrusion technology for thermoset PUR, expanding product applications in construction and industrial markets.

Deals Landscape: Mergers and acquisitions play a crucial role in the roofing chemicals industry. Notable transactions include Eastman Chemical Company’s acquisition of manufacturing assets for Marlotherm heat transfer fluids from Sasol, and Sika’s acquisition of Parex, enhancing product offerings in facade mortars and waterproofing mortars.

Expert Insights: Industry experts foresee promising developments in increased consumption of roofing chemicals, driven by the growing demand for fresh roofs leading to reduced energy consumption. Additionally, concerns about protecting roofs from various elements are expected to stimulate market growth.

Segmentation: The report segments the roofing chemicals market based on type, application, end-use industry, and region. Key segments include Epoxy Resin, Bituminous, Asbestos, and Elastomers for types; Metal Roofing, Membrane Roofing, and others for applications; Residential, Commercial, and others for end-use industries; and North America, Europe, Asia Pacific, MEA, and Latin America for regions.

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