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Roofing Chemical Market show exponential growth by 2025
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Based on type, the roofing chemicals market can be divided into epoxy resins, bituminous, asbestos, elastomers, and others. Bituminous is extensively used roofing type. Bituminous or asphalt is an organic liquid which is water resistance in nature. It improves the mechanical strength and longevity of the roofing, making it economical. This in turn contributes to the rise in its demand in residential and commercial building. Rising demand from residential and commercial buildings is anticipated to propel the bituminous material type segment during the forecast period. Easy-to-use, lightweight, and noncombustible features are factors driving the roofing chemicals market.
In terms of application, the market can be segregated into metal roofing, membrane roofing, and others. Membrane roofing are commonly made from elastomers or modified bitumen roofing chemicals. This type of roofing is widely used in residential buildings. The metal roofing application is also expected to expand considerably during the forecast period. Metal roofing is also known to be extremely durable and have long service life. Aluminum, stainless steel, copper, among others are extensively used materials for manufacturing metal shingles. Demand for metal roofing is anticipated to increase with the development of non-residential applications and pre-engineered metal buildings.
Based on end-use industries, the roofing chemical market can be divided into residential, commercial, and others. Rise in infrastructure activities such as remodeling and reroofing, especially from the commercial end-use segment is expected to fuel demand for roofing chemicals. Increase in demand for improved performance roofing systems from the residential segment is expected to drive the roofing chemicals market during the forecast period.
In terms of geography, the roofing chemicals market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The market in Asia Pacific is estimated to dominate the global roofing chemicals market. There is tremendous scope for roofing chemicals in the region due to the high economic growth in China, rise in infrastructure development activities and growing population in India and China. Moreover, factors such as strong presence of key manufacturers and development of bio-based roof coating products are expected to boost market in North America. Strict regulatory framework for eco-friendly components in roofing systems in Europe is also expected to drive the market. Demand for high-performance roofing chemicals from Middle East & Africa and Latin America is also fueling the roofing chemicals market.
Major players operating in the roofing chemicals market are BASF SE (Germany), The Dow Chemical Company (the U.S), E. I. du Pont de Nemours and Company (the U.S.), Saint-Gobain S.A. (France), Eastman Chemical Company (the U.S.), 3M Company (the U.S), Owens Corning (the U.S.), Akzo Nobel N.V (the Netherlands), and Sika AG (Switzerland). Manufacturers have adopted various organic and inorganic strategies to further increase their market shares.
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