Roofing Chemicals Market – Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2016–2024
Roofing Chemicals Market Overview
Roofing chemicals are generally utilized to improve the performance and shelf life of roof coatings and coverings. These chemicals are vital to keep the temperature low in the interiors of the house. Cool roofing technologies has increased awareness regarding roofing chemicals across the globe. Roofing chemicals are preferred for their various properties such as high reflectivity and insulation. Roofing chemicals are vital for thermal management of buildings and houses. The electricity costs are also reduced owing to lesser energy requirements for cooling the interiors of the house.
Prevalent Scenario in Roofing Chemicals Market
Increasing construction activities have boosted the demand for roofing chemicals across the globe. Asphalt roofing material is widely used for buildings. It is the most-widely used type of roofing chemical. Asphalt provides the best performance in terms of roofing material. Factors such as wide choices in top-surfacing, insulation, reduced deformation, reduced flushing, better texture and durability have further boosted the demand for asphalt roofing chemicals. Other factors such as lower cost, lower crack formation, and flexibility also drive the demand for asphalt. Asphalt roofing also form part of fire, wind and hail resistant roof systems. In terms of application segment, bituminous roofs are in high demand owing to their rigidness and long life. Bituminous roofs are very durable and generally have extended shelf life. They can be used with conventional shingles, which makes them suitable for quick installation.
Regional Outlook of Roofing Chemicals Market
Currently, Asia Pacific is the leading market for roofing chemicals. Countries such as China, India, Japan, Australia, and South Korea among others drive roofing chemicals market in this region. China is the dominant player in this market not only in Asia Pacific but also globally. The demand for roofing chemicals in China is growing due to increasing construction activities as well as the real estate boom in the country. This trend is expected to continue throughout the forecast period. India is also a growing market for roofing chemicals. China and India are expected to grow at the fastest rate owing to increasing infrastructure and construction activities in these countries. In Europe, roofing chemicals is in high demand owing to the inclination of the region towards energy security, efficient housing and green buildings. Countries such as Germany, the U.K., France, Italy, Norway, Spain, and Denmark among others drive the roofing chemicals market in the region. North America has high demand for roofing chemicals. The U.S. and Canada have set high standards for energy efficiency which has boosted the demand for roofing chemicals in this region. Middle East and Africa also have huge demand for roofing chemicals. The demand is expected to increase owing to increasing interest in energy efficiency and minimum wastage in this region. Countries such as UAE, Saudi Arabia, Israel, and South Africa among others drive the roofing chemicals market in this region. The share of Latin America in global market in roofing chemicals is expected to increase during the forecast period owing to increasing construction and housing projects in the region. Countries such as Brazil, Argentina, Peru and Chile are expected to drive the market in this region.
Market Driven By R&D
The global roofing chemicals market is driven by research and development and new product development by leading companies. Companies are striving to introduce new products in the market with qualities such as better solar reflectance index, longer shelf life, high elasticity, reliable adhesion, and dirt resistance among others. Some of the major companies operating in the global roofing chemicals industry include BASF SE, The Dow Chemical Company, Saint-Gobain S.A., 3M Company, Akzo Nobel N.V, and Sika AG among others.
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