Roofing chemicals refer to a variegated range of chemicals which are used to enhance the performance of roof coatings. These chemicals imparts high reflectivity properties to rooftops thus enabling the maintenance of lower temperatures in the house. This in turn helps significantly in reducing the energy consumption required to keep the temperature low, and thus, helps in reducing carbon emissions. The advent of cool roof technology companies which includes roof designing, coating and chemicals, has led roofing chemicals to gain increasing awareness over last few years.
Most companies in the roofing chemicals industry are relying on increased product innovations and are introducing products which not only offers high solar reflectance index, but also adds significantly to the life of roof, and caters high elasticity, reliable adhesion and dirt resistance. The global roofing market is projected to reach USD 270.40 Billion by 2026, at a CAGR of 4.9% from 2016 to 2026.
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Global Roofing Chemicals Market: Drivers and Restraints
The prime factor driving demand for roofing chemicals is the need for sustainable living standards, which incorporates reduction of carbon footprint of houses, as roofing chemicals helps primarily to reduce in-house temperatures, thus requiring less energy to cool the house, in turn reducing carbon emissions. Moreover, the need to increase longevity of the construction is further fuelling the demand for roofing chemicals, as they inherently helps in overheating and thus extends roof life. This coupled with a rapid increase in construction activity across all developing nations, particularly, in Asia are together translating into rising demand for roofing chemicals. Along with, increasing awareness about the benefits of roofing chemical is another integral factor imparting growth numbers to the global roofing chemicals market. Increase in the presence of bituminous roofing due to its more durability and usage in warehouses and factories is also driving more demand for asphalt bituminous roofing chemicals. Moreover, added features of asphalt roofing such as protection against fire, wind and hail is also adding more demand for asphalt based roofing chemicals.
However, even now installing a rooftop featured with roofing coating and chemicals to protect from high temperature comes costly, and is the major restraint, restricting the growth in global roofing chemicals market.
Global Roofing Chemicals Market: Segmentation
On the Basis of Type:
- Acrylic Resins
- Epoxy Resins
On the Basis of Application:
- Bituminous Roofing
- Metal Roofing
- Elastomeric Roofing
- Membrane Roofing
- Plastic (PVC) Roofing
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On the Basis of Region:
- South Korea
- North America
- Western Europe
- Rest of Western Europe
- Central & Eastern Europe
- Rest of Central & Eastern Europe
- South America
- Middle East & Africa
- Saudi Arabia
Global Roofing Chemicals Market: Region Wise Outlook
The global roofing Chemicals market is segmented into the seven key regions: North America, Latin America, Western Europe, and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). North America is the leading market considering demand for roofing chemicals, amid stringent regulations regarding energy conversation in the US and Canada. Moreover, rising construction activities in Asia Pacific, particularly in China and India, is letting the APEJ region to expand the fastest in terms of demand for roofing chemicals. Due to high inclination of most European governments towards low energy consumption per capita, ha led demand for roofing chemicals in Western Europe to scale high.
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The Asia-Pacific region is the largest market in the global roofing chemicals market, in terms of value, and this trend is expected to continue till 2026. Countries in this region such as China, India, Japan, South Korea, and Australia and New Zealand are witnessing an increase in the use of roofing chemicals in residential and commercial buildings in the construction industry. This growth is chiefly due to the high economic growth and growing population that is driving the demand for roofing chemicals for residential and commercial buildings. India is the fastest-growing market for roofing chemicals and this trend is expected to continue till 2026.
Roofing Chemicals Market Key Players
The roofing chemicals market has many global players competing for market shares. These companies are actively investing in various strategies such as, new product developments, acquisitions, and expansion projects globally, to further increase their market shares. Major manufacturers such as BASF SE (Germany), The Dow Chemical Company (U.S), Saint-Gobain S.A. (France), 3M Company (U.S), Akzo Nobel N.V (The Netherlands), Sika AG (Switzerland), and others have adopted various organic and inorganic developmental strategies in the Asia-Pacific region to expand their businesses in the region.
The Dow Chemical Company (U.S) is the most active player in the roofing chemicals market. It accounted for the largest share of all the developmental activities undertaken in the roofing chemicals market. As a part of its strategy, the company focuses on expanding its roofing chemicals business by investing in new product development activities, mergers & acquisitions and expansions