Roofing Chemicals Market to Reach $69.4 billion, Globally, by 2033 at 5.1% CAGR: Allied Market Research

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May 08, 2024, 05:50 ET

Advances in chemical engineering and materials science contribute to the development of innovative roofing chemicals. New formulations that offer improved performance, durability, and resistance to weathering are driving the market. Additionally, technologies such as cool roof coatings, which reflect sunlight and reduce heat absorption, are gaining popularity due to their energy-saving benefits.

WILMINGTON, Del., May 8, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Roofing Chemicals Market by Material Type (Acrylic, Asphalt, Elastomer, Epoxy Resin, Styrene, and Others), Roofing Type (Membrane roofing, Elastomeric roofing, Bituminous Roofing, Metal Roofing, Plastic (PVC) Roofing, and Others), Construction Type (New Construction and Re-Roofing), and End-Use (Residential and Non-Residential): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the roofing chemicals market was valued at $42.3 billion in 2023 and is estimated to reach $69.4 billion by 2033, growing at a CAGR of 5.1% from 2024 to 2033.

Prime determinants of growth

The global roofing chemicals market is experiencing growth due to several factors such as innovations in roofing chemical formulations. However, environmental concerns are expected to hinder the market growth. Moreover, an increase in emphasis on green building practices is expected to offer remunerative opportunities for the expansion of the global roofing chemicals market.

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Report coverage & details:

Report Coverage

Details

Forecast Period

2024–2033

Base Year

2023

Market Size in 2022

$42.3 billion

Market Size in 2032

$69.4 billion

CAGR

5.1 %

No. of Pages in Report

300

Segments Covered

Material Type, Roofing Type, Construction Type, End-use, and Region

Drivers

Surge in and renovation activities

An increase in demand for energy-efficient solutions

Opportunity

The development of cool roofing solutions

Restraint

Environmental and health concerns

The others segment including polyurethane, Polyvinyl Chloride (PVC), thermoplastic olefin (TPO), and others is expected to grow faster throughout the forecast period.

By material type, the asphalt segment held the highest market share in 2023, accounting for more than one-fourth of the roofing chemicals market revenue. This can be attributed to the fact that asphalt is commonly used in the manufacture of roofing shingles. These shingles consist of a base material (often fiberglass or organic felt) coated with asphalt and covered with granules for protection against the elements. Asphalt provides waterproofing and helps the shingles adhere together. However, the others segment including polyurethane, Polyvinyl Chloride (PVC), thermoplastic olefin (TPO), and others, is expected to be the fastest-growing segment in the roofing chemicals market at a CAGR of 6.1%.

The bituminous roofing segment is expected to lead throughout the forecast period.

By roofing type, the bituminous roofing segment held the highest market share in 2023, accounting for more than one-fourth of the global roofing chemicals market revenue and is expected to retain its dominance throughout the forecast period. Asphalt is the primary component of bituminous roofing. It provides waterproofing and weatherproofing properties to the roofing material. Asphalt is a mixture of bitumen (a naturally occurring substance) and mineral fillers. The others segment including slate roofing, composite roofing, and others, is expected to grow at a CAGR of 6.4%.

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The new construction segment dominated the roofing chemicals market.

By construction type, the new construction segment held the highest market share in 2023, accounting for more than half of the market share and is expected to retain its dominance throughout the forecast period. Roofing adhesives and sealants are used to bond roofing materials together and seal gaps to prevent water infiltration. They are essential in the installation of roofing systems and are widely used in both new construction and roofing repair projects. The re-roofing segment is expected to grow at aCAGR of 5.6% during the forecast period. Roofing chemicals are used to seal joints, seams, and gaps in the roof structure to prevent water penetration. They are also used as adhesives for attaching roofing materials such as shingles, tiles, and membranes to the substrate. Silicone sealants, polyurethane adhesives, and asphalt mastics are examples of commonly used products for these purposes.

The residential segment is expected to lead throughout the forecast period.

By end-use, the residential roofing segment held the highest market share in 2023, accounting for more than half of the global roofing chemicals market revenue and is expected to retain its dominance throughout the forecast period. The non-residential segment is expected to grow at a CAGR of 5.3%. Roofing chemicals are used to waterproof and insulate roofs, protecting the building from leaks and reducing energy consumption. Chemicals are applied to roofing materials to enhance their resistance to weathering, UV radiation, and foot traffic.

Asia-Pacific to maintain its dominance by 2032.

By region, Asia-Pacific held the highest market share in terms of revenue in 2023, accounting for one-third of the roofing chemicals market revenue and is expected to dominate in terms of revenue throughout the forecast timeframe, whereas Asia-Pacific is also expected to witness a CAGR of 5.4% during the forecast period. China is a significant market for roofing chemicals due to its large construction industry. Waterproofing chemicals, such as bitumen membranes and polymer-modified bitumen, are widely used for flat roofs and concrete roofs. Reflective coatings to reduce heat absorption are also common, especially in urban areas with high temperatures.

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Players: -

BASF SE
Dow
SIKA CORPORATION
GAF, Inc
Owens Corning
Johns Manville
Saint-Gobain
DuPont
Akzo Nobel N.V.
PPG Industries

The report provides a detailed analysis of these key players in the global roofing chemicals market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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