Report Code : A51875
The global roofing chemicals market is expected to witness high growth potential in coming years due to its extensive use in acrylic, asphalt, elastomer, epoxy resin, styrene, and others. However, environmental and health concerns are expected to restrain the growth of the roofing chemicals market. Nevertheless, the development of cool roofing solutions is expected to offer ample growth opportunities for the roofing chemicals market.
Yerukola Eswara Prasad - Manager
Materials and Chemicals at Allied Market Research
According to a new report published by Allied Market Research, titled, “Roofing Chemicals Market," 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.
Introduction
Roofing chemicals encompass a wide range of substances designed to enhance the performance, durability, and longevity of roofing materials. These chemicals are utilized in various applications across different industries, including construction, manufacturing, and maintenance. From waterproofing solutions to UV-resistant coatings, roofing chemicals play a crucial role in protecting buildings from environmental factors and extending the lifespan of roofing systems.
Waterproofing chemicals are designed to prevent water penetration into the roofing structure, thus safeguarding the building from water damage, such as leaks and mold growth. These chemicals are commonly applied to roofs made of materials such as concrete, metal, and asphalt shingles. Polyurethane-based coatings, acrylic sealants, and silicone membranes are examples of waterproofing chemicals used in roofing applications. Waterproofing chemicals find extensive usage in residential, commercial, and industrial buildings, providing long-term protection against moisture ingress.
Insulation chemicals are used to enhance the thermal performance of roofing systems, thereby improving energy efficiency and reducing heating and cooling costs. These chemicals are often incorporated into insulation boards, sprays, or foams applied beneath or within the roofing structure. Polyisocyanurate, expanded polystyrene (EPS), and extruded polystyrene (XPS) are common insulation materials used in roofing applications. Insulation chemicals are widely employed in new construction projects, as well as retrofitting existing buildings to meet energy efficiency standards.
Market Dynamics
An increase in demand for energy-efficient solutions is expected to drive the growth of the roofing chemicals market. Roofing chemicals such as insulation materials, reflective coatings, and foam systems, play a crucial role in enhancing thermal performance of buildings. These materials help to minimize heat transfer through the roof, thereby reducing the need for heating and cooling and lowering energy costs. By providing effective thermal insulation, roofing chemicals contribute to creating more energy-efficient buildings and reducing carbon emissions. In August 2022, Atlas Roofing Corporation announced plans to build a shingle manufacturing facility in the region of the Midwestern U.S. with an investment of $200 million. Atlas will also manufacture new and innovative products, including roofing underlayment products and Atlas' proprietary roof system components.
In March 2022, BASF introduced a new addition to its graphitic expandable polystyrene (EPS) granulate lineup, expanding its portfolio. The newly launched product, Neopor F 5 McycledTM, incorporates 10% recycled material. It's designed for various building applications, with a particular focus on facade insulation roofing.
Volatility in raw material prices is expected to hamper the growth of the roofing chemicals market. Fluctuations in the prices of raw materials such as polymers, resins, solvents, and additives can significantly impact the production costs of roofing chemicals. Manufacturers may struggle to maintain profit margins or competitive pricing in the face of unpredictable raw material costs. Volatility in raw material prices can lead to price instability in the roofing chemicals market. This instability can make it challenging for manufacturers to provide consistent pricing to customers, leading to uncertainty and hesitation in purchasing decisions. Volatility in raw material prices adds an additional layer of risk to the business operations of roofing chemical manufacturers. Companies may need to implement robust risk management strategies, including hedging against price fluctuations or diversifying their supplier base, to mitigate the impact of raw material price volatility on their bottom line.
Segments Overview
The roofing chemicals market is segmented into material type, roofing type, construction type, application, and region. On the basis of material type, the market is classified into acrylic, asphalt, elastomer, epoxy resin, styrene, and others. On the basis of the roofing type, the market is divided into membrane roofing, elastomeric roofing, bituminous roofing, metal roofing, plastic (PVC) roofing, and others. On the basis of the construction type, the market is bifurcated into new construction, and re-roofing. On the basis of the application, the market is categorized into residential, and non-residential. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of material type, the asphalt segment dominated the roofing chemicals market. Fiberglass or organic materials like cellulose are embedded within the asphalt mixture to provide strength and stability to the roofing material. Chemical additives such as stabilizers and antioxidants are used to prevent premature degradation of the asphalt due to exposure to UV radiation and other environmental factors.
On the basis of roofing type, the bituminous roofing is the most lucrative segment in the roofing chemicals market. In green roofing systems or areas where vegetation is present, anti-root additives are used to prevent root penetration and damage to the roofing membrane. These additives typically contain chemicals that deter root growth without harming the plants themselves. Reflective coatings are applied to bituminous roofing surfaces to increase solar reflectance and reduce heat absorption. This helps lower the roof's surface temperature, decrease energy costs for cooling, and extend the lifespan of the roofing system by reducing thermal stress.
Based on construction type new construction is dominated the roofing chemicals market. Mold and mildew can thrive in moist environments, so anti-microbial treatments are often applied to roofing materials to inhibit their growth and maintain indoor air quality. These additives are used to provide color to roofing materials, enhancing aesthetics and offering additional UV protection.
Regional Analysis
Region-wise Asia-Pacific is the fastest growing segment in the roofing chemicals market. Asia-Pacific countries experience a wide range of climates, from tropical to temperate, leading to diverse roofing needs. Waterproofing chemicals, such as bitumen, acrylics, polyurethane, and silicones, are commonly used to protect roofs from water damage. These chemicals are applied to various roofing materials like concrete, metal, and asphalt shingles.
In March 2023 the largest roof tile company in India, KPG Roofings, has launched its first showroom in Hyderabad, and it's 40th overall. The largest network of roof tile showrooms in India and the most popular brand of roof tiles there is KPG Roofings. KPG Roofings is currently resuming its pan-India growth plan, which was temporarily put on hold in early 2020 owing to supply and logistics challenges encountered in the worldwide market. KPG Roofings is now present throughout all of South India. Thus, the increase in demand for roof tile is expected to grow the demand for roofing chemicals market during the forecast
Competitive Analysis
The major players operating in the roofing chemicals market include BASF SE, Dow, SIKA CORPORATION, GAF, Inc, Owens Corning, Johns Manville, Saint-Gobain, DuPont, Akzo Nobel N.V., and PPG Industries. In October 2023, Langley introduced a new Langley polyurethane (PU) liquid waterproofing system roofing chemical, which allows the application of a 25-year system in just two coats. This significantly decreases installation time compared to many other liquids in the market where a three-coat system is required.
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Roofing Chemicals Market by Material Type (Acrylic, Asphalt, Elastomer, Epoxy Resin, Styrene, Others), by Roofing Type (Membrane roofing, Elastomeric roofing, Bituminous roofing, Metal roofing, Plastic (PVC) roofing, Others), by Construction Type (New Construction, Re-Roofing), by End-Use (Residential, Non-Residential): Global Opportunity Analysis and Industry Forecast, 2024-2033
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