Roofing Chemicals Market to Reach USD 167.27 Billion by 2027
- Rapid industrialization and the growing need for energy saving in residential and commercial establishments are the drivers for the growth of the market
- Market Size – USD 95.52 Billion in 2019, Market Growth - CAGR of 7.7%, Market Trends – High demand for residential projects from APAC region
NEW YORK, June 10, 2020 /PRNewswire/ -- The global Roofing Chemicals market is forecast to reach USD 167.27 Billion by 2027, according to a new report by Reports and Data. The strong demand for effective waterproofing and highly elastic, weatherproof roofing solutions in recently constructed buildings as well as in the reconstruction of old buildings is expected to stimulate market growth over the forecast period.
The increasing demand for acrylic roofing to reduce the internal temperature of poorly ventilated and uninsulated buildings, thereby eliminating the need to invest in air conditioning, should propel the market over the forecast period. Widespread applications of polyurethane membrane systems in old concrete, wood, felted asphalt, and substrates are expected to be a significant driver for this segment.
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The growing number of R&D activities and mergers and acquisitions carried out by companies such as The Dow Chemical Company, GAF Materials Corporation, and Saint-Gobain, to increase their production capacities and their operational and manufacturing facilities in the sector roofing chemicals, is expected to propel the market over the next eight years.
Growing infrastructure in emerging and developed countries like the United States, China, India, and Germany due to the significant growth of the global construction industry is expected to stimulate the market during the forecast period.
The COVID-19 impact:
Self-delays and low labor availability for residential construction due to social restrictions and lock-in policies will negatively impact demand patterns for the market. However, the easing of restrictions in specific regions and public discourse on the revival of economic activities in the market indicate that the recovery of demand is imminent.
Also, supply chain disruptions and production shutdowns have resulted in a downgraded outlook for the COmmercial segment, which is a significant market for Roofing Chemicals application, which will have short-term impacts on market sales that could have lasting effects. While the industry expects things to return to near normal state well before the end of 2020, negative demand shock caused by the crisis is likely to last.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/roofing-chemicals-market
Further key findings from the report suggest
- Bituminous has become the largest segment of the market by type and generated revenues of USD 25.10 billion in 2019.
- The increasing number of manufacturers and suppliers of epoxy resins, bitumen, and elastomers is expected to drive market growth over the forecast period.
- Metal roofing was the significant application segment in 2019 and is expected to hold a considerable market share over the forecast period.
- Asia-Pacific is expected to be a significant regional segment over the forecast period, with an estimated CAGR of approximately 8.1%.
- Growing demand for cold roofs to save energy should be a significant driver for regional markets.
- Key participants include BASF SE, The Dow Chemical Company, E. I. du Pont de Nemours and Company, Saint-Gobain S.A., Eastman Chemical Company, 3M, Owens Corning, Akzo Nobel N.V., GAF Materials Corporation, and Sika AG, among others.
For the purpose of this report, Reports and Data have segmented into the global Roofing Chemicals market on the basis of Type, Application, End-Use Industry, and Region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Epoxy Resin
Application Outlook (Revenue, USD Billion; 2017-2027)
- Metal Roofing
- Membrane Roofing
End-Use Industry Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
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