Roof coatings are seamless, sustainable roofing solutions that can prevent leaks on different roofing materials. Roof coatings also offer properties that allow them to stretch and return to original size and shape without any damage. Due to such properties they have a huge demand from the construction sector, which, in turn, also boosts the demand for roofing chemicals. Epoxy resin, acrylic resin, elastomer, styrene, and asphalt or bituminous are the major types of roofing chemicals or coatings.
Asphalt/Bituminous: The Largest Roofing Chemicals Type Segment
Asphalt was the largest type segment in 2016 and generated revenue of $ 30.41 billion accounting for 40 % of the overall share in the industry. The segment is predicted to retain its dominance even during the forecast period i.e., from 2017 to 2025. These roofing chemicals have an average lifespan of 20 to 50 years and are easy to install. These two factors are expected to be the key drivers for the segment growth. Many manufacturers are focusing on product innovation for introducing highly efficient and low-cost products; this is also predicted to augment the segment demand over the coming years.
The styrene type segment is estimated to witness a high growth rate during the next seven years due to rapidly expanding construction activities in the commercial, as well as residential, sector. These roofing chemicals are also used as waterproofing material in the vents of storage tanks. The elastomer segment is also anticipated to witness fast-paced development over the next few years. These chemicals are used on various roof types including single-ply, metal, wood, concrete, polyurethane, and others.
Market Insights
Based on the findings of a report by Grand View Research, Inc.; the global roofing chemicals market is expected to reach at USD 146.3 billion by 2025 with a CAGR of 7.7 % over the forecast years. Increasing demand for highly elastic, efficient waterproofing, and weather-resistant roofing solutions in new construction activities is expected to spur the global market development in future. Moreover, rising R&D activities for introducing cost-efficient roofing systems and various technological advancements are also likely to have a positive impact on the global market.
E.I. du Pont de Nemours and Company or DuPont; The Dow Chemicals Co.; GAF Materials Corp.; BASF SE; and Saint-Gobain S.A. are some of the key players in the global roofing chemicals market. Most of these players focus on product innovation and M&A activities as part of their business development strategies. For example, in the recent past, BASF SE acquired a European building material company Henkel AG and Co. KGaA for strengthening their portfolio of construction chemicals.
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