10 September 2018: Roof coatings are seamless, sustainable solutions that prevent leaks on different roofing materials. Roof coatings also possess 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 construction sector. Epoxy resin, acrylic resin, elastomer, styrene, and asphalt or bituminous are the major types of roofing chemicals or coatings.
Asphalt/Bituminous to be the Largest Roofing Chemicals Type
Asphalt is predicted to continue dominating its counterparts in the years to come. 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 demand of this products from around the world. To cater to the rising demand, many manufacturers are focusing on product innovation for introduction of highly efficient and low-cost products. This factor is projected to augment demand for asphalt roofing chemical in the forthcoming years.
Styrene is estimated to witness a significantly high growth during the next few years due to rapid expansion of construction activities. Rising adoption from commercial and residential sectors is poised to drive the demand for styrene in near future. These roofing chemicals are also used as waterproofing material in the vents of storage tanks. On the other hand, elastomer is anticipated to witness fast-paced rise in terms of demand. Elastomers are used in 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. It is anticipated to expand at a steady CAGR of around 7.7% over the forecast years (2018 to 2025). Increasing demand for highly elastic, efficient waterproofing, and weather-resistant roofing solutions in new construction activities is expected to spur market development. Moreover, rising R&D activities for introducing cost-efficient roofing systems and rapid technological advancements are likely to have a positive impact on global demand for roofing chemicals.
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 market for roofing chemicals. Most companies 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.
In-Depth Research Report On Roofing Chemicals Market:
https://www.grandviewresearch.com/industry-analysis/roofing-chemicals-market
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