Roofing Chemicals Market Report

Roofing Chemicals Market Analysis By Type (Acrylic Resin, Asphalt/ Bituminous, Elastomer, Epoxy Resin, Styrene), By Roofing Application (Membrane, Elastomeric, Bituminous, Metal, Plastic), By Region, And Segment Forecasts, 2014 - 2025

Published: September 2017  |  98 Pages  |  Format: PDF  |  Report ID: GVR-1-68038-680-6

Industry Insights

The global roofing chemicals market was valued at USD 75.5 billion in 2016. The increasing environmental concerns owing to the rising use of cool roofs around the world are anticipated to drive the market over the forecast period. The rising need to reduce the carbon footprints expected to propel the market over the forecast period.

The growing number of R&D activities associated with cost reduction in the installation of roofing systems is likely to positively affect the demand for the product. Technological advancements in order to improve the aesthetics of buildings and the efficiency and membrane material of roofing chemicals are projected to propel the market over the forecast period. The high use of acrylic resin as a weatherproofing polymer is predicted to act as a major driving factor for acrylic resin type segment over the next few years.

U.S. roofing chemicals market revenue by type, 2014 - 2025 (USD billion)

U.S. roofing chemicals market

Increasing demand for energy-efficient roofs in the U.S. and Canada is projected to propel the market over the forecast period. The development of reflective coatings for dark-colored roofing to achieve better heat reflection is estimated to positively impact the market over the forecast period. The use of bitumen coatings as a waterproofing agent is also anticipated to augment the market growth. 

Favorable regulations have been imposed on the asbestos content in roofing chemicals by agencies such as the Environment Protection Agency (EPA) in the U.S. In 2016, GAF acquired Icopal, a pan-European manufacturer of roofing and waterproofing products. This initiative extended the company’s presence onto both sides of the Atlantic.

Type Insights

Asphalt/bituminous was a significant segment of the roofing chemicals market by type in 2016, accounting for a share of around 40% of the overall market. It is expected to remain the largest segment of the market over the forecast period. It exhibits an average lifespan of 20 to 50 years and is easy to install. These factors fuel the demand for asphalt/bituminous roofing chemicals. Asphalt is commonly used for steep-sloped or pitched roofs. 

The increasing demand for asphalt/bituminous and elastomer equipped with cooling granules for energy-efficient buildings is projected to propel the market over the forecast period. Manufacturers and developers are increasingly focusing on innovative products in terms of low cost and low maintenance to increase their production capacities.

Styrene is projected to progress at a fast pace over the forecast period. It is used on the roofs and along the vents of storage tanks as a waterproofing agent. It acts as an insulating layer which protects buildings from harsh climatic conditions. Increasing construction activities in residential and commercials sectors are projected to propel the market for styrene.

Elastomeric coatings are used on different types of roofs such as wood, single-ply, polyurethane, metal, concrete, build-up, and modified bitumen. BASF SE acquired the business of Taiwan Sheen Soon Co., Ltd., a manufacturer of thermoplastic polyurethane elastomer for adhesives. This strategic initiative was taken by the former in December 2015 in a bid to increase its product offerings, thereby driving the roofing chemicals market.

Application Insights

Bituminous roofing dominated the market by application in 2016 and is likely to be valued at USD 52.82 billion by 2025. It is largely used for low-slope roofs owing to its high-performance results. The self-adhesive feature in bituminous waterproofing membranes provides a layer of glue, which leads to ease of application. 

The rising investment in technological development with regard to processing chemical products for thermal buildings is expected to drive the market over the forecast period. Increasing concerns regarding the protection of roofs from natural weather conditions, such as snow, hail, sleet, and rain using proper design, installation, and maintenance solutions are also anticipated to augment the demand for roofing chemicals.

In developing markets, newly established industrial and manufacturing facilities are likely to fuel the demand for roofing chemicals in the non-residential sector. In mature regions, the growing need to introduce technological advancements in residential construction is likely to provide an impetus to new residential roofing systems along with re-roofing activities for existing buildings.

Increasing demand for cool roofs results in the reduction of energy consumption by air conditioning. This is anticipated to positively affect the roofing chemicals market. Cooling also improves the life expectancy of roofs and reduces their maintenance costs and the overall urban heat. Rising concerns about protecting roofs from cooking oils, bacteria, fungi, and oxidizing agents are projected to boost the roofing chemicals market over the forecast period.

Regional Insight

Asia Pacific was the leading regional segment and accounted for around 37% of the total revenue in 2016.The increasing demand for infrastructural development in this region owing to the huge requirement for residential and commercial buildings is projected to propel the market over the forecast period. In terms of construction spending, the highest growth is likely to be centered in the emerging economies of Asia Pacific including China, followed by India and Indonesia. 

In the recent years, governments around the world have been encouraging the use of durable chemicals, which are energy-efficient, in the building and construction sectors. For instance, the government of China is currently focusing on building energy-efficient complexes using green building materials.

Global roofing chemicals market revenue by region, 2016 (%)

Global roofing chemicals market

Asia Pacific is predicted to be the fastest growing regional segment over the forecast period, followed by North America. Numerous small regional markets, including those in India and Indonesia are expected to witness robust growth owing to the increasing demand for re-roofing in rural areas, which is supported by government-sponsored schemes.

Increasing infrastructural development activities such as the construction of IT hubs & SEZs and the renovation of airports have led to a growing demand for efficient roofing systems. The availability of manufacturers and their ability to offer various products related to the market are projected to play a key role in the growth of the market.

Competitive Insights

The market is highly competitive and concentrated. Key participants include BASF SE, The Dow Chemical Company, E.I. du Pont de Nemours and Company (DuPont), and GAF Materials Corporation. 

The Dow Chemical Company has adopted expansion strategies to gain a large market share and strengthen its R&D. In December 2016, the company invested in the expansion of its innovation center in Michigan to enhance its research and development activities and increase the number of employment opportunities in this region.

Companies are increasingly engaging in joint ventures, acquisitions, and mergers to strengthen their product offerings, expand their global presence, and gain a considerable market share. For instance, in December 2015, BASF SE acquired the business of Taiwan Sheen Soon Co., Ltd., a manufacturer of thermoplastic polyurethane elastomer for adhesives. In January 2017, it acquired the European building material business of Henkel AG & Co. KGaA to enhance its portfolio of construction chemicals.

Several companies follow the expansion and investment strategies to increase their production capacities and penetrate the emerging markets. Saint-Gobain, CertainTeed Corporation, and IcopalApS are among the few companies that are integrated across the value chain.

Report Scope 

Attribute

Details

Base year for estimation

2016

Actual estimates/Historical data

2014 - 2015

Forecast period

2017 - 2025

Market representation                                                

Revenue in USD Billion and CAGR from 2017 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, Middle East & Africa

Country scope

U.S., Canada, Mexico, UK, Germany, France, Italy, China, India, Japan, South Korea, Brazil, UAE, Saudi Arabia

Report coverage             

Revenue forecast, company share, competitive landscape, growth factors, and trends

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Segments covered in the report

This report forecasts the growth in revenue at the global, regional, and country levels and provides an analysis of the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global roofing chemicals market on the basis of type, application, and region:

  • Type Outlook (Revenue, USD Billion; 2014 - 2025)

    • Acrylic resin

    • Asphalt/ Bituminous

    • Elastomer

    • Epoxy resin

    • Styrene

  • Application Outlook (Revenue, USD Billion; 2014 - 2025)

    • Membrane roofing

    • Elastomeric roofing

    • Bituminous roofing

    • Metal roofing

    • Plastic (PVC) roofing

  • Regional Outlook (Revenue, USD Billion; 2014 - 2025)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • UK

      • Germany

      • France

      • Italy

    • Asia Pacific

      • China

      • Japan

      • India

      • South Korea

    • Central & South America

      • Brazil

    • Middle East & Africa

      • UAE

      • Saudi Arabia

Key questions answered by the report
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