The market for roofing chemicals is expected to register a CAGR of over 4% during the forecast period. The major factor driving the market is the increasing demand for roofing chemicals from the residential sector for better roof finishing.
– Growing demand from the residential construction industry for better roof finishing, energy efficiency and shrinkage in carbon footprint is forecasted to boost the market during the forecast period.
– Innovations regarding bio-based roofing chemicals have offered various opportunities for the growth of the market and are projected to further bolster the growth of roofing chemicals market in the future.
– Asia-Pacific region is estimated to dominate the roofing chemicals market and is also forecasted to be the fastest-growing region over the forecast period.
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Key Market Trends
Growing Demand From the Residential Sector
– The rise in the global building and construction industry has surged the demand for high quality and more efficient roofing chemicals.
– Advantage of roofing chemicals over traditional and other roofing methods is that it reflects more sunlight and absorbs less heat which helps in maintaining the internal building temperature. It also improves the durability of the surface and increases the lifetime of the roof.
– Roofing chemicals has helped in limiting the carbon footprint by keeping the buildings cool and decreasing the usage of the HVAC system thus reducing the power consumption.
– By 2020, the total construction activities spending worldwide is projected to be USD 11.9 trillion and it is predicted to cross more than USD 14 trillion by the end of 2024.
– Total construction expenditure accounts for 13% of the world’s GDP and high expenditure in the coming years in the construction sector is anticipated to fuel the growth of the roofing chemicals market.
Asia-Pacific Region to Dominate the Market
– The Asia-Pacific region holds the largest market share for the roofing chemicals market because of the high construction activities in the region.
– The Asia-Pacific region accounts for about 46% of the global construction spending. China holds the top spot for the highest spending in the construction industry globally.
– It was estimated that the market value of China’s construction industry in 2019 would amount to USD 969.06 billion.
– India’s real estate industry is projected to reach a value of USD 180 billion by the end of 2020.
– The aforementioned factors are contributing to the increasing demand for roofing chemicals in the region during the forecast period.
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