Roofing Chemicals Market 2024-2028: Size and Fluctuations in crude oil prices; growth driven by the Product, Some of key Companies Positioned Strategically
The roofing chemicals market size by Product (Asphalt, Acrylic resin, Epoxy resin, Elastomer, and Others) and Geography (APAC, North America, Europe, South America, and Middle East and Africa), is forecast to increase by USD 46.8 billion. The market is expected to grow at a CAGR of 7.08% between 2024 and 2028.
- The roofing chemicals market experiences significant expansion due to their integral role in the construction industry for energy-efficient roofs and various applications such as thermal management and weather-proofing. However, the market growth is challenged by the volatility in raw material prices, particularly those derived from petrochemicals like asphalt/bitumen, epoxy resins, and acrylic resins. This volatility is primarily driven by fluctuations in crude oil prices, which create a supply-demand imbalance in the raw materials required for manufacturing roofing chemicals. The global oil market has seen an oversupply due to overproduction by certain Organization of Petroleum Exporting Countries (OPEC) members, resulting in instability in the oil prices and subsequent impact on the roofing chemicals industry.
- The Roofing Chemicals Market encompasses a wide range of specialized chemicals utilized in the production and application of roofing systems. These essential components enhance the functionality and durability of roofing materials, ensuring optimal performance under various weather conditions. Key market drivers include increasing construction activities, stringent building regulations, and the growing demand for sustainable and energy-efficient roofing solutions.
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Some of the Key Companies:
- 3M Co.
- Akzo Nobel NV
- Atlas Roofing Corp.
- BASF SE
- Berkshire Hathaway Inc.
- CICO Group
- Compagnie de Saint Gobain
- Dow Chemical Co.
- DuPont de Nemours Inc.
- Eastman Chemical Co.
- GAF Materials LLC
- Henry Co.
- Industrial Foams Pvt. Ltd.
- Holcim Ltd.
- National Coatings Corp.
- NovaTuff Coatings
- Owens Corning
- PPG Industries Inc.
- Sika AG
- SOPREMA SAS
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