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Global Roofing Adhesives Market Size was valued at USD 6.6 Billion in 2022. The Roofing Adhesives market industry is projected to grow from USD 6.8 Billion in 2023 to USD 10.3 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.20% during the forecast period (2023 - 2032). Consumption of epoxy resin is increasing, and construction activity is growing, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Epoxy resin systems are widely used to connect concrete to other materials, such as wood, metal, rubber, and others. When employed, epoxy resin-based roof adhesives have a variety of benefits. Epoxy roof adhesives are widely used in industrial areas, commercial, residential, and public places, including shopping malls, institutions, hospitals, schools, industrial buildings, prisons, and sports arenas, due to some of the benefits offered, such as 100% tough bond, VOC free, non-corrosive, high peel strength, etc. At 25°C, epoxy bonding chemicals have a 15–30 minute pot life or setting time, thus it's crucial to just mix a tiny amount that can be used efficiently in that time.
Initiatives related to manufacturing and product development are getting increased investment from manufacturers. 2020 saw the launch of a new line of biodegradable adhesives by Toyochem Co. Ltd. for use in packaging, construction, agriculture, and other materials. Additionally, in 2021 Bostik unveiled a brand-new collection of bio-based, sustainable disposable adhesive products. As a result of the growing demand for natural roofing adhesives, it is projected that the market for roofing adhesives would expand.
The residential building sector is growing as a result of increased finance and investment. Roofing adhesives are employed in the home construction sector to secure the insulation, flashings, field membrane, and full roof system. Along with the rest of the residential construction business, the government-funded sector is growing. For instance, the U.S. Department of Commerce reports that in March 2022, there were roughly 1,873,000 privately owned housing units authorized by building permits, which is roughly 0.4% more than February 2022's 1,865,000 units and roughly 6.8% more than March 2021's roughly 1,755,000 units. In addition, according to the European Construction Industry Federation, the number of residences built in Sweden increased by 2% in 2020 compared to 2019. Because of the rising residential building sector, it is anticipated that the roofing adhesives industry will increase quickly over the course of the projection period.
As a result of the rising building activity, notably in Asia-Pacific and Middle Eastern countries, it is anticipated that the demand for epoxy roofing adhesives will increase throughout the projected period. Thus, driving the Roofing Adhesives market revenue.
The global Roofing Adhesives market segmentation, based on Type includes polyurethane, epoxy, silicone, acrylic, and others. Due to the rising demand from the commercial segment around the world, the epoxy segment, which currently dominates the market, is anticipated to expand over the forecast period. It is a synthetic material that solidifies when heated. It can withstand bad weather because to its excellent capabilities, which include chemical resistance and adherence of other physical properties.
The global Roofing Adhesives market segmentation, based on Technology, includes solvent borne, waterborne, and others. In terms of market share and growth rate during the anticipated period, it is expected that Waterborne will continue to dominate the market. Federal environmental requirements, their incredible flexibility, glossy appearance, and high shear strength act as their main propellants. Solvent-borne refers to a mixture of substances that have been dissolved in a solvent.
The global Roofing Adhesives market segmentation, based on Application, includes building and construction, residential, and non-residential/ commercial. Residential construction had the biggest market share in terms of value, followed by non-residential/commercial building. The market for roofing adhesives is being driven by a number of factors, including rising income levels, a shift toward nuclear families, low financing rates, and modern views toward home ownership in numerous countries anticipating new construction activity.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. With a 45.80% share of the global market, the Asia-Pacific region led. The region's growing demand for floor adhesives is a result of the expansion of the building industry in countries like China, India, and the ASEAN countries. The bulk of roofing adhesives are made in Asia-Pacific. Among the leading manufacturers of roofing adhesives are Sika AG, Pidilite Industries Ltd., Bostik (Arkema Group), MAPEI S.p.A., and 3M. The Chinese government has outlined extensive expansion plans, including making preparations for the relocation of 250 million people to its new mega cities over the next ten years, despite attempts to restructure its economy to be more service-oriented. Over 9% of India's GDP is spent on infrastructure-related costs. The Indian government provided INR 5.97 lakh crore (about USD 92.22 billion) towards the infrastructure sector in the Union Budget 2018-2019.
As a result, it is anticipated that over the projected period, demand for roofing adhesives will increase along with the expansion of construction activities. Further, In the Asia-Pacific region, the Indian Roofing Adhesives market had the quickest rate of growth while China's Roofing Adhesives market had the greatest market share.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Due to the region's growing need for roofing adhesives, North America accounted for the second largest share of the market. The rise of the global market should be aided by the growth in residential and non-residential structures as well as the population's rising disposable income. Further, In the North American area, the U.S. Roofing Adhesives market had the biggest market share, while the Canada Roofing Adhesives market had the quickest rate of expansion.
Because of the increase in construction activities, particularly in the commercial sector, which includes hospitals and hotels, as well as the government's focus on the hospitality and tourism industry, Europe is also predicted to be a profitable market for roofing adhesives over the projection period. Further, In the European region, the German Roofing Adhesives market had the biggest market share, and the U.K. Roofing Adhesives market had the quickest rate of growth.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Roofing Adhesives market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Roofing Adhesives sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Roofing Adhesives industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Roofing Adhesives sector. Major players in the Roofing Adhesives market, including Polyglass USA, Inc, MAPEI S.p.A., Sika AG, Henkel AG & Co. KgaA, BASF SE, 3M, Bostik, H.B. Fuller, Arkema, Taylor, Apollo Roofing Solutions, GAF, Karnak, Chemlink, Wacker Chemie AG, Pidilite Industries Ltd., Johns Manville, Liquid Nails, IKO Industries Ltd., Finpan, Inc., are attempting to increase market demand by investing in research and development operations.
The company Tropical Roofing Products Corporation creates roofing materials. Commercial roofers, building owners, property managers, architects, and consultants benefit from the company's production of professional-grade roof cement, primers, adhesives, and coatings. The business provides roof cements, modified roof compounds, primer, and reflective and asphaltic roof coatings. Customers of Tropical Roofing Products are located in the US. Using professional grade adhesives, mastics, coatings, and accessories from Tropical Roofing Products in a roofing system and roof maintenance program benefits commercial roofers, building owners, property managers, architects, consultants, and everyone else responsible for roof care and maintenance. The business has three sites in Florida, Texas, and California where it produces asphaltic, modified, aluminum, and elastomeric materials. Rx Roof Repair, a brand-new roofing repair and restoration adhesives solution, was introduced in May 2022 by Tropical Roofing Products, Inc. (TRP). Rx Roof Repair provides an almost immediate water-tight fix in just one step and is designed to be used as a direct-bond, permanent patch and repair product.
H.B. Fuller Co. (H.B. Fuller) creates, produces, and sells speciality chemical products like adhesives and sealants. The business provides a variety of items for use in residential building markets, including grout, sealants, tile-setting adhesives, and associated goods. Electronics, speciality polymers, healthcare, disposable hygiene, transportation, sustainable energy, packaging, woodworking, general industries, and other consumer enterprises are some of its customers. To satisfy the unique needs of consumers, the business also provides technical assistance and specialized solutions. It markets its goods across the Middle East, Africa, Asia-Pacific, Latin America, North America, and Europe. The U.S. city of St. Paul, Minnesota, serves as the headquarters of H.B. Fuller. The largest independent producer of liquid adhesives, coatings, and primers for the roofing, industrial, and construction markets in the United Kingdom, Apollo, was acquired by H.B. Fuller Company in January 2022.
· Polyglass USA, Inc
· MAPEI S.p.A.
· Sika AG
· Henkel AG & Co. KgaA
· BASF SE
· 3M
· Bostik
· H.B. Fuller
· Arkema
· Taylor
· Apollo Roofing Solutions
· GAF
· Karnak
· Chemlink
· Wacker Chemie AG
· Pidilite Industries Ltd.
· Johns Manville
· Liquid Nails
· IKO Industries Ltd.
· Finpan, Inc.
March 2022: Debondable hot-melt adhesives from Conagen were introduced, and they are widely sought-after. They are made of high-performance materials from sustainable and natural biomolecules.
· Polyurethane
· Epoxy
· Silicone
· Acrylic
· Others
· Solvent borne
· Waterborne
· Others
· Building and Construction
· Residential
· Non-Residential/ Commercial
· North America
- U.S.
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 6.6 Billion |
|
Market Size 2023 |
USD 6.8 Billion |
|
Market Size 2032 |
USD 10.3 Billion |
|
Compound Annual Growth Rate (CAGR) |
6.20% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Type, Technology, Application, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Polyglass USA, Inc, MAPEI S.p.A., Sika AG, Henkel AG & Co. KgaA, BASF SE, 3M, Bostik, H.B. Fuller, Arkema, Taylor, Apollo Roofing Solutions, GAF, Karnak, Chemlink, Wacker Chemie AG, Pidilite Industries Ltd., Johns Manville, Liquid Nails, IKO Industries Ltd., Finpan, Inc. |
|
Key Market Opportunities |
Increasing Urbanization |
|
Key Market Dynamics |
Increasing demand for epoxy resins and growing construction activities |
The global Roofing Adhesives Market was valued at USD 6.6 billion in 2022, and it is estimated to reach USD 10.3 billion by 2032.
The global market is projected to grow at a CAGR of 6.20% during the forecast period, 2023-2032.
Asia Pacific had the largest share in the global market
The key players in the market are Polyglass USA, Inc, MAPEI S.p.A., Sika AG, Henkel AG & Co. KgaA, BASF SE, 3M, Bostik, H.B. Fuller, Arkema, Taylor, Apollo Roofing Solutions, GAF, Karnak, Chemlink, Wacker Chemie AG, Pidilite Industries Ltd., Johns Manville, Liquid Nails, IKO Industries Ltd., Finpan, Inc.
The Epoxy Type dominated the market in 2022.
The Waterborne Technology had the largest share in the global market.
Report Code :
RL65135
Published on :
Sep 2023
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