Key Market Dynamics:
- Market Driver – The key factors driving the global roofing chemicals industry growth is the growing need for thermal management in buildings due to the rising sustainable living standards and growing middle-class population. The use of roofing chemicals on the rooftops reduces energy consumption by keeping the temperature low and results in reduced carbon emissions. Reflective roof chemicals shield the roofing materials from UV light also. Roofing chemicals can extend the lifespan of roofs, reduce cooling energy costs by 20% to 70%, and can also reduce air pollution. The necessity for cool non-white coatings arose as dark colors absorb more heat and are also aesthetically more appealing. The rising development of dark color coatings with special pigments that reflect solar radiation will help drive the demand for roofing chemicals during the forecast period.
- Market Challenges – The key challenges to the global roofing chemicals industry’s growth is the fluctuations in crude oil prices. As most of the roofing chemicals, including asphalt/bitumen, epoxy resins, and acrylic resins, are derived from petrochemicals, the fluctuations in the crude oil prices create a supply-demand imbalance. The fluctuating crude oil prices have a direct impact on the demand and supply of raw materials for manufacturing roofing chemicals. Due to the overproduction of oil by some members of the Organization of Petroleum Exporting Countries (OPEC), there has been an imbalance in the global demand-supply of oil. Moreover, the growing tensions arising out of Russia’s attack on Ukraine have led to a sharp spike in crude oil prices. The Ukraine government assured that it is closely monitoring global energy markets and potential supply disruptions and is ready to ensure supplies at stable prices. These fluctuations in crude oil prices are expected to hamper the growth of the global roofing chemicals market during the forecast period.
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Segmentation Analysis:
The roofing chemicals market report is segmented by Product (Asphalt, Acrylic resin, Epoxy resin, Elastomer, and Others) and Geography (APAC, North America, Europe, South America, and the Middle East and Africa).
The roofing chemicals market share growth in the asphalt segment will be significant for revenue generation. The growth is attributed to the wide application of asphalt/bituminous as a construction material in road construction, asphalt concrete, and waterproofing products. Bituminous roofing offers longevity-centric options when used on flat roofs as it is tear-resistant, waterproof, energy-efficient, flexible, and easy to repair and maintain.
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