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Roofing Adhesives Market Overview
The Roofing Adhesives Market size is estimated to reach US$8.6 billion by 2027, after growing at a CAGR of 6.7% during the forecast period 2022-2027. Roofing adhesives are utilized widely in single-ply membrane roofs to secure the cover board, the insulation, the field membrane, the entire roof system itself to the roof deck and the flashings. The growing residential sector is anticipated to drive the demand for roofing adhesives made from epoxy, acrylic, silicone and other raw materials. For instance, in 2021, according to the government of Canada, in over 360 projects, the governments of Canada and Alberta invested more than US$31.9 million, to upgrade housing for seniors and families in 95 communities. Moreover, the increasing commercial and industrial sectors are anticipated to upsurge the growth of the roofing adhesives industry in the forecast period. The global economic downturn caused by the COVID-19 pandemic resulted in a huge drop in the building & construction industry all across the world, which had a significant impact on the growth of the roofing adhesives market size.
Report Coverage
The “Roofing Adhesives Market Report – Forecast (2022 - 2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Roofing Adhesives industry.
Key Takeaways
- The Asia-Pacific region dominates the Roofing Adhesives market owing to the rising growth in the commercial sector. For instance, according to the Government of Canada, in 2021, the Government of Ontario announced an investment of up to US$41.8 million for the construction of the new Grey Bruce Health Services Markdale Hospital.
- Rapidly rising demand for natural Roofing Adhesives, based on organic starch, gelatine, asphalt and others has driven the growth of the roofing adhesives market.
- The increasing demand for Roofing Adhesives in the residential sector, due to its usage to secure the insulation, the flashings, the field membrane and for other applications, has been a critical factor driving the growth of the roofing adhesives market in the upcoming years.
- However, the difficult application process of roofing adhesives can hinder the growth of the roofing adhesives market.
The Concrete segment held the largest Roofing Adhesives market share in 2021 and is estimated to grow at a CAGR of 6.5% during the forecast period 2022-2027. Roofing adhesives made from epoxy, acrylic, silicone and others are mainly utilized over concrete substrates as roof coatings in comparison to ceramic and wood substrates, due to their impact resistance, hardness, and durable properties. An epoxy roof adhesive adheres to the concrete roofs better by adhesion promoter than any conventional enamel, oil-based, or water-based adhesives. Industrial facilities, warehouses, logistic centers and other areas coming under applications of heavy-duty make use of commercial roofing adhesives due to their ideal properties over the concrete substrate. Thus, the growing concrete substrate in the construction sector makes it a preferred choice over the other substrates that is driving its segmental growth.
Roofing Adhesives Market Segment Analysis – by End-use Industry
The
commercial segment held the largest Roofing Adhesives Market
share in 2021 and is estimated to grow at a CAGR of 6.9% during the forecast
period 2022-2027. The commercial sector utilizes roofing adhesives to adhere to
the cover boards, insulation boards and single-ply fleece back membranes to
various substrates such as concrete,
wood, ceramic and others. The commercial sector is
growing, for instance, Larsen & Toubro, in India, in 2019, won contracts
for building hospitals, commercial complexes and manufacturing capacity,
amounting to US$673.2 million. Thus, such investments are driving the
commercial segment and are increasing the adoption of roofing adhesives for fixing
boards and membranes to the roofs.
Roofing Adhesives Market Segment Analysis – by Geography
Asia-Pacific region held the largest Roofing Adhesives market share in 2021 up to 42.2%, due to the increasing requirement for roofing adhesives in developing countries such as China, Japan, India and South Korea. China is expected to continue its dominance in the roofing adhesives market during the forecast period. This is due to the growth of the residential, commercial and industrial sectors in the country. For instance, according to International Trade Administration (ITA), China is the world’s largest construction market and is forecasted to grow at an annual average growth of 8.6% between 2022 and 2030. Moreover, in Singapore, according to the Australian Government, the construction sector remains healthy in Singapore, with strong government spending on public infrastructure, with about US$2 billion in contracts being awarded each month. Such increasing building & construction activities in the APAC countries are anticipated to increase the demand for roofing adhesives applications in the forecasted period and are proving to be a market booster for the roofing adhesives market size in this region.
Roofing Adhesives Market Drivers
Rising Demand for Natural Roofing Adhesives:
Due to environmental awareness, volatile organic compounds (VOCs)
emissions in roofing adhesives have become a subject of concern. Regulatory
authorities, such as EPA (Environmental Protection Agency) and REACH (Registration,
Evaluation, Authorization, and Restriction of Chemicals), are giving a push to
limit the use of solvent-borne roofing adhesives made from epoxy,
acrylic, silicone and other raw materials, to decline the impact on the environment. The industry has thus,
shifted its focus towards the expansion of natural roofing adhesives to
engineer eco-friendly adhesives, based on organic starch, gelatine, asphalt and
others. Manufacturers are increasingly investing in manufacturing and product
development programs. For instance, in 2020, Toyochem Co. Ltd. developed a new
series of biodegradable adhesives, for materials used in packaging, building,
agriculture, and other industries. Moreover, in 2021, Bostik launched a new
range of disposable hygiene adhesive products with bio-based renewable content.
Therefore, the rising demand for natural roofing adhesives is expected to drive
the growth of the roofing adhesives market.
Rising Residential Construction:
The
residential segment is growing by increasing investment and funding in
residential construction. Roofing adhesives are utilized in the residential construction sector to secure the
insulation, the flashings, the field membrane and the entire roof system.
Growing residential construction projects funded by the governments and the
rise in per capita income are increasing the residential construction sector. For
instance, according to the U.S Department of Commerce, the privately owned
housing units authorized by building permits in March 2022 were around
1,873,000 which is 0.4% above February 2022 of 1,865,000 units and 6.7% above
March 2021 of around 1,755,000 units. Moreover, according to the European Construction Industry Federation, in
2020, house building construction in Sweden increased by 2%, when compared with
the year 2019. Thus, with the increasing growth of the residential construction
sector, the roofing adhesives industry
is anticipated to propel over the forecast period.
Roofing Adhesives Market Challenge
The
Difficult Application Process of Roofing Adhesives:
The difficult
application process of roofing adhesives such as epoxy is its major
disadvantage. Roofing adhesives cannot be applied to contaminated, unprepared,
or damaged surfaces. The surface must be clean without any grease, solvent, or
oils over it, to ensure the long life of the adhesive. Repairing of the damaged
roofs is often required, increasing the overall cost and the concrete is needed
to be ground to profile the surface, also seven days are required for the adhesives,
approximately, to cure, therefore being time-consuming. Thus, due to difficulty
in the application process, the growth of the roofing adhesives market will be hindered in the forecast
period.
Roofing Adhesives Industry Outlook
Technology launches, acquisitions and R&D
activities are key strategies players adopt in the roofing adhesives markets. The top 10 companies in the roofing adhesives market are:
- 3M Co.
- Arkema SA
- Bridgestone Corp.
- Carlisle SynTec Systems
- DuPont de Nemours Inc.
- H.B. Fuller Co.
- Henkel AG & Co. KGaA
- Huntsman Corp.
- Johns Manville
- Sika AG
Recent Developments
- In May 2022, Tropical Roofing Products, Inc. (TRP) launched its newest roofing repair and restoration adhesives solution, Rx Roof Repair. Intended to be used as a direct-bond, permanent patch and repair product, Rx Roof Repair delivers an almost immediate water-tight fix in just one step.
- In March 2022, Conagen launched a highly sought-after a debondable hot-melt adhesives made of high-performance materials from sustainable and natural bio-molecules.
- In January 2022, H.B. Fuller Company announced the finalization of its purchase of Apollo, the United Kingdom’s largest independent manufacturer of liquid adhesives, coatings and primers for the roofing, industrial and construction markets.
Relevant Reports
North America Roofing Adhesives Market – Industry Analysis, Market Size,
Share, Trends, Application Analysis, Growth and Forecast Analysis
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Code: CMR 1240
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Code: CMR 0636
Report Code: CMR 0195
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