Market Trends of Roofing Chemicals Industry
This section covers the major market trends shaping the Roofing Chemicals Market according to our research experts:
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.
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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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