Roofing Adhesives Demand to Rise 6%
The market size for roofing adhesives is estimated to grow from $4.17 billion to $5.78 billion.
The market size for roofing adhesives is estimated to grow from $4.17 billion to $5.78 billion, at a compound annual growth rate (CAGR) of 6.75% from 2016 to 2021, according to a recent report from Markets and Markets. The market will be driven by the rising demand of roofing adhesives in residential and non-residential/commercial constructions. The technology and resins used in roofing adhesives are eco-friendly, flexible and cost-effective, which will lead to more demand in end-use industries.
Roofing adhesives are used in residential and non-residential/commercial construction in building and construction applications. The overall market reportedly is dominated by the residential constructions. The growing number of residential and commercial buildings, coupled with increasing population in countries such as China and India, is expected to drive the market.
Epoxy resin is the fastest-growing segment, on the basis of resin type, of the roofing adhesives market globally. Epoxy resins offer a combination of adhesion, chemical resistance, and other physical properties that provide outstanding protection against severe corrosive environments. Strong demand for performance epoxy resins and reactive liquid polymers, typically used in applications such as industrial maintenance and automotive, aerospace, and concrete coatings, has been witnessed across the globe.
In 2015, North America is estimated to have accounted for the largest market share in terms of volume and value of the overall roofing adhesives market. However, the market in Asia-Pacific is witnessing the highest CAGR during the forecast period. The emerging middle-class population, growing industrialization, and rising disposable income levels are also expected to add to the demand.
For more information, visit www.marketsandmarkets.com.