HYDERABAD, India and WILMINGTON, Delaware, January 16, 2018 /PRNewswire/ --
The report "Roofing adhesives Market: By Type (Polyurethane, Epoxy, Acrylic and Others); By Formulation (Waterborne, Solvent-borne and others); By Application (Residential and Non-residential); By Geography - Forecast (2017 - 2021)" published by IndustryARC, estimates the market to reach $5.44 billion by 2021.
Following the rapid economic growth in Asia during the last decade, demand for roofing adhesives in APAC has risen sharply and the market is anticipated to reach $5.44 billion by 2021.
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Growing usage of roofing adhesives in residential and non-residential sector over conventional fasteners to attach roofs and bond tiles is all set to escalate the roofing adhesives market. EU's economy is largely influenced by the dynamics of developed countries of Western Europe, however, the scenario is changing with increasing investments in Eastern Europe. Roofing adhesives have been extensively used in bonding and lamination applications over the past few years across the globe. Amongst the applications served by roofing adhesives, it finds its use majorly non-residential construction sector. Based on the type of roofing adhesives available, the market had been segmented into polyurethane, epoxy, acrylic and others. Polyurethane adhesives hold a major share in roofing market owing to high durability and increased chemical resistance. Epoxy based adhesives are used only where flexibility is required. Polyurethane foam adhesives for roofs were introduced when there was a need for a better installation solution to mechanically fastened methods and traditional mortar set. Polyurethane adhesives helped in increasing the speed and ease of tile installation on roofs.
Based on formulation of roofing adhesives available commercially, the roofing adhesives market is segmented into: waterborne, solvent-borne and others. Solvent-borne systems are majorly consumed roofing adhesive system owing to the higher application in non-residential construction sector. Furthermore, the performance of solvent borne systems majorly depends on polymer system in the formulation. The choice of polymer and solvent depends on the environmental and temperature resistance needed for specific application. The key segmentations for roofing adhesives market include type, formulation, application and by geography.
Escalating construction industry coupled with rapidly expanding population in emerging and developed countries is anticipated to propel the demand for roofing adhesives
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The global roofing adhesives market is estimated to grow at a CAGR of 6.53% during the forecast period and will reach $5.44 billion by 2021. Solvent based systems are a course of potentially hazardous emissions called VOCs which react with oxygen and damage the ozone layer. The prevailing environmental concerns are propelling a switch from solvent-based to water-based adhesives. Solvent based adhesives are less susceptible to environmental conditions such as temperature and humidity during the curing phase. Escalating demand for residential construction coupled with single housing trend is propelling the growth of roofing adhesives in various geographies.
The market of roofing adhesives has been segmented into Americas, Asia-Pacific, Europe and Rest of the World (RoW) on basis of geography. In 2016, APAC is the prominent region for roofing adhesives market and is estimated to grow with CAGR of 5.23% during the forecast period. The growth in APAC is attributed to the increasing constructional activities. However, considerable roofing adhesives demand in Americas along with European countries is likely to boost the overall market.
The Prominent Players in this Market Include
- Arkema SA (France)
- Henkel AG & Co. KGaA (Germany)
- The Dow Chemical Company (U.S.)
- Sika Ag (Switzerland)
- 3M Company (U.S.)
Roofing adhesive companies through its broad range of products, product expansion and innovation have been successful in catering to a variety of customers, consequently maintaining their hold over the roofing adhesives market. H.B.Fuller is planning to acquire Royal Adhesives and Sealants, U.K based speciality adhesive manufacturer. This acquisition can strengthen H.B. Fuller product line in construction as well as their geographical presence. With various product launches, mergers, acquisitions, collaborations and other strategies, these companies are obtaining roofing adhesives market shares in the industry.
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