The Growth of the Commercial Sector Is the Key Determinant Propelling the Roofing Adhesives Market Growth

The Roofing Adhesives Market size is projected to grow at a CAGR of 6.7% during the forecast period 2022-2027 and reach US$8.6 billion by 2027. The growth of the Roofing Adhesives Market is primarily dependent on the growth of the commercial sector. Roofing adhesives made from epoxy, acrylic, silicone and other raw materials 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 surging developments associated with the commercial sector across the world have led to considerable growth in the roofing adhesives market. 

Roofing Adhesives Market: Leading Segment is Commercial Sector

On the basis of the end-use industry, the Roofing Adhesives Market can be segmented into Residential, Commercial and Industrial. The commercial sector is evaluated to be the leading segment in the roofing adhesives market in 2021. During the forecast period 2022-2027, the commercial sector is expected to grow with a CAGR of 6.9%. This can be attributed to various reasons such as the utilization of roofing adhesives, made from epoxy, acrylic, silicone and other raw materials, 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, 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.

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Roofing Adhesives Market: Leading Region is the Asia-Pacific

On the basis of geography, the Roofing Adhesives Market can be segmented into North America, South America, Europe, APAC and RoW. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most dominant region in the market. In 2021, the Asia-Pacific region held around 42.2% share of the total revenue earned by the market globally. Asia-Pacific countries including China, Japan and India are comparatively ahead in terms of the growth of the commercial sector. 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. The roofing adhesives market will also witness significant growth in the North American region. The U.S. and Canada are emerging as competitive countries in the roofing adhesives market.

Roofing Adhesives Market: Competitive Landscape

Key companies holding major shares 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 and Sika AG. The key strategies adopted by the companies include product launches and partnerships among others. 

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. Moreover, in March 2022, Conagen launched a highly sought-after debondable hot-melt adhesives made of high-performance materials from sustainable and natural bio-molecules.