The global Roofing Adhesive market size was estimated at USD 6.12 billion in 2023 and is projected to reach USD 10.29 billion in 2030 at a CAGR of 6.72% during the forecast period 2023-2030.
Roofing adhesives find application in a wide spectrum of roofing needs ranging from joining tiles to insulating. These adhesives must exhibit properties such as bleed and stain resistance, color retention, strong bonding capabilities, flexibility at low temperatures, long-lasting sealing and ease of application. While certain types of floor adhesives are specific to particular roofing needs, a select few multi-purpose solutions are adept at bonding several materials including those used in residential, sports and non-residential roofing.
Heat transfer fluids (HTFs) find their application in an array of renewable energy technologies such as concentrated solar power (CSP) plants, biodiesel production systems, wind turbines, and geothermal systems. Furthermore, HTFs can serve as an energy storage medium for the solar energy, which facilitates a consistent power supply in spite of the intermittent availability of sunlight. The demand for solar energy, in conjunction with the government's stringent regulations on clean energy, is anticipated to drive the growth of HTFs in the renewable energy industry.
On the other hand, High cost associated with the production of floor adhesive may hamper the market growth to some extent.
The emergence of the coronavirus has had a detrimental impact on the roofing adhesive market. The global government has enforced rigorous regulations as a result of this pandemic, which has had an adverse effect on the growth of the roofing adhesive market. Furthermore, the primary consumers of roof adhesive, including residential and non-residential construction, have ceased their activities, causing a decrease in the demand for construction materials such as roof adhesive worldwide. Additionally, the majority of raw material suppliers in the floor adhesive market were compelled to terminate their operations, and the leading suppliers have prioritized providing relief for the pandemic.
The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. The Roofing Insulation Adhesives industry, in the short- and medium-term forecast, is confronted with a multitude of significant challenges. These challenges are primarily caused by shifting consumer preferences in a projected economic downturn scenario, amendments to industrial policies aimed at aligning with the growing environmental concerns, and the massive fluctuations in raw material costs triggered by the prevailing geo-political tensions. Furthermore, the expected economic turbulences add to the complexity of the challenges that the Roofing Insulation Adhesives industry players have to confront and address. Therefore, it is imperative for the industry players to take a proactive approach and to devise a comprehensive strategy that is capable of addressing these multifarious challenges in a timely and effective manner. Growing demand for eco-friendly processes and biodegradable floor adhesives and Rising awareness regarding advantages of luxury homes. These factors have led to the expansion of the market and increased demand for Roofing Adhesive solutions.
North America to Dominate the Market
