New York, US, May 26, 2022 (GLOBE NEWSWIRE) -- Roof Coatings Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Roof Coatings Market Information by Type, Substrate, Roof Type, Application, and Region - Forecast till 2030”, the market is estimated to grow at a 3.48% CAGR by 2030.
Market Synopsis
Roof coating helps in the regulation of the temperature in the building. The coating and painting industry makes extensive use of roof coatings. Roof coating is required in regions with lower energy consumption. The surging electricity costs are fostering the demand for better alternatives. The construction of energy-efficient buildings with proper roofs has been rising in several regions, giving rise to the demand for roof coatings.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD: Significant value |
| CAGR | 3.48% (2021–2030) |
| Base Year | 2020 |
| Forecast Period | 2021-2030 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Substrate, Roof Type, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The growing demand for durable and stiff structures for commercial buildings |
| Rapid urbanization, shifting consumer trends in favor of sustainable structures |
Market Competitive Landscape:
The important vendors in the roof coatings market include
- The Dow Chemical Company (US)
- Wacker Chemie AG (Germany)
- Sherwin-Williams Company (US)
- PPG Industries, Inc. (US)
- BASF SE (Germany)
- RPM International Inc. (US)
- Akzo Nobel N.V
- Sika AG (Switzerland)
- KANSAI PAINT CO., LTD (Japan)
- Hempel A/S (Denmark)
Market USP Covered:
Market Drivers:
Rapidly soaring number of construction activities across the world along with the booming population and consumers’ evolving lifestyles are the top growth-inducing factors in the global market. Roof coatings are primarily used across hatches, pipes, roofs, and numerous pieces of equipment found on the rooftop in order to completely waterproof the roof. Roof coatings are usually placed directly on top of the existing roof, which results in a reduced installation period and costs as the entire procedure is not labor-intensive. Roof coatings are renewable and require to be recoated only once every ten years, which adds to their appeal. Recoating the roof and reutilizing the same materials helps reduce landfill waste and is considered to be eco-friendly.
A major trend emerging in the global market includes the surging preference for long-lasting, cost-effective coatings for use in roof systems as opposed to short-term, quick-fix solutions. Industrialists along with property managers are emphasizing on assessing the lifecycle of a variety of roof coatings, to avoid additional costs and bolster sales. This will be highly favorable for the worldwide market in the coming years.
Market Restraints:
The significant costs of production can be a massive restraining factor for the worldwide market. Roof coating materials and products are costly. Products like elastomeric, bituminous, and silicone are expensive. The high production costs affect the total price of the end-product, which could be a major limitation for the roof coatings market.
Browse In-depth Market Research Report (128 Pages) on Roof Coatings: https://www.marketresearchfuture.com/reports/roof-coatings-market-1641
COVID 19 Analysis
The COVID-19 outbreak has brought down the demand for the roof coating market, given the shutdown of production facilities and the overall economic downfall worldwide. Even as the healthcare sector is working on curbing the spread of SARS-CoV-2, numerous renowned companies are striving to foster their supply chains while accelerating operations to stop further losses.
Furthermore, with the lifting up of the worldwide lockdown and the novel coronavirus cases coming under control, the global market for roof coating can pick up speed in subsequent years.
Market Segmentation
By Type
Roof coatings are available in various types, namely bituminous, silicone, epoxy, acrylic, elastomeric, and others. Elastomeric coatings segment occupies the highest share in the worldwide market and will continue to maintain its leadership all through the evaluation period. These types of roof coatings are largely used in commercial and industrial sectors. Their impressive quality combined with the higher demand for sustainable and energy-efficient roofing systems enhance the segment’s share in the market as well.
By Substrate
Substrate-based segments are concrete, membrane, asphalt, plastic, metal, and more.
By Roof Type
The major roof types include low slopped, flat, and steep. Steep roof types are the top application-based segment and will also be thriving at the fastest pace over the following years. The steep types of roof coatings are mostly utilized in the residential sector, particularly in areas with a higher rate of rainfall as well as snowfall.
By Application
Roof coating has applications in residential and non-residential. Non-residential sector makes the highest demand for roof coatings, given the safety concerns in several buildings like hospitals, hotels and more.
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Regional Insights
Asia Pacific is increasingly enjoying large-scale foreign investments and houses rapidly expanding residential and commercial construction sectors. Considering these factors, the APAC market has secured the lead. Thanks to the presence of cheap land as well as labor and the exploding population experiencing a rise in disposable incomes, the region will remain in the lead all through the appraisal period. Moreover, the heightened inclination toward sustainable and eco-friendly construction, and the rising government spending on infrastructure development, especially in China and India will bolster the demand for roof coatings in the following years.
North America will be seizing a substantial portion of the global market in subsequent years, while the United States can expect to be the leading consumer of roof coatings. In the US, roof coating is vastly used in a variety of reconstruction applications. The surging emphasis on energy conservation in the buildings will be one of the significant trends in the country.
Europe remains another strong market for roof coatings, thanks to the substantial demand from countries like France, Italy, the UK, Netherlands, Spain, and Germany. Significant interest rates, high economic surge, and the rising intervention of the public sector enhance the growth of the construction sector in the region, which will ultimately favor the roof coatings market. The European market will further be fostered by the surge in immigration, and high urbanization rate, paired with the increasing investments on the development of sustainable and durable roofing systems.
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