Dublin, Sept. 27, 2023 (GLOBE NEWSWIRE) -- The "Roof Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global roof coatings market has shown robust growth, with the market size reaching an impressive $3.4 billion in 2022. The market is poised for continued expansion and is projected to attain a value of $4.2 billion by 2028. This growth is driven by a steady compound annual growth rate (CAGR) of 3.2% during the period from 2023 to 2028.
Roof coatings, known for their monolithic, elastomeric, and fluid-applied roofing membranes, play a pivotal role in protecting against damage caused by water, heat, and ultraviolet (UV) radiations.
These coatings come in various types, including acrylic, elastomeric, silicone, plastic, and cool. They contribute to the reduction of roof leaks, ensuring thermal stability, and regulating structure temperature, ultimately extending the lifespan of roofs. Due to these properties, roof coatings find extensive applications across multiple sectors.
Key Trends in the Roof Coatings Market:
- Wide Adoption Across Sectors: The market's growth is primarily driven by the widespread adoption of roof coatings in residential, commercial, healthcare, hospitality, and public sectors. These coatings are essential for preventing damage from heavy rains and heat.
- Government Initiatives: Government bodies in various countries are taking favorable initiatives to promote the use of green coatings in infrastructure projects to reduce greenhouse gas (GHG) emissions. This has a catalyzing effect on market growth.
- Sustainability: Increasing consumer awareness of the sustainable qualities of roof coatings, which consume less energy compared to conventional alternatives, is a major growth factor.
- Commercial Building Activities: The rising trend of commercial building activities globally, combined with population growth and evolving lifestyles, contributes to market growth.
- Use of VOCs: The extensive use of volatile organic compounds (VOCs) in paint roof coatings for protection against weathering, chemical reactions, aging, and oxidation significantly contributes to market expansion.
- Research and Development: Strategic collaborations between major players and increased investments in research and development (R&D) activities aimed at introducing advanced coating materials for protection against extreme heat are fostering a positive market outlook.
Key Market Segmentation:
The report provides comprehensive insights into the market, including trends and forecasts at the global, regional, and country levels from 2023 to 2028. The market is segmented based on roof type, material, technology, and end user.
Roof Type Insights:
- Low Sloped Roof
- Steep Sloped Roof
- Others
The report details the market's segmentation based on roof type, with low sloped roofs being a significant segment.
Material Insights:
- Elastomeric
- Bituminous
- Acrylic
- Epoxy
- Silicone
- Others
The market analysis is based on materials, with elastomeric materials playing a prominent role in the segment.
Technology Insights:
- Water-based
- Solvent-based
The report examines the market based on technology, with water-based technology being a key driver in the segment.
End User Insights:
- Residential
- Commercial
- Hospitality
- Healthcare
- Others
The report delves into the market by end user, with the commercial sector representing a substantial segment.
Regional Insights:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the global roof coatings market has been meticulously analyzed, encompassing market structure, key player market share, player positioning, top-winning strategies, competitive dashboard, and company evaluation quadrant.
The report provides detailed profiles of major companies, including Akzo Nobel N.V., BASF SE, Covestro AG, Dow Inc., Hempel A/S, Huntsman International LLC, Nippon Paint Holdings Co. Ltd., PPG Industries Inc., RPM International Inc., Sika AG, The Sherwin-Williams Company, and Wacker Chemie AG.
Key Questions Answered in This Report:
- What was the size of the global roof coatings market in 2022?
- What is the expected growth rate of the global roof coatings market during 2023-2028?
- What factors are driving, restraining, and creating opportunities in the global roof coatings market?
- What has been the impact of COVID-19 on the global roof coatings market?
- What is the market breakdown based on roof type?
- What is the market breakdown based on material?
- What is the market breakdown based on technology?
- What is the market breakdown based on the end user?
- Which regions are significant in the global roof coatings market?
- Who are the key players/companies in the global roof coatings market?
Companies Mentioned
- Akzo Nobel N.V.
- BASF SE
- Covestro AG
- Dow Inc.
- Hempel A/S
- Huntsman International LLC
- Nippon Paint Holdings Co. Ltd.
- PPG Industries Inc.
- RPM International Inc.
- Sika AG
- The Sherwin-Williams Company
- Wacker Chemie AG.
For more information about this report visit https://www.researchandmarkets.com/r/qwrdg
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
