Roof Coating Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Russia, China, Japan, Australia, Indonesia, Malaysia, South Korea, India, Brazil, Mexico, South Africa, Saudi Arabia, UAE), Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4972
Roof Coating Market size will foresee significant growth from 2021 to 2027 owing to rising utility in commercial offices and private housing. Roof coating acts as a barrier material that ensures thermal stability, high-quality waterproofing capabilities, durability, and enhanced weatherability to the structure, thereby extending the service life of roof assemblies in existing as well as new construction.
The applied roof coatings are extremely elastic, enable efficient thermal management, and absorb UV radiations. Affordable housing and rising infrastructure development in emerging nations will escalate the demand for the coatings industry in coming years. According to Oxford Economics, the world construction industry is mainly driven by India, China, and the U.S. with a market potential of USD 15.5 trillion by 2030.
Growing consumer demand for renewable, environment-friendly, and sustainable solutions will drive the demand for reflective coatings. Government frameworks related to limited GHG emissions and energy conservation is likely to boost the roof coating market revenue. The rising awareness of consumers pertaining to increasing electricity bills and necessity for energy-efficient building techniques will stimulate the roof coating demand as it significantly lowers energy utility costs.
The COVID-19 pandemic severely disrupted business operations in the global construction industry in 2020. The implementation of national lockdown due to exponential rise in the number of cases shrunk the economic output of G7 nations during the period. Moreover, the lack of labor and supply chain disruption led to drop in the value of new contract in real estate and building projects. Additionally, the high production cost and oscillating raw material prices might hamper market growth.
Based on type, the roof coating market is segmented into epoxy, elastomeric, acrylic, bituminous, silicone, and others such as polyurethane, polyvinylidene fluoride, etc. Elastomeric roof coating is anticipated to grow at a substantial pace propelled by its superior elastic properties that enable it to stretch and retain its original shape. These versatile coatings are effective in sealing roof leaks and extend roofs lifespan by 20 years.
Based on substrate, the market is categorized into plastic, metal, concrete, asphalt, membrane, others such as wood, fiberglass, etc. Asphalt roof surface is the most cost-effective material that offers high performance. The increasing adoption of asphalt is attributed to various benefits such as reduced noise pollution, energy efficiency, versatility, and the most fire-resistant roofing material in the category.
Based on technology, the roof coating market is segmented into solvent-based and water-based. Solvent-based solutions are long-lasting due to high tensile strength but they are more expensive than water-based solutions and require care and maintenance. On the other hand, water-based solutions are cost effective, emit low odor, and are mainly preferred in hospitals, universities and public infrastructures.
The residential application sector will grow at a decent rate during 2021 to 2027 owing to growing population, increasing consumer disposable income, and rapid technology advancements in several construction techniques. Rising trends in home remodeling along with increasing modular construction projects will support market growth. Increasing energy efficiency of buildings through renovation & insulation is supporting roof coatings in multi-purpose buildings across the globe.
Europe roof coating market demand is poised to observe exponential growth rate through 2027 driven by the rising demand for energy-efficient buildings that are constructed with sustainable green materials. Germany, France, the UK, and Italy are majorly contributing regions in market growth on account of strong presence of manufacturing companies catering to product demand. With the recent political push to decarbonize the economy, Germany has made substantial efforts to make its buildings more energy efficient. Favorable government regulations and policy framework on ecofriendly products impelled by huge R&D initiatives from companies will subsequently propel market growth.
The competitive landscape of the global roof coating market share is moderately fragmented with medium & large industry players operating in the industry. Several multinational holdings account for a significant share in the overall market. However, the majority of the market share is fragmented among regional & small-scale manufacturers. Mergers & acquisitions, new product development, collaborations, supply agreements, joint ventures, and production capacity expansions are the key strategies adopted by market players.
Some of the notable market players include BASF SE, Valspar Corporation, Akzo Nobel, RPM International, Lloyd Insulations, PPG Industries., The Sherwin-Williams Company, Hempel A/S, The Dow Chemical Company, Wacker Chemie AG, Heritage Roofing, Sika AG, and Nippon Paint Holdings, Infinite Roofing & Construction, and Asian Paints Limited.
Roof Coating Market, By Type, 2017-2027 (USD Million)
- Others (polyvinylidene fluoride, polyurethane etc.)
Market, By Substrate, 2017-2027 (USD Million)
- Others (wood, fiberglass etc.)
Market, By Roof Type, 2017-2027 (USD Million)
- Others (domes, gambrel, mansard etc.)
Market, By Technology, 2017-2027 (USD Million)
Market, By End-use, 2017-2027 (USD Million)
The above information has been provided for the following regions and countries:
- North America
- South Korea
- Latin America
- South Africa
- Saudi Arabia
- BASF SE
- Valspar Corporation
- Akzo Nobel
- RPM International
- Lloyd Insulations
- PPG Industries
- The Sherwin-Williams Company
- Hempel A/S
- The Dow Chemical Company
- Wacker Chemie AG
- Heritage Roofing
- Sika AG
- Nippon Paint Holdings
- Infinite Roofing & Construction
- Asian Paints Limited
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