by Roofing coatings are protective chemical coatings applied over roof surfaces to protect from UV radiations, moisture ingress, and weathering activities. These coatings significantly enhances the longevity and aesthetics of roofs. Roofing coatings are available in liquid, elastomeric, and bituminous forms and are used over concrete, metal, asphalt, and plastics roofs. Rising residential and commercial construction activities particularly in Southeast Asia and South America is expected to drive the market growth over the forecast period.
The global roofing coatings market is estimated to be valued at US$ 3.62 Bn in 2023 and is expected to exhibit a CAGR of 25.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the major driver for the growth of roofing coatings market is the rising construction activities across both residential and commercial sectors in developing economies. In the recent past, countries such as India, Indonesia, Vietnam, Mexico, and Brazil have witnessed strong economic growth which has translated into significant investment in infrastructure development and construction projects. Further, favorable government regulations and policies supporting green building and roofing practices is expected to boost the sales of roofing coatings products in both retrofitting and new construction. Advanced roofing coatings provide various advantages such as energy savings, weather protection, and lifespan extension which is positively influencing their demand. However, volatile raw material prices may pose as a challenge for market players.
Segment Analysis
The roofing coatings market can be segmented into elastomeric, bituminous, tiles and metals. The elastomeric segment dominates the market and accounts for over 35% share. Elastomeric coatings provide flexibility and elasticity to the roof, making it ideal for rooftop protection from daily temperature fluctuations and rain, hail or sunlight. These coatings extend the life of the roof by 15-20 years on an average.
PEST Analysis
Political: Regulations around use of volatile organic compounds (VOCs) are becoming stricter. This is driving demand for low and zero VOC coatings.
Economic: Growth in construction industry globally is driving demand for roofing coatings. Rise in residential & commercial construction projects especially in Asia Pacific and Middle East is a key driver.
Social: Increasing awareness about benefits of using roof coatings such as energy efficiency, leak resistance and long lasting protection is supporting market growth.
Technological: Advances in binder chemistry are leading to development of bio-based, self-cleaning and cool roof coatings with higher solar reflectance. Suppliers are also focusing on extending the life of the roof.
Key Takeaways
The Global Roofing Coatings Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by growth in the construction industry globally. The Asia Pacific region dominates the market and accounts for over 40% share due to high growth in China, India and other Southeast Asian countries. China is the largest consumer of roofing coatings in the region supported by presence of a large construction industry and high infrastructure investments by the government.
Key players operating in the roofing coatings market are NetApp Inc., Nutanix Inc., Dell EMC (Dell Technologies Inc.), Hewlett Packard Enterprise Co., Juniper Networks Inc., Western Digital Corp., Lenovo Group Limited, Liqid Inc., Fungible Inc. and TidalScale Inc. Key players are focusing on developing innovative, eco-friendly and lower VOC products to expand their market share. For instance, Nutanix Inc. offers eco-friendly roof coatings made from plant based materials that are lead and asbestos free.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
