May 25, 2024
Roofing Coatings Market

Roofing Coatings Market is expected to be Flourished by Surging Demand for Energy Efficient Roofing Systems

Roofing coatings are waterproofing coatings applied on roof surfaces to extend the life of the roof and provide protection from harsh weather conditions. They are available in bituminous, elastomeric, and reflective formulations. Roofing coatings find key applications in residential and non-residential roofing systems for protecting roofs of buildings against ultraviolet radiation, water infiltration, cracking, and damage from hail or foot traffic. The rising trend of green building and focus on lowering energy costs has augmented the demand for energy efficient and cool roof coatings that reflect sunlight and absorb lesser heat.

The global roofing coatings market is estimated to be valued at US$ 4.18 Bn in 2024 and is expected to exhibit a CAGR of 36% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

The surging demand for energy efficient roofing systems from the construction industry is a key driver favoring the roofing coatings market growth. Roofing coatings with cool roof and anti-glare properties help reduce the costs of cooling and air conditioning by lowering heat absorption on rooftops. According to the U.S. Department of Energy, cool roofs can reduce annual air conditioning costs by 15% to 35% in warm climates. This has augmented the application of roof coatings in commercial buildings including warehouses and manufacturing facilities where large roof areas translate to significant energy savings. Furthermore, rising commercial construction activities in developing economies in South East Asia and MEA also contribute to market revenues by stimulating product demand. Protective roof coating formulations are increasingly adopted during construction of new non-residential buildings and re-roofing of existing structures. Strong growth in global construction industry provides a prosperous environment for roofing coatings sales.

Segment Analysis

The roofing coatings market is dominated by the residential segment. The residential sub-segment currently holds around 60% share of the global market and is growing at a higher pace as compared to the commercial and industrial segments. This is attributed to the rising residential construction activities across developing nations to meet the increasing housing demand.

PEST Analysis

Political: Governments across major countries are encouraging investments in construction industries through various subsidies and tax benefits to boost economic growth. This is positively impacting the demand for roofing coatings.

Economic: Rapid urbanization and rising disposable incomes are driving the demand for new residential and commercial infrastructure. Additionally, growth in re-roofing and renovation activities of old structures is propelling the roofing coatings market.

Social: Changes in climatic conditions and increasing occurrences of extreme weather events are raising consumer awareness about good quality roofing systems for protection. This is augmenting the consumption of advanced roofing coatings with higher durability and weather resistance.

Technological: Leading manufacturers are increasingly investing in R&D to develop bio-based, eco-friendly, and self-cleaning roofing coating solutions. Advancements in coating technologies help in enhancing coating lifespan, reducing maintenance cost, and providing aesthetic looks for roofs.

Key Takeaways

The Global Roofing Coatings Market Growth is expected to witness high at a CAGR of 36% during the forecast period of 2024 to 2031.

Regional analysis shows that Asia Pacific region dominates the market and is expected to maintain its leading position in the coming years. China holds the major share in the Asia Pacific roofing coatings market owing to extensive building construction activities in the country.

Key players operating in the roofing coatings market are BioMarin, RIBOMIC, Ascendis Pharma A/S, BridgeBio Pharma, Inc., Pfizer Inc., PhaseBio Pharmaceuticals, Inc., SiSaf, Novo Nordisk A/S, F. Hoffmann-La Roche Ltd, LG Chem, Ferring B.V., JCR Pharmaceuticals Co., Ltd, KVK TECH, INC., VIVUS LLC., ProLynx Inc., Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Ipsen Pharma, Novartis AG, and Xiamen Amoytop Biotech Co., Ltd.

*Note:
1.  Source: Coherent Market Insights, Public sources, Desk research
2.  We have leveraged AI tools to mine information and compile it