The Global Roof Coating Market size is forecast to reach USD 2.03 billion from USD 1.62 billion in 2019, delivering a CAGR of 2.8% through 2027. The market growth is driven by the evolving construction sector and rise in several residential & commercial construction projects, primarily across the developing economies.
Roof Coatings Market Size – USD 1.62 Billion in 2019, Market Growth – CAGR of 2.8%, Market Trends – Surging product demand from the APAC region.
Roof coatings are specifically designed for the protection of roof assemblies in construction in order to augment the life-span of roofs. These coatings are thicker than paints and are formulated to protect roofs from the harsh environmental or weathering effect, such as wind, rain, UV rays, and others.
In roof coatings, resins are mixed, which transforms into an elastomeric and durable film when applied to walls. This offers a unique waterproofing property that enables these coating to cover all the membrane seams and cracks. Some of the commonly used roof coatings in buildings are polyurethane coatings, acrylic coatings, silicone coatings, and asphalt coatings, among others.
Proactive investments in roof coatings by builders in a bid to cater to the growing demand for higher-quality, durable, and more life-cycle extending coats for roofs will foster roof coatings market revenue share. Moreover, factors like VOC-restricting legislation and demand for sustainable products will stimulate market growth through 2027. Furthermore, increasing spending on the restoration of roofs using high-quality and cost-effective coatings will boost roof coating market share over the forecast period.
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Further key findings from the report suggest
- On the basis of resin types, the bituminous segment accounted for 22% of the roof coating market share in 2019 and is estimated to witness major growth through 2027 due to beneficial product attributes such as high durability, resistance from harsh chemicals, UV light rays, rust, and water, and cost-effectiveness.
- The elastomeric resins segment is expected to exhibit a growth rate of 3.9% over the projected timeframe. Elastomeric resins are witnessing high demand as it provides the roofs with a seamless solid seal, to keep it leakproof.
- Based on roof type, the steep-sloped roof segment is estimated to showcase a growth rate of 4.1% over the forecast period due to the exponential growth of population and an associated rise in residential construction activities.
- The low-sloped roof segment accounted for 32% of the global market revenue share in the year 2019 and is set to garner significant revenue over the forecast period on account of a rise in industrial and commercial construction activities across the globe.
- On the basis of technology, the water-based segment accounted for 41% of the market share in 2019 and will experience high demand due to the easy availability of raw materials.
- The solvent-based segment is anticipated to exhibit a CAGR of 3.4% through 2027 on account of the high bonding strength of solvent-based products.
- Based on substrates, asphalt accounted for 24% of the market revenue share in 2019. Asphalt shingles are likely to experience extensive adoption as they offer excellent waterproofing, is easy to install, and inexpensive as well.
- In the regional landscape, the Asia Pacific region is estimated to witness the fastest growth rate of 4.4% through 2027. The product demand is driven by high construction & infrastructure spending in emerging economies, including India and China.
- Key players contributing to the global roof coatings market share are Sherwin-Williams, Valspar Corporation, PPG Industries, AkzoNobel NV, Nippon Paint Co. Ltd., RPM International Inc., The Dow Chemical Company, Fletcher Insulation, BASF SE, Hempel A/S, Owens Corning, GAF, Heritage Roofing, and Lloyd Insulations, among others.
- In May 2020, Nouryon, a global specialty chemicals leader, launched a new elastomeric cool roofing coating solution that offers light reflection and self-cleaning properties. The solution also has the potential to enhance energy-saving in buildings due to the cooling effect.
For this report, Reports and Data has segmented the Global Roof Coatings Market on the basis of resin type, roof type, technology, substrate, application, and region:
Resin type Outlook (Volume, Kilo Tons and Revenue, USD Million; 2017-2027)
Roof Type Outlook (Volume, Kilo Tons and Revenue, USD Million; 2017-2027)
Technology Outlook (Volume, Kilo Tons and Revenue, USD Million; 2017-2027)
Substrate Outlook (Volume, Kilo Tons and Revenue, USD Million; 2017-2027)
Application Outlook (Volume, Kilo Tons and Revenue, USD Million; 2017-2027)
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Regional Outlook (Volume, Kilo Tons and Revenue, USD Million; 2017-2027)
- North America
- Asia Pacific
- Latin America
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The report emphasizes the following key questions:
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- Which factors are impacting the future of the market and what are the driving factors?
- What are the hurdles and challenges curtailing the industry’s growth in the forecast period?
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