Roof Coating Market Size And Forecast

Roof Coating Market size is valued at USD 1.70 Billion in 2021 and is projected to reach USD 2.23 Billion by 2030, growing at a CAGR of 3.4% from 2022 to 2030.

In recent years, one of the primary reasons driving the need for the roof coating industry has been the rising desire for environmentally friendly, renewable, and sustainable solutions for roofing systems. Rising environmental consciousness, along with regulatory frameworks governing greenhouse gas (GHG) emissions, is driving the need for an eco-friendly and sustainable roofing system, which is driving the demand for the roof coating market. Roof coating also helps keep your building cooler, decreases energy usage, protects against roof leaks, and extends the life of your roof.

Global Roof Coating Market Definition

Roof coating is a liquid solution applied to the roof surface as a sacrificial layer in the field to provide weather protection over the original waterproof membrane. The coating protects the waterproof roof substrate from weather elements such as solar radiation, heat, and moisture, and it may alter the roof’s look. It adds a layer of protection, durability, and flexibility. When a reflective coating is applied to a roof, it helps to extend its life, protects it from hail, branches, and other falling debris, and can even save on heating and cooling costs.

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Global Roof Coating Market Overview

One of the key factors driving the need for the roof coating sector is the growing desire for eco-friendly and sustainable building structures, as well as the creation of organizations and groups emphasizing the importance of sustainable buildings. As more individuals establish sustainable structures utilizing eco-friendly materials to lower their carbon footprint, the demand for environmentally-friendly facilities like slate roof sealers in the roof coating industry will increase. The other major driving factor is the rise in construction activity throughout the world is driving up demand for roof coatings such as urethane roofing and asphaltic coating, which boosts the roof coating market. According to the World Bank, the cost of expenditure in the construction sector worldwide is expected to reach US$12 trillion in 2020, a 4.18 percent raise over the previous year’s expenditure. Furthermore, according to Germany Trade & Invest (GTAI) (the Federal Republic of Germany’s economic development agency), the construction sector volume will expand by 6.8 percent in 2020 compared to 2019. This will broaden the scope of the roof coating business globally and raise demand for items such as urethane roofing and asphaltic coating.

However, one of the most considerable constraints to expanding the roof coating industry is the high manufacturing cost. Furthermore, the cost of raw materials utilized in the manufacture of roof coating materials and products is expensive and steadily rising.

In 2020, the worldwide building sector was severely impacted by the COVID-19 epidemic. The adoption of national lockdown, owing to an exponential increase in the number of cases, reduced the G7 nations’ economic production throughout the period. Furthermore, a scarcity of workforce and a disturbance in the supply chain resulted in a decline in the value of new contracts in real estate and construction projects. Furthermore, high production costs and fluctuating raw material prices may stifle industry expansion. The covid-19 epidemic impacted the roof coating industry in the form of a rapid drop in demand, supply-chain constraints, laws, and regulations in acquiring raw materials, a decrease in labour, and other factors. The influence of covid-19 on the roof coating business is still being felt since the market continues to develop slowly even after the epidemic. However, by the end of 2021, the roof coating industry is expected to improve.

Global Roof Coating Market: Segmentation Analysis

The Global Roof Coating Market is segmented on the basis of Product Type, Substrate, End-Users, and Geography.

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 Roof Coating Market, By Product Type

• Elastomeric
• Bituminous
• Acrylic
• Epoxy
• Silicone
• Others

The Global Roof Coating market is segmented into Elastomeric, Bituminous, Acrylic, Epoxy, Silicone, and others based on Product Type. Elastomeric roof coating is expected to increase rapidly due to its exceptional elastic qualities, which allow it to stretch and keep its original shape. These adaptable coatings are efficient in sealing roof leaks and extending the lifespan of roofs by 20 years.

Roof Coating Market, By Substrate

• Metal
• Asphalt
• Membrane
• Concrete
• Plastic
• Others

The Global Roof Coating market is segmented into Metal, Asphalt, Membrane, Concrete, Plastic, and others based on Substrate. The asphalt roof surface is the most cost-effective and high-performance material. Asphalt’s growing popularity may be linked to various advantages, including reduced noise pollution, energy economy, adaptability, and being the most fire-resistant roofing material in the category.

Roof Coating Market, By End-users

• Residential
• Non-residential

The Global Roof Coating market is segmented into Residential and Non-Residential based on End-users. The residential application industry will increase reasonably from 2021 to 2027 due to the rising population, rising consumer disposable income, and rapid technological improvements in various building approaches. Rising house renovation tendencies, as well as an increase in modular building projects, will boost market expansion. Increasing building energy efficiency via restoration and insulation is encouraging the use of roof coatings in multi-purpose buildings all over the world.

Roof Coating Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Rest of the World

The Roof Coating market is divided into five primary regions based on geographical analysis: North America, Europe, Asia Pacific, Latin America, and the Rest of the World. In 2020, the Asia-Pacific region owned the most significant share of the roof coating market, accounting for 37%. The region’s need for roof coating is driven chiefly by population growth and a growing requirement for infrastructure. This is boosting demand for items such as urethane roofing and roofing emulsion. For example, the Chinese government launched the ‘New Type Urbanization Plan’ to expand the nation’s infrastructure by 2020. According to the Asian Development Bank, a multilateral development bank, developing countries in Asia would invest US$26 trillion in infrastructure from 2016 to 2030, or US$1.7 trillion each year. This will boost the number of infrastructure projects in the region. In addition, the Asian Development Bank is expanding operations for sovereign and non-sovereign infrastructure investment, which will enhance investment in the building and construction sector. The investment has reached US$20 million, a 70 percent increase over 2014.

Key Players

A few companies that share the major market in this domain are BASF SE, Valspar Corporation, Akzo Nobel, RPM International, Lloyd Insulations, PPG Industries, The Sherwin-Williams Company, and Heritage Roofing, The Dow Chemical Company, Nippon Paint Holdings. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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