Roof Coatings Market is projected to be worth USD 4.16 Billion by 2030, registering a CAGR of 3.48% during the forecast period (2021 - 2030).
The roof coatings market size is projected to grow by 3.48%. Roof coating helps to regulate the temperature in a building. The painting and coating industry has a high requirement for roof coatings. Roof coating is essential in regions that have less energy consumption. The rising electricity costs are raising the need for better alternatives. Building energy-efficient constructions with proper roofs is increasing in many regions.
The need for advanced cool roof coatings is prevalent. There are plenty of roofs in the market that has high need among the end-users. Elastomeric, silicone, bituminous is some of the segments in the market. In recent years, the need for elastomeric roofs is higher. This type of roof leads to energy efficiency and cost efficiency in many regions. Low slope and flat roofs are some of the coating options in this market.
The primary task of any roof coating is to absorb the sun rays. The energy consumption in many buildings is possible through these coatings. The coating is extra protection that prevents any potential roof leaks. Through the roof coatings, it is possible to extend the life of the roof. In many regions, overall building cost is saved through the regular roof coating process. All these factors are expected to immensely grow roof coatings market value.
The outbreak of covid 19 is bringing unexpected changes in various markets. The day to day market operations is affected in this period. Production of many markets is facing a downfall in this period. Also, the declining demand trend is hindering the growth of industries. The roof coating market is facing losses.
Worldwide the construction, roofing and coatings sectors growth is hampered. Due to the rate of fewer constructions, the need for roof coatings is reducing. Also, the raw materials available for the roof coating are less. The less supply and production can affect the revenue of this market. Since 2020, there is a negative trend in the market. In the upcoming years, the demand is expected to surge. New key players will enter and launch new roof coatings. The products and services of the market are expected to rise. Therefore, post covid 19 situation of the market is estimated to be positive.
The growing need for stiff and structured roofs is a crucial demand driving the market. Today, many constructions incorporate durable roofs. These roofs have a long lifespan and durability. Stiff roofs are suitable for any weather conditions. They can tolerate and protect the building from the harsh climate. All these features of good quality roofs attract many end-users. Further, the growth of commercial buildings is another crucial driver of the market.
There is plenty of commercial building in cities. These budding require sturdy protection. Roof coatings are the best option for these commercial constructions. The increasing adoption of roof coatings in this building will lead to immense demand. The need for energy efficiency is another crucial driver of the market.
Electricity costs are a huge expenditure in households and commercial spaces. There is a need to curb this cost. Due to this, the adoption of roof coatings is rising. Many governments are encouraging these roof coatings. As there is plenty of cost benefits and energy efficiency the investments are rising. In recent years, governmental approved roofs coating for many buildings are high. All these drivers of the market will increase roof coatings market growth.
Rapid urbanisation is a crucial factor that contributes to high market growth opportunities. Urbanisation is rising in cities. The immigration and rapid relocation to cities are increasing constructions. New commercial building raises the need for roof coatings. In upcoming years, the development opportunities are higher due to these factors. The shifting consumer preference in constructions is another growth factor.
Many end-users of the market are changing their construction preference. The need for a sustainable building structure is high among consumers. In the next few years, there is a rapid transition from traditional to sustainable building. These factors will lead to the high growth of the roof coating market. Furthermore, growing industrialization is another development in the market.
Robust industrialization in developing nations is positively impacting the market. The rising industrialization is increasing the production of roof coatings materials. Especially the growing economies will higher expansion of the roof coatings market. Further, industries are the major spaces that require roof coatings. Without air ventilation systems the roof coating can regulate the temperature in the rooms. All these growth opportunities will contribute to exceptional revenue roof coatings industry
The high cost of production is a restraining factor of this market. Roof coatings products and materials are expensive. Products such as silicone, elastomeric and bituminous are pricey materials. The high production cost reflects in the total cost of the product. It is a major limitation in the roof coatings market.
High production can affect revenue rates. In the forecast period, this market restraint can affect overall supply rates. The rising cost of production is creating losses in this pandemic. Especially, a market having high production is unable to cope and earn returns. Key players of the market are taking initiatives to reduce this cost of the market. Still, these factors can impede the growth rate.
Lack of awareness in the residential sector is a challenge in this market. There is awareness about the product in some regions. Most of the commercial spaces such as hospitals, retail ad industries have a higher penetration of this product. However, the need for roof coatings is higher in the residential sector.
However, less awareness impedes the demand of this market. Energy efficiency, temperature control and pollution resistance are some of the features of these coatings. Lesser penetration in residential areas can affect the expansion of the market in the forecast period. All these factors can hamper the overall growth of roof coating in the forecast period.
The roof coatings market trends is positive for the forecast period. There are plenty of factors that boost the growth of this market. The crucial driver such as the growing need for durable roofs is rising demand. Features such as rub resistance and optical density make it a suitable choice for printers.
The high cost of production is a restraining factor of this market. The materials used in this product are expensive. All these factors increase overall product cost. Lack of awareness about roof coatings products and services is a challenge. Still, overall growth is substantial with a high growth rate.
The Asia Pacific is the largest regional player in the roof coatings market. The highest to have highest roof coatings market shares. Rapid urbanisation is a crucial cause of high demand. Industrialization is another factor driving demand. China, India and Japan are key contributors to Asia pacific market.
Product reconstruction is high in the region. Also, the roofing industry has high scope. All these factors are responsible for exceptional market growth. High infrastructure development in South Korea will bring favourable changes. These factors will create exceptional revenue rates in roof coatings.
By roof type
Competition in the roof coatings market is high in the forecast period. There are plenty of factors that will contribute to price competitiveness. Market expansions, mergers, collaborations, partnerships are factors affecting the overall market growth. In the upcoming years, revenue rates are surging due to new product launches.
Roof Coatings Market Share, by End-Use Industry, 2017 (%)
Source: MRFR Analysis
The roof coatings market is fragmented into Asia Pacific, Europe and North America. The Asia Pacific is a leading region with high market shares. Industrialization and urbanization will create a positive impact on the market. Japan, India and China are top key players with high market initiatives. The launch of quick-drying roof coatings will create much profitability. Europe is the next largest regional player with the highest shares. Germany, the UK, France and Italy are prominent players in Europe. Due to these players, the expansion of the market is high. North America is an early adopter of roof coatings. The growth opportunities are high in this region during the forecast period.
The key players in the roof coatings market are
|Market Size||2030: Significant value|
|CAGR||2022–2030: Substantial CAGR|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Substrate, Roof Type, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Akzo Nobel N.V. (Netherlands), PPG Industries, Inc. (US), Sika AG (Switzerland), BASF SE (Germany), Wacker Chemie AG (Germany), RPM International Inc. (US), The Dow Chemical Company (US), Hempel A/S (Denmark), the Sherwin-Williams Company (US), and KANSAI PAINT CO., LTD (Japan).|
|Key Market Opportunities||Rapid urbanization, shifting consumer trends in favor of sustainable structures, and robust industrialization in developing countries are likely to offer market|
|Key Market Drivers||The growing demand for durable and stiff structures for commercial buildings is likely to propel market growth|
Increasing construction and building activities to inspire growth for the market.
The Asia Pacific roof coatings market would gain better valuation.
India, Japan, China, and South Kore would helm the regional market.
The roof coatings market has substrates like membrane, concrete, metal, plastic, asphalt, and others.
The study includes elastomeric, bituminous, silicone, epoxy, acrylic, and others.