by Roofing coatings are protective and preventive coatings applied on rooftops of residential, commercial, and industrial infrastructure. They protect rooftops from ultraviolet radiation, water, pollution and other environmental factors. They come in various forms including bituminous, elastomeric, acrylic, epoxy, silicone and others.
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 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing construction industry is a key driver for roofing coatings market. According to research, the global construction industry is estimated to grow at 4-5% annually till 2030. Construction of new residential and non-residential buildings will drive the demand for roofing coatings during construction. Secondly, increasing repair and maintenance activities of existing buildings also contributes to the market growth. Regular recoating of rooftops is required to maintain integrity and increase longevity of rooftops against weathering. Both re-roofing of aged buildings and roof maintenance of relatively new buildings demand roofing coatings.
SWOT Analysis
Strength: Roofing coatings provide enhanced durability and protect roofs from UV radiation, moisture, and other environmental hazards. They offer long-lasting protection and reduce maintenance cost. Growing construction activities in developing nations is driving their demand.
Weakness: Volatility in raw material prices affects the cost of roofing coatings. Strict environmental regulations regarding the use of VOC increases production costs.
Opportunity: Increasing residential and commercial construction projects due to rapid urbanization offer growth prospects. Growing emphasis on green buildings and sustainability presents new opportunities.
Threats: Presence of alternatives such as modified bitumen and single-ply membranes poses competition. Economic slowdowns can negatively impact the construction sector and subsequently the roofing coatings market.
Key Takeaways
The Global Roofing Coatings Market Size is expected to witness high growth, exhibiting CAGR of 3.4% over the forecast period, due to increasing investment in construction projects across the globe. Rapid urbanization and growth of the real estate sector are driving the demand for roofing coatings.
Regional analysis – Asia Pacific dominates the global roofing coatings market, accounting for over 35% of the overall share in 2023. This is attributed to strong growth in the construction industry in China, India, and other emerging nations. Europe and North America are other major markets supported by ongoing repair and maintenance activities of existing infrastructure.
Key players – Key players operating in the roofing coatings market are DOW Company, Wacker Chemie AG, Sherwin-Williams, Company, PPG Industries, BASF SE, RPM International Inc., Akzo Nobel N.V., Sika AG, Kansai Paint Co., Hempel A/S. Industry leaders are focusing on new product development and partnerships to strengthen their foothold.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
