Roofing coatings are protective coatings applied on rooftops or exterior sides of buildings to protect them from UV rays, water infiltration, microbial growth and other environmental damages. Roofing coatings provides waterproof, weatherproof and corrosion resistant properties while extending the lifespan of the roof. There are various types of roofing coatings available including acrylic, alkyd, silicone, polyurethane coatings and metals roof coatings which offers benefits like flexibility, crack & joint sealing, fire-resistance etc.
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 25.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Increasing commercial construction activities across the globe is estimated to drive the growth of roofing coatings market during the forecast period. According to U.S. Census Bureau, the total construction spending in 2022 is expected to reach US$1.8 trillion. There is significant growth witnessed in residential as well as non-residential construction sectors globally. The demand for various commercial buildings like offices, hospitals, malls, hotels etc. is rising rapidly which require application of protective and weather-resistant roofing coatings. The increasing number of new construction projects and renovation of existing infrastructures will propel the sales of roofing coatings during the projected period.
Porter's Analysis
Threat of new entrants: Low capital requirements and availability of raw materials enables new companies to easily enter the market. However, established brands have strong brand recognition and distribution networks that make it difficult for new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and brands. However, switching costs are low.
Bargaining power of suppliers: Raw material suppliers have moderate bargaining power due to the availability of substitute materials and suppliers.
Threat of new substitutes: Substitutes like tiles and metal roofing are available but do not have the advantages of coatings in terms of durability and protection from weathering.
Competitive rivalry: Intense competition exists among established brands to gain market share. Companies compete on pricing, product differentiation, and expansion to new geographies.
SWOT Analysis
Strengths: Durable materials that protect roofs from weathering for long periods. Wide product range and customizable solutions.
Weaknesses: Vulnerable to fluctuations in raw material prices. High R&D investments required to develop new formulations.
Opportunities: Growing construction industry in developing nations. Increasing demand for cool roof coatings and eco-friendly products.
Threats: Stringent environmental regulations regarding VOC emissions. Substitutes gaining popularity due to lower costs.
Key Takeaways
The Global Roofing Coatings Market Size is expected to grow significantly driven by infrastructure development projects across major economies. The Asia Pacific region dominates the market owing to high construction spending in China and India. Key regional markets include North America, Europe, Latin America, and Middle East & Africa.
Key players operating in the roofing coatings market are NetApp Inc., Nutanix Inc., Dell EMC (Dell Technologies Inc.), Hewlett Packard Enterprise Co., Juniper Networks Inc., Western Digital Corp., Lenovo Group Limited, Liqid Inc., Fungible Inc. and TidalScale Inc. Strategies adopted by major players include new product development, mergers & acquisitions, and geographic expansion to consolidate market presence.
The demand for bio-based, cool and self-cleaning roof coatings is likely to rise in the coming years due to stringent regulations and sustainability priorities. Rapid urbanization and rehabilitation of old buildings will additionally support market growth over the forecast period.
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