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.
The growing demand for waterproof and energy efficient buildings is anticipated to openup the new avenue for Roofing Coatings Market
Roofing coatings are protective coatings applied on roof surfaces to protect them from ultraviolet radiation, rain, pollution and weathering. They enhance the durability and life of the roof. They are available in liquid form and dry to form a protective film. They are used on metal, concrete, asphalt and single-ply roof membranes. Common types include acrylic, silicone, polyurethane, bituminous and aluminized coatings. They are widely used in metal roofing, low sloped roof membranes and spray polyurethane foam roofs.
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 activities along with infrastructure development projects are driving the demand for roofing coatings. Rapid urbanization and increasing spending on commercial buildings are also propelling the market growth. Furthermore, rising usage of green/white roofing systems along with cool roofing coatings to reduce the heat island effect in urban areas is supporting the roofing coatings market expansion. stringent environmental regulations concerning emissions of VOCs from paints and coatings are promoting the use of water-based and low VOC roofing coatings.
Segment Analysis
The global roofing coatings market is dominated by the acrylic segment which holds around 35% of the market share. Acrylic coatings are the most popular choice for roofing due to their flexibility, adhesion and aesthetic properties. They offer high reflectivity to reduce the absorption of heat from sunlight entering the building. Being water-based, they are eco-friendly and have low VOC emissions.
PEST Analysis
Political: The government regulations regarding VOC emissions from construction materials are becoming stricter in order to reduce air pollution, driving demand for green roofing coatings.
Economic: The growing construction industry especially in Asia Pacific is fueling the sales of roofing coatings. Retrofitting of existing buildings also supports market growth.
Social: Rising disposable incomes have increased consumer spending on home improvement and repair activities which benefit the roofing coatings market.
Technological: Advancements in resin additives help manufacturers develop coatings with higher solar reflection, self-cleaning properties and longer lifetimes. Waterborne technology reduces environmental impact.
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 infrastructure development and construction activities worldwide. The Asia Pacific region dominates the market and is expected to grow at the fastest rate owing to large-scale investments in commercial and residential real estate in China and India.
Regional analysis
The Asia Pacific region holds the major share in the global roofing coatings market led by China and India. Rapid urbanization and economic growth in these countries has fueled major infrastructure projects and housing development. Government initiatives to boost construction spending will continue driving regional demand.
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. The market is consolidated in nature with top players accounting for over 60% share. Companies are focusing on product innovation and partnerships to gain market share.
For more details on the report, Read-
https://www.pressreleasebulletin.com/roofing-coatings-market-growth-market-size-share-analysis/
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