Roof Coating Market Set to Grow at CAGR Of 3.8% During 2021-2026

Erin Browne

“Roof Coating Market Set to Grow at CAGR of 3.8% During 2021-2026”

Increasing Demand For Eco-friendly And Sustainable Building Structures Such As Urethane Roofing And Asphaltic Coating is One of The Significant Factors Driving The Demand For Roof Coating Market

Roof Coating Market size is expected to be valued at US$1.6 billion by the end of the year 2026 and is set to grow at a CAGR of 3.8% during the forecast period 2021-2026. The growing demand for environmental-friendly, renewable and sustainable solutions for roofing system in the recent days is one of the significant factors driving the demand for roof coating market. The rising environmental awareness coupled with the government frameworks regarding greenhouse gas (GHG) emission is also driving the need for a sustainable and eco-friendly roofing system which in turn is increasing the demand for roof coating market. Various types of coating such as urethane roofing, asphaltic coating and others help in providing flexibility, durability, resistance to corrosion and others. This is increasing the demand for roof coating systems from many key-use industries. Products such as roofing emulsion (painting emulsion containing fillers which provides waterproof coatings) and corrugated roof paint for corrugated metal roofing are also in high demand owing to the various government standards and regulations regarding roofing system. This is one of the significant factors driving the demand for the roof coating market.

Roof Coating Market Segment Analysis – By Coating Type

Water based coating segment held the largest share in the roof coating market in the year 2020. The various advantages provided by water-based coating such as even distribution, waterproofing, durability and seamless layer is majorly driving the demand for water-based coating in the roof coating market. Roofing emulsions are waterproof coatings that are majorly used in roof coatings. The various added benefits such as energy efficiency, reduction in cooling costs, and increasing the life expectancy of the roof are also majorly driving the water- based coating in the roof coating market.

Roof Coating Market Segment Analysis – By Material Type

Plastic & Elastomeric segment held the largest share in the roof coating market in the year 2020. Plastic and elastomeric coatings are commonly used as it is affordable and is very easy to install. Even after the aging of the roofing system, elastomer can help in restoring the roof without having to tear down the roof completely. The number of activities involved in installing a plastic and elastomeric segment is practically very less and it does not cause much inconvenience. Plastic and elastomeric roofing also has this advantage of easy application of paints and coating such as corrugated roof paint without much damage and process involved. This is majorly driving the roof coating market.

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Roof Coating Market Segment Analysis – By Roof Type

Flat roof segment held the largest share in the roof coating market in the year 2020. There are various types of fat roof systems such as rubber roofing, fiberglass roofing, urethane roofing and asphaltic coating. The major advantages associated with flat roofing system such as less construction cost, less maintenance and repair activities and others are some of the major factors driving the demand for flat roof systems in the roof coating market. Flat roof systems are also sustainable as they can be converted into a rooftop garden or any other space. Additionally, advantages such as protection from UV rays and the involvement of less cost and toxicity is driving the demand for products such as asphaltic coating and roofing emulsion.

Roof Coating Market Segment Analysis – By Application

Commercial construction industry held the largest share growing at a CAGR of 3.34 in the roof coating market in the year 2020. The increase in the number of government initiatives and investments in developing the public infrastructure is one of the major factors driving the roof coating market. For instance, according to International Trade Administration, the UK government announced funds for infrastructural development worth US$6.87 billion in September 2020 which will be primarily be spent on the construction of buildings for public hospitals, schools and other local projects. This will further increase the demand for roof coating products such as urethane roofing and asphaltic coating.

Roof Coating Market Segment Analysis – By Geography

Asia-Pacific region held the largest share of 37% in the roof coating market in the year 2020. The increase in the population coupled with the growing need for infrastructure is majorly driving the demand for roof coating market in the region. This is increasing the demand for products such as urethane roofing and roofing emulsion. For instance, the Chinese Government came up with an initiative called ‘New Type Urbanization Plan’ wherein the government aims at developing the nation’s infrastructure by the year 2020. According to Asian Development Bank, a Multilateral development bank, developing countries in Asia will invest US$26 trillion in infrastructure from 2016 to 2030, or US$1.7 trillion per year. This will increase the number of infrastructure projects in the region. Furthermore, Asian Development Bank is scaling up operations for sovereign and non-sovereign infrastructure investment, which will increase the investment in the building and construction sector. The investment has reached US$20 million, an increase of 70% from the year 2014.

Roof Coating Market Drivers

The surge in the activities of the construction industry is majorly driving the roof coating market

The increase in the number of construction activities across the globe is majorly increasing the demand for roof coatings such as urethane roofing and asphaltic coating, which is majorly driving the roof coating market. For instance, according to the World Bank, the cost of expenditure in the construction industry across the world was estimated to reach US$11.9 trillion in the year 2020, which is an increase of 4.2% as compared to the previous year expenditure. Furthermore, according to Germany Trade & Invest (GTAI) (economic development agency of the Federal Republic of Germany), the construction industry volume increased by 6.74% in the year 2020 from the year 2019. This will increase the scope for roof coating industry across the globe and increase the demand for products such as urethane roofing and asphaltic coating.

Increasing demand for eco-friendly and sustainable building structures is increasing the demand for roof coating market

The increase in organizations and associations emphasizing the importance of sustainable buildings is one of the major factors driving the demand for roof coating industry. For instance, Leadership in Energy and Environmental Design (LEED) is a building rating system of the world and LEED building is widely used green building rating system. The increase in building sustainable structures with eco-friendly products to minimize carbon footprint is increasing the demand for green building materials market. According to U.S. Green Building Council, LEED has become the most prominent green building rating system in the world. The LEED system currently has around 80,000 projects in across 162 countries. It also includes more than 32,500 certified commercial projects. This will increase the demand for sustainable structures like slate roof sealer in the roof coating market.

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Roof Coating Market Challenges

Emission of high volatile organic compounds from the production of roof coatings is majorly impacting the growth of the roof coating market.

The process of manufacture of roof coating releases high Volatile Organic Compound (VOC) in the surroundings which is highly dangerous for the environment. The emission of volatile organic compounds causes several harmful health related effects on the workers and also to the end-users. This leads to the trouble of chronic health issues like respiratory problems. Therefore, governments of many countries have laid regulatory rules on the manufacture of emulsion coatings and related products. In most countries, the limit set for the content of such volatile organic compounds, is 90 parts per million (ppm) of the total content, based on the weight of the total non-volatile content of the product. Any amount beyond the specified limit will lead to legal consequences. This is one of the biggest challenges restricting the growth of the roof coating market.

Roof Coating Market Industry Outlook

Facility expansion, production expansion, collaborations, partnerships, investments, acquisitions and mergers are some of the key strategies adopted by players in the Roof Coating Market. Major players in the Roof Coating Market include:

Royal Building Products Inc

NouryonAlltimes Coatings Ltd

Applied Graphene Materials

BASF SE

Akzo Nobel N.V.

RPM International Inc.

PPG Industries Inc.

The Sherwin-Williams Company

Hempel A/S

The Dow Chemical Company

Wacker Chemie AG

Sika AG

Nippon Paint Holdings Co., Ltd.

Acquisitions/Technology Launches

In 06 May 2020, Nouryon launched an energy-saving ‘cool-roof’ coatings by enhancing their ability to reflect light and improving their self-cleaning properties.

In 19 July 2019, Applied Graphene Materials (AGM), launched Advantage Graphene liquid coating roofing system with enhanced anti-corrosion performance along with their partner Alltimes Coatings Ltd (Stroud, UK).

In 10 June 2019, Royal Building Products Inc., acquired DaVinci Roofscapes L.L.C., a leading supplier of premium composite roofing and siding. This acquisition helped Royal Building Products Inc in establishing itself as a world leader in composite roofing industry.

Key Takeaways

Asia-Pacific market held the largest share in the roof coating market owing to growing population coupled with cheap construction labour in countries like India, China and Japan.

The increasing demand for eco-friendly and sustainable building structures such as urethane roofing and asphaltic coating is one of the significant factors driving the demand for roof coating market.

The surge in the activities of the construction industry is majorly driving the roof coating market.

Amid the Covid-19 pandemic, the roof coating market witnessed a major downfall due to the various restrictions laid down by countries across the globe.

Relevant Reports

A. Roof Insulation Market

https://www.industryarc.com/Report/16515/roof-insulation-market.html

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