by The roofing coatings market involves the application of protective or weather-resistant coatings on rooftops and other surfaces associated with building and construction. Roof coatings help extend the life of roofs by protecting them from environmental damage caused by sun, rain, and pollution. They seal and protect roof surfaces made from various materials such as asphalt, metal, rubber, and modified bitumen. Commonly used roof coatings include elastomeric, bituminous, acrylic, and silicone coatings. Elastomeric coatings provide excellent UV resistance and flexibility for flat and low-slope rooftops.
The global roofing coatings market is estimated to be valued at US$ 3.62 billion in 2023 and is expected to exhibit a CAGR of 36% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Growing Construction Industry: The key driver propelling the roofing coatings market growth is the expansion of the global construction industry. Increased urbanization and population growth are fueling demand for new residential and commercial infrastructure development worldwide. Since roofing forms an important part of any building structure, rising construction activities will directly boost consumption of roof coatings. Growing needs of re-roofing and roof refurbishment of aging buildings will further support market growth over the forecast period.
Eco-Friendly Coatings Demand: Another factor driving the market is the rising demand for environmentally-friendly, bio-based, and sustainable roofing coating solutions. Green building codes and regulations are compelling roof coating manufacturers to develop innovative, low VOCs, recycled content, and zero/low carbon products. Research on plant-derived polymers and materials for non-toxic roof coatings offer new growth prospects. Companies are investing more in eco-friendly product varieties to leverage on consumer shift towards sustainability.
Segment Analysis
The roofing coatings market is segmented by Type into Elastomeric, bituminous, tiles and others. Amongst these, the elastomeric segment currently dominates the market and accounts for over 30% share. Elastomeric roof coatings are preferred for coating built-up roofs as they provide strong adhesion to roof surfaces and resist weathering and cracking for long term protection.
PEST Analysis
Political: Stringent environmental regulations around VOC content in coatings is driving demand for environment-friendly roof coatings.
Economic: Growth in construction industry along with rise in infrastructure development projects is fueling the demand for roofing coatings.
Social: Increasing consumer preference towards eco-friendly green buildings is boosting the uptake of cool roof coatings.
Technological: Developments in ultraviolet curable and self-cleaning roof coatings have enhanced the product functionality and durability.
Key Takeaways
The Global Roofing Coatings Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: The Asia Pacific accounts for over 35% share of the global roofing coatings market led by China, India and other Southeast Asian countries. Majority of demand stems from the brisk construction activities for buildings, industrial and commercial facilities.
Key players operating in the roofing coatings market are BioMarin, RIBOMIC, Ascendis Pharma A/S, BridgeBio Pharma, Inc., Pfizer Inc., PhaseBio Pharmaceuticals, Inc., SiSaf, Novo Nordisk A/S, F. Hoffmann-La Roche Ltd, LG Chem, Ferring B.V., JCR Pharmaceuticals Co., Ltd, KVK TECH, INC., VIVUS LLC., ProLynx Inc., Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Ipsen Pharma, Novartis AG, and Xiamen Amoytop Biotech Co., Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
