Roof Coating Market Size, Share, Analysis, Trends, Growth, 2032

Roof Coating Market Insights

Zion Market Research has published a report on the global Roof Coating Market, estimating its value at USD 1.77 Billion in 2023, with projections indicating that it will reach USD 2.41 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 3.5% over the forecast period 2024-2032. The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Roof Coating Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Roof Coating Market: Overview

Roof Coating, an extra layer of protection, is a fluid-applied roofing membrane that extends the roof's life and efficacy. It involves repairing, patching, and coating the tops for the best-suited application. It offers to restore and waterproof the structures to handle rain, sunlight, and wind. The builders are now focused on delivering the best roofing, with the construction industry showing a significant increase in building residential or commercial structures. The rising population of developed and developing regions with the demand for robust construction primarily drives this market. The customer's needs for eco-friendly, sustainable, and renewable housing have become popular recently. Innovations of low or zero VOC coatings have led manufacturers to adjust to this new market. This trend is expected to continue over the forecast period.

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Roof Coating Market: COVID-19 Impact Analysis

The Roof Coating Market was sizably affected by COVID 19, and the lockdown in the initial phases meant that contractors had to re-evaluate the operating procedures. No on-site visits, change in project schedules, demands abridged were some of many concerning reasons from the contractors. PPG Industries Inc.'s coatings end-use market was negatively impacted with an 8.66% downfall in 2020. Many companies turned to technology, such as providing solutions via webinars, live sessions to the contractors. It has driven manufacturers to create more eco-friendly products to increase the efficiency of rooftops.

Roof Coating Market: Growth Factors

The growing need for cooling inside the residential and commercial spaces is anticipated to augment over the forecast period, and roof coatings will help in decreasing the heat that is build up. Advanced Cool Roof Technology has been adopted in countries to protect against the torrid heat. Research and Development of advanced roof coating materials will stimulate the market's growth over the forecasted period.

The government's constant emphasis on Net Zero Energy Buildings and Green Roofing is the best opportunity for the market to grow in the forecasted period. The Development of modern zero energy buildings has been made possible due to the technologies, techniques, and advanced building materials. The roof coating market is anticipated to witness growth because of the increased awareness concerning environmentally friendly building materials.

Roof Coating Market: Report Scope

Coating Segment Analysis Preview

The Elastomeric coatings act as a protective hindrance for the structure, providing a much better and thick film on the layer. The Elastomeric coatings increase the durability and lifespan of the structure on which it is applied. The properties like elasticity, resistance to fungi, and compatibility are superior to the rest of the coating types. This segment is expected to witness notable growth during the forecast period as the construction companies will be one of the largest consumers due to rapid industrialization. The bituminous coating segment is also anticipated to grow in the market for the forecasted period due to its easy access to contractors and everyday people with high-profit margins to the contractors. Acrylic, Epoxy, Silicone, others form the industry type segment.

Technology Segment Analysis Preview

The water-based segment is likely to witness remarkable growth during the forecast oeriod. This is accredited to the rising demand as it contains water as a significant substance. This segment generally emits odors which are mostly preferred at hospitals and universities. Water-based solutions eliminate flammability and potential toxicity substances. The cost is lower as compared to solvent-based. Water-based solution coatings are anticipated to grow in this segment in the roof coating market. 

Roof Segment Analysis Preview

The flat segment is likely to witness remarkable growth during the forecast oeriod. This is accredited due to affordability in installation and maintenance. Flat roof coatings are anticipated to grow in this segment for forecasted years. The compact design of the flat roof makes sure that additional extensions like fitting solar panels and exterior units are done efficiently. The overall cost, including the labor cost, is cheaper due to its easy installation compared to sloped roofs. Flat roofs are incredibly durable, and materials used like Polyvinyl Chloride (PVC) ensure that they stay integral and act as waterproofing surfaces. Sloped roofs are built so that rain and snow drain off. Low-sloped, steep-sloped, and others form the roof type segment.

End-Use Segment Analysis Preview

The non-residential segment held a share of 52.81% in 2020. The non-residential segment includes commercial buildings, schools, offices, warehouses, hospitals, and other facilities driven by increasing demand and population growth. The demand for the residential segment is low due to a lack of awareness among the people.

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Regional Analysis Preview

North America is projected to grow at a CAGR of 5.5% during the forecast period. The advancements in technologies, the government's initiative for Green Code Buildings, and hefty investments in the U.S. have led North America to contribute heavily to the global market. The U.S. is the most significant contributor due to many contractors, manufacturers, and raw material suppliers. The regions are well aware of the implementation of zero energy buildings and energy consumptions, which are among the many reasons behind the growth of the roof coating market.

Asia Pacific accounted for a share of 32.92% in 2020. Asia Pacific Roof Coating market is likely to witness a significant increase in the construction industry due to stable economic growth and urbanization, and industrialization. With Industries growing and continuous spreading of pollution, countries like China, India, and Japan are adopting sustainable coating surfaces, leading to growth in the roof coating market. 

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Roof Coating Market: Competitive Landscape

Some of the key players in the Roof Coating market include

• PPG Industries, Inc. (U.S)
• The Dow Chemical Company (U.S.)
• Akzo Nobel N.V. (Netherlands)
• BASF SE (Germany)
• Wacker Chemie AG (Germany)
• Nippon Paint Holdings Co. Ltd. (Japan)
• Sherwin-Williams Company (U.S.)
• RPM International Inc. (U.S.)
• Gardner-Gibson Inc. (U.S.)
• Hempel A/S (Denmark)
• among others. 

The market is oligopolistic, with the above significant players ruling the market. It is split into medium and large industry players which are operating the industry. The market players adopt strategies like New Product Developments, Joint Ventures, and Mergers & Acquisition to capture the market share.

The global roof coating market is segmented as follows:

By Coating

• Acrylic
• Bituminous
• Elastomeric
• Epoxy
• Silicone
• Others

By Technology

• Solvent-Based
• Water-Based

By Roof

• Flat
• Low-Sloped
• Steep-Sloped
• Others

By End-User

• Residential
• Non - Residential

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa