Roof Coating Market Analysis | 2023-2028

Roof Coating Market Analysis | 2023-2028

Roof Coating Market Analysis | 2023-2028
Report code - SRAM513 Delivery - 2 Weeks
Roof Coating Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis: 2023-2 See more...

Market Insights

The roof coating market was estimated at USD 1.74 billion in 2022 and is likely to grow at a CAGR of 3.6% during 2023-2028 to reach USD 2.16 billion in 2028.

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Market Dynamics

Introduction

Roof coating is a protective layer applied to the surface of a roof to enhance its durability and performance. Typically made of elastomeric compounds, acrylics, silicone, or other polymers, roof coatings provide a waterproof barrier that shields the roof from the elements, including sunlight, rain, and temperature fluctuations. These coatings help prevent water infiltration, reduce heat absorption, and protect against UV radiation, ultimately extending the lifespan of the roofing materials.

Roof coatings can be applied to various roofing types, including metal, asphalt, and single-ply membranes. Besides improving weather resistance, roof coatings may also offer energy efficiency benefits by reflecting sunlight and reducing the need for air conditioning. Regular application of roof coatings is part of maintenance practices to preserve and prolong the life of a roof.

Market Drivers

The key factors driving the growth of the roof coating market are:

Growth in the construction Industry: The steady expansion of the construction sector is a key factor driving the roof coating market, fueled by increased infrastructure development, urbanization, and various government housing initiatives. The growing demand for residential, commercial, and industrial buildings enhances the necessity for durable and energy-efficient roofing solutions. Programs like India’s Pradhan Mantri Awas Yojana and funding through the National Infrastructure Pipeline significantly bolster construction activities. Consequently, this surge in construction translates to a heightened demand for roof coatings, which not only extend the lifespan of roofs but also improve energy efficiency and lower maintenance expenses. As urban areas continue to grow and sustainable building practices become more prevalent, the demand for high-quality roof coatings rises, benefiting both new builds and renovation projects alike.

Stringent regulations regarding VOC-free coatings: Stringent regulations on VOC emissions, spearheaded by organizations such as the U.S. EPA and California's CARB, are creating a strong demand for VOC-free roof coatings. These important guidelines restrict harmful air pollutants in coatings, prompting manufacturers to innovate and produce eco-friendly, low-emission products. By adhering to these standards, we not only improve air quality but also promote green building practices and facilitate the widespread use of sustainable roofing solutions in the construction sector.

Rising demand for energy-efficient buildings: The rising demand for energy-efficient buildings is propelling growth in the roof coating market. Reflective and cool roof coatings reduce HVAC energy use by up to 50%, making them attractive for green construction. Investments like Galvanize Climate Solutions' $2 billion initiative to retrofit commercial properties underscore this trend. Additionally, cities such as New York and Chicago offer incentives for green roofs, further boosting adoption.

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Key Players

Some of the major roof coating manufacturers are-

  • Akzo Nobel N.V.
  • BASF SE
  • Hempel A/S
  • Nippon Paint Holdings Co., Ltd.
  • PPG Industries, Inc.
  • RPM International Inc.
  • Sika AG
  • The Dow Chemical Company
  • The Sherwin-Williams Company
  • Wacker Chemie AG

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at [email protected]

Segment Analysis

Segmentations

List of Sub-Segments

Segments with High Growth Opportunity

Material Type Analysis

Bituminous, Elastomeric, Acrylic, Epoxy, Silicone, and Others

Elastomeric coating is expected to remain dominant in the market.

End-User Type Analysis

Residential, Non-Residential

The non-residential segment is expected to remain the larger market during the forecast period.

Regional Analysis

North America, Europe, Asia-Pacific, and Rest of the World

North America is estimated to be the largest market, fueled by the USA.

By Material Type

The roof coating market is segmented as bituminous, elastomeric, acrylic, epoxy, silicone, and others. Elastomeric coating is expected to remain dominant in the market owing to its superior properties, such as better compatibility, elasticity offering the desired expansion and contraction during hot and cold weather, durability, and resistance to fungi and mildew.

By End-User Type

The market is segmented as residential and non-residential. The non-residential segment is expected to remain the larger market during the forecast period, owing to wider application of coatings in non-residential constructions, such as commercial buildings, hospitals, educational and other facilities.

Regional Insights

In terms of regions, North America is estimated to be the largest market, fueled by the USA. The dominance of the region is attributed to the presence of a large number of raw material suppliers, roof coating manufacturers, and contractors. Asia-Pacific is expected to witness the highest growth in the market over the next five years, propelled by rapid growth in the construction industry coupled with the rising disposable income of individuals across the region.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s roof coating market realities and future market possibilities for the forecast period of 2023 to 2028. After a continuous interest in our roof coating market report from the industry stakeholders, we have tried to further accentuate our research scope to the roof coating market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

  • Market structure: Overview, industry life cycle analysis, supply chain analysis.
  • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
  • Market trend and forecast analysis.
  • Market segment trend and forecast.
  • Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
  • COVID-19 impact and its recovery curve
  • Attractive market segments and associated growth opportunities.
  • Emerging trends.
  • Strategic growth opportunities for the existing and new players.
  • Key success factors

Market Segmentation

This report studies the market, covering a period of 12 years of trends and forecasts. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The roof coating market is segmented into the following categories:

By Material Type

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

By Substrate Type

  • Metal
  • Asphalt
  • Membrane
  • Concrete
  • Plastic
  • Others

By Roof Type

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

By Solution Technology Type

  • Water-based
  • Solvent-based

By End-User Type

  • Residential
  • Non-Residential

By Region

  • North America (Country Analysis: the USA, Canada, and Mexico)
  • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
  • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
  • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

  • Detailed profiling of additional market players (up to 3 players).
  • SWOT analysis of key players (up to 3 players).

Market Segmentation

  • Current market segmentation of any one of the product types by application type.

Competitive Benchmarking

  • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected].

Frequently Asked Questions (FAQs)

Roof coating is a protective layer applied to the surface of a roof to enhance its durability and performance. Typically made of elastomeric compounds, acrylics, silicone, or other polymers, roof coatings provide a waterproof barrier that shields the roof from the elements, including sunlight, rain, and temperature fluctuations. These coatings help prevent water infiltration, reduce heat absorption, and protect against UV radiation, ultimately extending the lifespan of the roofing materials.

The roof coating market was estimated at USD 1.74 billion in 2022.

The forecasted value of the roof coating market is expected to be reach USD 2.16 billion in 2028.

The roof coating market is likely to grow at a CAGR of 3.6% during 2023-2028.

BASF SE, RPM International Inc., Akzo Nobel N.V., PPG Industries, Inc., The Sherwin-Williams Company, Hempel A/S, The Dow Chemical Company, Wacker Chemie AG, Sika AG, and Nippon Paint Holdings Co., Ltd are among the key player in the market.

Elastomeric coating is expected to remain dominant in the market in the coming years.

North America is expected to dominate the market during the forecast period.

Key factors driving the growth of the market are the growth in the construction Industry, stringent regulations regarding VOC-free coatings, and rising demand for energy-efficient buildings.