Roof Coatings Market Highlights: Roof Coatings Market may expand at a CAGR of nearly 5% to register over USD 200 Million by the end of 2023. Globally, Roof coatings is one of the major and necessary application in both residential and non-residential buildings. Almost over 60% of the commercial buildings opt for the roof coatings to avoid the leveraging cost of Roof Coatings maintenance.
Roof Coating is an important product that offers thermal stability, increased durability, and better aesthetics to structures. Roof coatings perform a substantial function as they are the first line of defence against various environmental factors such as rain, sunlight, and EPDM Roofing wind. The product finds application in almost all residential and non-residential structures with varying designs of roofs such as flat, steep, low-steeped, and even zigzag. The various types of coatings include bituminous, elastomeric, acrylic, silicone, and epoxy.
Roof Coatings Market Application: Roof Coatings are gaining the required attention due to the more rigorous environmental regulations, newly developed standards for the commercial structures and building codes and increased concern for the environment codes and increased concern for the environment. Moreover, rapidly increasing world population is fuelling the urbanization, industrialization and infrastructural development are the prominent factors driving growth of the global roof coatings market. Additionally, the inception of innovative technologies and efficient roof coating application practices is anticipated to fuel demand for the roof coating in these applications.
Roof Coatings add to the lifespan of a structure, which makes them an economical and sustainable solution in the building and construction industry. The growing demand for durable and stiff structures for commercial buildings is likely to propel market growth during the forecast period. Additionally, the vagaries of nature such as heavy rains, wind, and scorching heat cause frequent damage and reduce the durability of structures. Roof coatings help mitigate such damage. The major players operating in this market have been investing over 3% of their annual sales revenues in the development of new materials and technologies for roof coatings applications, which is anticipated to boost product demand during the review period. However, the lack of awareness, limited availability of skilled labour in some of the major emerging economies and fluctuating raw material prices may hinder market growth during the forecast period. Rapid urbanization, shifting consumer trends in favour of sustainable structures, and robust industrialization in developing countries are likely to offer market players opportunities for growth.
Roof Coating Market Competitive Landscape: Roof Coating is a highly mature market driven by flourishing growth in building & construction industry, along with the rising technological advancements in the field of protective coatings. The market consists of considerable number of tier 1 companies. Among them, BASF SE, Sika AG, Evonik Industries AG, PPG Industries, Akzo Nobel N.V, 3M are the leading manufacturers which have substantial contribution to the growth of the market during the review period. Almost all of these market participants are primarily adopting the expansion of their production capacities and product launch tactics to strengthen their market position. Growing construction industries, and continuous collaborations and agreements between manufacturers, distributers, and marketing firms, along with continuous R&D activities are key market forces operating in the market for the growth of the demand for Roof coating. Taking all these trends under consideration, the global roof coating market poised to witness considerable competition due to easy entry of competitors over the forecast period of 2018-2023.