Roof Coating Market Size is Anticipated to Flourish at a CAGR of 4.79% by 2030 | Reports and Data
The Global Roof Coating Market size is forecast to reach USD 2.03 billion from USD 2,041.56 Million in 2021, delivering a CAGR of 4.79% through 2030. The market growth is driven by the evolving construction sector and rise in several residential & commercial construction projects, primarily across the developing economies.
Roof coatings are specifically designed for the protection of roof assemblies in construction in order to augment the life-span of roofs. These coatings are thicker than paints and are formulated to protect roofs from the harsh environmental or weathering effect, such as wind, rain, UV rays, and others.
In roof coatings, resins are mixed, which transforms into an elastomeric and durable film when applied to walls. This offers a unique waterproofing property that enables these coating to cover all the membrane seams and cracks. Some of the commonly used roof coatings in buildings are polyurethane coatings, acrylic coatings, silicone coatings, and asphalt coatings, among others.
Proactive investments in roof coatings by builders in a bid to cater to the growing demand for higher-quality, durable, and more life-cycle extending coats for roofs will foster roof coatings market revenue share. Moreover, factors like VOC-restricting legislation and demand for sustainable products will stimulate market growth through 2027. Furthermore, increasing spending on the restoration of roofs using high-quality and cost-effective coatings will boost roof coating market share over the forecast period.
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Key Companies in the market include: Sherwin-Williams, Valspar Corporation, PPG Industries, AkzoNobel NV, Nippon Paint Co. Ltd., RPM International Inc., The Dow Chemical Company, Fletcher Insulation, BASF SE, Hempel A/S, Owens Corning, GAF, Heritage Roofing, and Lloyd Insulations, among others.
Some Key Highlights in the Report
- On the basis of resin types, the bituminous segment accounted for 22% of the roof coating market share in 2019 and is estimated to witness major growth through 2027 due to beneficial product attributes such as high durability, resistance from harsh chemicals, UV light rays, rust, and water, and cost-effectiveness.
- The elastomeric resins segment is expected to exhibit a growth rate of 3.9% over the projected timeframe. Elastomeric resins are witnessing high demand as it provides the roofs with a seamless solid seal, to keep it leakproof.
- Based on roof type, the steep-sloped roof segment is estimated to showcase a growth rate of 4.1% over the forecast period due to the exponential growth of population and an associated rise in residential construction activities.
- The low-sloped roof segment accounted for 32% of the global market revenue share in the year 2019 and is set to garner significant revenue over the forecast period on account of a rise in industrial and commercial construction activities across the globe.
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Resin type Outlook (Volume, Kilo Tons and Revenue, USD Million; 2019-2030)
Roof Type Outlook (Volume, Kilo Tons and Revenue, USD Million; 2019-2030)
Technology Outlook (Volume, Kilo Tons and Revenue, USD Million; 2019-2030)
Application Outlook (Volume, Kilo Tons and Revenue, USD Million; 2019-2030)
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Some Key Developments in the Market:
- In June 2021, AkzoNobel agreed to acquire Colombia-based paints and coatings company Grupo Orbis. Completion is subject to regulatory approvals and is expected by 2022. This acquisition will expand the company’s long-term position across South America by establishing its market hold in the Andean region and in Central America.
- In October 2021, Wacker acquired a 60% stake in SICO Performance Material, which is a specialty silane manufacturer for around Euro 120.00 million. Through this acquisition, Wacker has strengthened the silicone business.
The COVID-19 impact:
The COVID-19 pandemic won’t impact productivity for the industry. The key market leaders are uncertain about the industry’s prospects and are searching for solutions to this problem. Most hospitals influenced their pandemic programs and other projects greatly. There is no money for stopping the usual lockout in different parts of the world. COVID-19 has contributed to a significant decline in domestic demand for goods, exports, and imports. The world’s biggest companies prefer to cut their budgets for building cash reserves. True efficiency levels would inevitably lead to new ways for workers and businesses to satisfy customer demand at a much lower cost.
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Key questions covered in the global Roof Coatings market report:
- What is the expected market size of the global Roof Coatings market during the forecast period?
- What factors are expected to hamper global Roof Coatings market growth over the forecast period?
- What key factors are expected to drive global revenue growth between Forecast Period?
- Which application segment is expected to dominate other application segments over the forecast period?
- Which region is expected to dominate in terms of revenue during the forecast period?
- What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
- Which leading players are operating in the global Roof Coatings market?
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