The growing demand for waterproof and energy efficient buildings is anticipated to openup the new avenue for Roofing Coatings Market
Roofing Coatings Market |
Roofing coatings are protective coatings applied on roof surfaces to protect them from ultraviolet radiation, rain, pollution and weathering. They enhance the durability and life of the roof. They are available in liquid form and dry to form a protective film. They are used on metal, concrete, asphalt and single-ply roof membranes. Common types include acrylic, silicone, polyurethane, bituminous and aluminized coatings. They are widely used in metal roofing, low sloped roof membranes and spray polyurethane foam roofs.
The
global Roofing Coatings Market is estimated to be valued at US$ 3.62 Bn in 2023 and is expected to
exhibit a CAGR of 3.4% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Dynamics:
Growing construction activities along with infrastructure development projects
are driving the demand for roofing coatings. Rapid urbanization and increasing
spending on commercial buildings are also propelling the market growth.
Furthermore, rising usage of green/white roofing systems along with cool
roofing coatings to reduce the heat island effect in urban areas is supporting
the roofing coatings market expansion. stringent environmental regulations
concerning emissions of VOCs from paints and coatings are promoting the use of
water-based and low VOC roofing coatings.
Segment Analysis
The global roofing coatings market is dominated by the acrylic segment which
holds around 35% of the market share. Acrylic coatings are the most popular
choice for roofing due to their flexibility, adhesion and aesthetic properties.
They offer high reflectivity to reduce the absorption of heat from sunlight
entering the building. Being water-based, they are eco-friendly and have low
VOC emissions.
PEST Analysis
Political: The government regulations regarding VOC emissions from construction
materials are becoming stricter in order to reduce air pollution, driving
demand for green roofing coatings.
Economic: The growing construction industry especially in Asia Pacific is
fueling the sales of roofing coatings. Retrofitting of existing buildings also
supports market growth.
Social: Rising disposable incomes have increased consumer spending on home
improvement and repair activities which benefit the roofing coatings market.
Technological: Advancements in resin additives help manufacturers develop
coatings with higher solar reflection, self-cleaning properties and longer
lifetimes. Waterborne technology reduces environmental impact.
Key Takeaways
The Global
Roofing Coatings Market Size is expected to witness high growth,
exhibiting CAGR of 3.4% over the forecast period, due to increasing
infrastructure development and construction activities worldwide. The Asia
Pacific region dominates the market and is expected to grow at the fastest rate
owing to large-scale investments in commercial and residential real estate in
China and India.
Regional analysis
The Asia Pacific region holds the major share in the global roofing coatings
market led by China and India. Rapid urbanization and economic growth in these
countries has fueled major infrastructure projects and housing development.
Government initiatives to boost construction spending will continue driving
regional demand.
Key players
Key players operating in the roofing coatings market are DOW Company, Wacker
Chemie AG, Sherwin-Williams, Company, PPG Industries, BASF SE, RPM
International Inc., Akzo Nobel N.V., Sika AG, Kansai Paint Co., Hempel A/S. The
market is consolidated in nature with top players accounting for over 60%
share. Companies are focusing on product innovation and partnerships to gain
market share.
For
more details on the report, Read-
https://www.pressreleasebulletin.com/roofing-coatings-market-growth-market-size-share-analysis/
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