According to the latest report by IMARC Group, titled “Roof Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global roof coatings market reached a value of US$ 3.32 Billion in 2021. Roof coatings refer to membranes that are formulated to protect roofs from the adverse effects of weather and the environment. They contain elastomeric, epoxy, acrylic, bituminous, and silicone materials. They are widely used on slow and steep-sloped roofs to eliminate damages caused by water, heat, and ultraviolet (UV) radiation. Roof coatings assist in reducing energy consumption, protecting against roof leaks, ensuring thermal stability, extending roof life, increasing building efficiency, and maintaining the temperature of the structure. They are available in a variety of colors and are breathable, weatherproof, and acid rain, pollution, and moss lichen resistant. As a result, they find extensive applications across the residential, commercial, hospitality, and healthcare sectors.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Roof Coatings Market Trends-
Significant growth in the construction industry across the globe is one of the key factors creating a positive outlook for the market. Roof coatings are widely used to protect and extend the life of an installed roofing system and to eradicate damage caused by heavy rains and heat. In line with this, the widespread product adoption due to its numerous advantages, such as cost-effectiveness, and high solar reflectivity, which aids in minimizing the heat buildup within commercial and residential spaces and reducing the dependence on air-conditioning, is favoring the market growth. Apart from this, various product innovations, such as the introduction of paint roof coatings prepared with volatile organic compounds (VOCs) for the protection from oxidation, chemical reaction, and aging, are providing an impetus to the market growth. Additionally, the increasing demand for green roof coatings in infrastructures due to rising environmental consciousness among the masses and mitigating greenhouse gas (GHG) emissions is positively impacting the market growth. Other factors, including the rising expenditure capacities of consumers, increasing inclination of consumers toward energy-saving and extensive research and development (R&D) activities, are anticipated to drive the market toward growth. On account of the aforementioned factors, the market value is expected to reach US$ 4.16 Billion by 2027, exhibiting a CAGR of 3.60% during 2022-2027.
- Based on the roof type, the market has been bifurcated into low and steep sloped roofs.
- On the basis of the material, the market has been segmented into elastomeric, bituminous, acrylic, epoxy, silicone and others.
- Based on the technology, the market has been bifurcated into water-based and solvent-based.
- On the basis of the end user, the market has been divided into residential, commercial, hospitality, healthcare and others.
- Based on the region, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Akzo Nobel N.V., BASF SE, Covestro AG, Dow Inc., Hempel A/S, Huntsman International LLC, Nippon Paint Holdings Co. Ltd., PPG Industries Inc., RPM International Inc., Sika AG, The Sherwin-Williams Company and Wacker Chemie AG.
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