May 21, 2024
Roofing Coatings Market

Roofing Coatings Market is Trending by Increasing Demand for Energy Efficient Roofing Solutions

The roofing coatings market plays a vital role in the construction industry as coatings provide protection to roofs from environmental factors like UV radiation, rain, hail and temperature variations. Roof coatings improve the lifespan of roofs by preventing premature wear and tear. They come in liquid form and once applied form a protective layer on the roof surface. Roof coatings offer benefits like UV protection, increased reflectivity reducing heat absorption, crack and joint sealing and waterproofing. The demand for energy efficient and eco-friendly roofing solutions has been a major driver forroof coatings.

The Global Roofing Coatings Market is estimated to be valued at US$ 4.18 Bn in 2024 and is expected to exhibit a CAGR of 36% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the roofing coatings are BioMarin, RIBOMIC, Ascendis Pharma A/S, BridgeBio Pharma, Inc., Pfizer Inc., PhaseBio Pharmaceuticals, Inc., SiSaf, Novo Nordisk A/S, F. Hoffmann-La Roche Ltd, LG Chem, Ferring B.V., JCR Pharmaceuticals Co., Ltd, KVK TECH, INC., VIVUS LLC., ProLynx Inc., Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Ipsen Pharma, Novartis AG, and Xiamen Amoytop Biotech Co., Ltd. The roofing coatings market is witnessing high demand due to increasing infrastructure development and growth in construction sectors globally. Major players are focusing on expansion strategies across regions to tap market potential.

The growing demand for waterproofing and weatherproofing solutions in construction is driving the roofing coatings market. Rapid urbanization and increasing government investments in infrastructure are boosting construction activities worldwide. The rising need for highly insulating and reflective roofing systems to improve energy efficiency is propelling the market’s growth. Furthermore, ongoing repair and renovation of aged buildings are fueling product consumption. Stringent regulations regarding energy conservation and focus on green building certifications are encouraging the adoption of energy-efficient roofing coatings.

The market is witnessing expansion driven by growing demand across emerging economies of Asia Pacific and Latin America. Major players are investing in developing nations to leverage opportunities in infrastructure development programs. Furthermore, focus on R&D of bio-based and UV-resistant coating formulations is expected to open new avenues over the forecast period.

Market Key Trends

One of the key trends growing in the Roofing Coatings Market Demand is the rising demand for eco-friendly and sustainable coating options. Green building certifications and mandates promoting renewable materials have boosted R&D activities oriented towards bio-based coatings made from plant oils and resins. These bio-based coatings offer equal performance and have a lower carbon footprint. Innovation in coating resin chemistries is enabling formulations with high solar reflectance, which help reduce roof temperature and energy consumption in buildings. The focus on recycling techniques for coating waste is another emerging trend gaining traction in the industry.

Porter’s Analysis

Threat of new entrants: High capital requirements and high switching costs make the threat of new entrants low in the roofing coatings market.

Bargaining power of buyers: Large buyers can negotiate lower prices, exerting medium bargaining power in the roofing coatings market.

Bargaining power of suppliers: Raw material suppliers possess medium bargaining power due to low differentiation in materials and presence of substitutes.

Threat of new substitutes: Substitute roofing materials like tiles offer low threat as coatings still dominate in certain applications.

Competitive rivalry: Intense competition among existing players makes competitive rivalry high in the roofing coatings market.

Geographical Regions

The North American region accounted for the largest share in the global roofing coatings market in terms of value in 2024, with the United States being the major contributor to this market. Increasing demand for steep-slope roofing systems drive the market in the region.

The Asia Pacific region is expected to witness the fastest growth in the global roofing coatings market during the forecast period, with a CAGR of over 39%. This is attributed to rapid urbanization and infrastructure development activities in emerging economies such as China and India.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it