July 25, 2024
Roofing Coatings Market

Solar Reflective Coatings is the fastest growing segment fueling the growth of Roofing Coatings Market

Roofing coatings provide protection, waterproofing and durability to roof surfaces. They extend the life of a roof and protect it from extreme weather conditions, UV radiation, pollution and algae growth. Roofing coatings are available in both solvent-based and water-based formulations and come with low volatile organic compound content.

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 key trends:

Solar reflective roofing coatings have high solar reflectance and emittance properties helping reduce energy consumption for cooling buildings. They reflect more sunlight and absorb less heat, maintaining lower roof temperature and interior temperatures. Solar reflective roofing coatings have gained popularity in commercial buildings with large roof areas. Better energy efficiency codes and standards along with subsidies and tax credits for “green building” are driving demand for solar reflective roofing coatings. Increased awareness about sustainability and energy savings will continue boosting growth of solar reflective coatings segment in the roofing market over the forecast period.

Segment Analysis

The global roofing coatings market is segmented by type, application, and end use. Based on type, the market is segmented into bituminous, elastomeric, acrylic, epoxy, silicone, and others. Among these, the bituminous roofing coatings segment dominates the market and accounted for over 35% of the global market share in 2022. Bituminous coatings provide long-lasting durability and waterproofing protection to roofs. This has driven the demand for bituminous roofing coatings over other types.

Key Takeaways

The Global Roofing Coatings Market Size is expected to witness high growth, exhibiting CAGR of 3.4% over the forecast period 2023 to 2030, due to increasing construction activities across both commercial and residential sectors. The global market size for roofing coatings is expected to reach US$ 3.62 Bn by 2023.

Regional analysis
Asia Pacific dominates the global roofing coatings market with over 40% of the share, owing to rapid industrialization and infrastructure development driving the construction sector growth in countries such as China and India. North America is expected to exhibit the fastest growth during the forecast period owing to reviving construction activities in the US.

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. These players are focused on new product launches and expansion strategies to gain higher market share.

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