June 25, 2024
Roofing Coatings Market

The Roofing Coatings Market is driven by Rapid Urbanization

The roofing coatings market has gained significant traction over the years owing to rising applications across commercial and residential construction. Roof coatings play a crucial role in protecting rooftops from environmental degradation, UV radiation, and extreme temperature variations. They increase the lifespan of rooftops by forming a weatherproof layer. Various types of roof coatings such as acrylic, aluminum, silicones, epoxy, and polyurethane are used depending on the type of roof and weather conditions. They shield the roof surface and prevent leakage, cracks, and other damages to the roof structure. The global construction industry has witnessed robust growth over the past few years owing to rapid urbanization and industrialization across developing nations. Rising infrastructure investments towards commercial buildings, airports, hospitals, and industrial facilities are fueling demand for roof coatings.

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 36% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends gaining traction in the roofing coatings market is the rising popularity of cool roof coatings. Cool roof coatings help reduce energy costs by reflecting more sunlight and absorbing less heat. They maintain lower roof temperature and reject a major part of sunlight. This prevents heat transfer indoors and reduces the air conditioning costs of buildings. Cool roof coatings offer high solar reflectance and thermal emittance. Furthermore, green construction and green building initiatives by government organizations are augmenting demand for cool roof coatings. Various directives towards roofing materials with high solar reflectance are accelerating their adoption. Manufacturers are extensively focusing on developing roof coatings with self-cleaning and anti-soiling properties. These coatings help minimize dirt collection on rooftops and remove stains to maintain their aesthetic appearance and functionality throughout their lifespan.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate in the roofing coatings market due to the presence of well-established players. Requirement of large investments and infrastructure also acts as a barrier for new players.

Bargaining power of buyers: The bargaining power of buyers is high due to the availability of alternative products. Buyers can easily switch from one producer to another based on quality and pricing.

Bargaining power of suppliers: The bargaining power of suppliers is moderate since raw materials required for roofing coatings are easily available. Suppliers have less differentiating power.

Threat of new substitutes: The threat of substitutes is low as there are limited substitute products for roofing coatings.

Competitive rivalry: The competitive rivalry is high due to the presence of numerous regional and international players offering a varied range of products. Companies compete based on pricing, innovation, and brand image.

Key Takeaways

The Global Roofing Coatings Market Demand is expected to witness high growth over the forecast period.

Regionally analysis shows that North America accounted for the largest market share in 2020 and is expected to maintain its dominance over the forecast period. This is attributed to factors such as growth in infrastructure and construction activities and increase in demand for energy-efficient roofing systems.

Key players operating in the roofing coatings market 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. Major players focus on new product launches, expansions, mergers and acquisitions to gain a competitive edge in the market.

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