Pune, India, July 12, 2023 (GLOBE NEWSWIRE) -- The global roof coating market size was valued at USD 1.72 billion in 2022 and is anticipated to expand from USD 1.78 billion in 2023 to USD 2.41 billion by 2030, exhibiting a CAGR of 4.4% over the estimated period. The rise is driven by the growing product demand from the construction sector. The coatings are designed for the prevention of physical, water, and chemical damage.
Fortune Business Insights™ provides this information in its research report, titled “Roof Coating Market, 2023-2030”.
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List of Key Players Profiled in the Global Roof Coating Market Report:
- BASF SE (Germany)
- Akzo Nobel N.V. (Netherlands)
- RPM International Inc. (U.S.)
- PPG Industries (U.S.)
- The Sherwin-Williams Company (U.S.)
- HITAC ADHESIVES & COATINGS (India)
- Neogard (U.S.)
- DOW (U.S.)
- Wacker Chemie AG (Germany)
- SIKA AG (Switzerland)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 4.4% |
| 2030 Value Projection | USD 2.41 Billion |
| Market Size in 2022 | USD 1.72 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 320 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Roof Coating Market Growth Drivers | Excellent Waterproofing property of roof coating to drive market growth |
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COVID-19 Impact:
Market Expansion Affected on Account of Disruptions in Supply Chains
The COVID-19 pandemic led to the imposition of lockdown restrictions, creating disruptions in supply chain. Besides, the period registered a decline in product demand considering the limited availability of labor. The limitations on logistics further created issues in the procurement of raw materials for the process of production. These factors impacted industry expansion to a considerable extent.
Segments:
Urethane Coatings Segment to Register Notable Growth Owing to Superior Properties
Based on type, the market is subdivided into urethane coatings, bituminous, silicone, acrylic, and others. The urethane coatings segment accounted for the largest share in the market and is anticipated to register appreciable expansion over the projected period. The expansion can be driven by various advantages of the product including long life span, high durability, and strength.
Asphalt Segment to Exhibit Appreciable Surge Impelled by the Product’s Cost-effectiveness
On the basis of substrate, the market is segmented into asphalt, metal, concrete, membrane, plastic, and others. The asphalt segment is estimated to depict lucrative expansion over the study period. The surge is driven by the benefits of easy installation and cost-effectiveness.
Water-based Segment to Record Considerable Upsurge Driven by Soaring Antifungal Coating Demand
By technology, the market is categorized into solvent-based, water-based, and others. The water-based segment is poised to expand at a substantial rate over the anticipated period. The growth is propelled by the benefit of excellent tensile strength.
Residential Segment to Depict Substantial Growth Propelled by Rising Public Construction Demand
Based on end-use sector, the market is segregated into non-residential and residential. The residential segment is touted to register lucrative growth over the projected period. The upsurge is impelled by escalating urbanization and migration.
Based on geography, the market has been analyzed across North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
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Report Coverage:
The report gives a comprehensive analysis of the key factors touted to drive the global business scenario over the forthcoming years. It further offers an analysis of the vital steps and initiatives undertaken by leading companies for consolidating their industry positions. It also gives an account of the impact of the COVID-19 pandemic on market growth along with the pivotal trends impelling industry expansion.
Drivers and Restraints:
Waterproofing Property of Roof Coatings to Propel Industry Expansion
Roof coatings exhibit excellent waterproofing property. Therefore, the rising waterproofing demand is touted to impel the roof coating market growth over the ensuing years. The solutions offer a range of benefits such as energy-saving, cost-effectiveness, easy installation, sustainability, and excellent environmental appeal.
However, the high cost associated with the production of roof coatings may hinder market growth to a considerable extent.
Regional Insights:
Asia Pacific to Lead Driven by Growing Construction Demand
The Asia Pacific region has recorded a soaring demand for the construction of residential buildings, malls, airports, parks, and others. This is estimated to augment the roof coating market share over the forecast period.
The North America market is estimated to depict substantial expansion over the study period. The expansion is driven by an increase in villas, bungalows, penthouses, and high-class infrastructure.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Regions
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on Impact of COVID-19 on Global Roof Coating Market
- Supply Chain Analysis & Challenges due to Covid-19
- Steps taken by Government / Companies to Overcome this Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
TOC Continued...!
Competitive Landscape:
Major Players Strike Partnership Deals to Strengthen Industry Foothold
Key industry participants are forging partnerships and collaborations for strengthening their market footholds. Some of the other initiatives include acquisitions, merger agreements, and the launch of new products. Several companies are also participating in trade conferences for enhancing their business prospects.
Key Industry Development:
April 2023 – Dubai Central Laboratories (DCL) and Wacker Chemicals Middle East rolled out a study project over 12-month span. The project was aimed at decreasing energy consumption in buildings via polymer-modified and silicone construction materials in the UAE.
Have a Look at Related Research Insights:
WaterProofing Membranes Market Size Worth $ 42.85 billion by 2028 | Exhibiting a CAGR of 6.2%
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