According to a new report published by Allied Market Research, titled, “Roof Coatings Market by Substrate, Type, Technology, Roof Type, and End User Sector: Global Opportunity Analysis and Industry Forecast, 2021–2030," The global roof coating market size was valued at $5.7 billion in 2020, and is projected to reach $8.3 billion by 2030, growing at a CAGR of 3.8% from 2021 to 2030.
Roof coatings are used as a protective layer on the surface of buildings, which help to sustain the impact of rain, sunlight, and other physical damages. The growth of the global roof coatings market is driven by the growth in global economy. In addition, surge in construction activities, especially in the developing countries, and increase in population are expected to boost the growth of the market during the forecast period. Moreover, rise in awareness among people pertaining to global warming and other concerns about the environment supplement the growth of the market. However, volatile raw material prices restrain the roof coatings market growth.
On the basis of type, the roof coatings market is segmented into elastomeric, bituminous, acrylic, silicone, epoxy, and others. The elastomeric segment had the major share in the global roof coatings market in 2020. The epoxy segment accounted for a significant share in 2020, and is expected to witness high growth rate during the forecast period. This is attributed to ability of epoxy to keep the objects cooler as compared to other materials.
The water-based coatings are anticipated to gain significant acceptance in the global roof coatings market during the forecast period, owing to surge in demand for green technologies across the globe. In addition, stringent government regulations pertaining to emission of volatile organic compounds are expected to boost the adoption of water-based coatings in the near future.
The residential segment accounted for a significant share in 2020, and is anticipated to maintain its dominance during the forecast period. This is attributed to rise in construction activities and increase in industrialization worldwide. In addition, the development of green roofing technology is anticipated to drive its demand during the forecast period.
Asia-Pacific accounted for the highest share, and is expected to continue its dominance during the forecast period due to rise in adoption of roof coatings in the construction industry. Asia-Pacific is expected to grow at the highest CAGR in the near future. The roof coatings market share is analyzed for all significant countries and regions.
The key players operating in the roof coatings market are RPM International Inc., The Dow Chemical Company, AkzoNobel NV, BASF SE, Nippon Paint Co. Ltd, Valspar Corporation, PPG Industries, Inc., The Sherwin-Williams Company, and Hempel A/S.
COVID-19 Impact on the Market
- The novel Corona virus has affected majority of the sectors in the world, the construction industry is also affected by the outbreak. The decreasing prices of petroleum products lead to volatility in the prices of raw material for roof coatings.
- The outbreak of COVID-19 in China and its spread across numerous countries around the world halted manufacturing activities of industrial sectors, which correspondingly hampered manufacturing of roof coatings as well.
- The COVID-19 pandemic has impacted people in over 200 countries around the world. The global economy is anticipated to decline by 3.0% in 2020, and has thrown the global economy into its worst slump since the Great Depression of the 1930s according to the International Monetary Fund (IMF).
- The COVID-19 pandemic is expected to have significant impacts on industrial participants operations, indirectly and directly with respect to customer behaviors, labor shortages or stoppages, raw material procurement, inventory, sales, business and manufacturing operations, and others.
- As per companies operating in the roof coatings market, there are numerous uncertainties about the COVID-19 pandemic, comprising the scope of scientific and health problems, the expected period of the pandemic, and the political, and economic disturbance it might cause.
Key Findings Of The Study
- The roof coatings market size is covered in terms of kilotons and $million.
- By Substrate, the asphalt segment emerged as the global leader by acquiring around 44.1% market share in 2020 in terms of revenue, and is anticipated to be the largest market during the forecast period.
- By type, the elastomeric segment emerged as the global leader by acquiring around 34.2% market share in 2020 in terms of revenue, and is anticipated to be the largest market during the forecast period.
- On the basis of technology, the water-based segment emerged as the global leader, registering 57.4% market share in 2020 in terms of revenue, and is anticipated to continue its dominance during the forecast period.
- By roof type, the flat roof segment emerged as the global leader by acquiring around 73.9% market share in 2020 in terms of revenue, and is anticipated to be the largest market during the forecast period.
- Depending on end user sector, the residential sector segment emerged as the global leader, registering 37.8% market share in 2020 in terms of revenue, and is anticipated to continue its dominance during the forecast period.
- Region wise, Asia-Pacific is the major consumer of roof coating among other regions. It accounted for around 44.2% of the global market share in 2020 as a result of rapid growth in the construction sector across the region.