The roof coatings 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 coating is fluid applied roofing membrane, which possesses elastic properties. Roof coating is critical in areas where energy usage is low. The need for better alternatives has grown in response to rise in electricity bills. Any roof coating's primary function is to absorb the sun's rays. These coatings make it possible to reduce energy usage in many buildings. It is possible to increase the life of a roof by using roof coatings. The regular roof coating process saves overall building costs in many areas.
The rise in construction activities around the world drives demand for roof coatings. Another key element that boosts the demand for roof coatings is the rise of organizations and groups emphasizing the importance of sustainable construction. In addition, increased construction activity is being driven by immigration and rapid relocation to cities. Roof coatings are in more demand as a result of new residential construction.
Robust industrialization in developing nations positively impacts the market. The rise in industrialization has forced manufacturers to increase the production of roof coatings materials. Especially, the emerging economies are expected to have higher expansion of the roof coatings market.
The roof coatings market is segmented into substrate, materials, technology, roof types, application, and region. By substrate, the roof coatings market is segmented into asphalt, metal, bitumen, plastic, and others. Depending on types, the market is segmented into elastomeric & plastic, bituminous, tiles, metals, and others. On the basis of technology, the roof coatings market is divided into water-based and solvent based. By roof type, the roof coatings market is categorized into low sloped roof, steep sloped roof, and others. Roof coating has applications in residential, commercial, hospitality, healthcare, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The roof coatings market share is analyzed across all significant regions and countries.
The key players that operate in the roof coatings market are RPM International Inc, Dow, Akzo Nobel N.V., BASF SE, Nippon Paint, Valspar, PPG Industries, The Sherwin-Williams Company, Hempel A/S and Graco Inc.
Other players operating in the roof coatings market are Owens Corning, H.B. Fuller, GAF Materials Corporation, Johns Manville, Saint-Gobain, Kraton Performance Polymers, and Bayer Material Science.
Roof Coating Market, by Substrate
The asphalt segment accounted for a significant revenue share of 44.4% globally in 2020. Asphalt is a popular substrate for roof coatings. Asphalt particles are distributed in water and bonded together with clay. Asphalt is a low-cost, easy-to-work-with material. On modified bitumen and built-up roofs, it is widely used to remove 'alligatoring' and other faults. Asphalt is frequently used as a monolithic base membrane in other elastomeric roof coating methods that offer improved reflectivity and UV stability. These substrates are among the most often used roofing materials for both commercial and residential structures.
Asphalt holds a dominant position in 2020 and Metal is projected as the most lucrative segment.
Roof Coating Market, by Type
The elastomeric segment is projected to grow at the highest CAGR OF 4.0% from 2021 to 2030. The elastomeric coating segment's dominant market position can be attributed to its compatibility with practically all types of roof constructions. Elastomeric roof coatings have high elasticity and are durable in both cold and warm climates; they stretch when the roof expands in warm weather and contract when the roof contracts in cold weather. Furthermore, elastomeric roof coatings are resistant to fungi and mildew, both of which cause roof deterioration over time.
Elastomeric is projected as the most lucrative segment.
Roof Coating Market, by Technology
The solvent-based segment accounted for a significant revenue share i.e. 42.5% and is expected to grow further during the forecast period. Freezing temperatures does not harm a solvent-based coating during storage. Solvents typically evaporate at a much faster rate than water. Evaporation must be rapid in order for the coating to form a layer and cure in time to withstand foot traffic and rain wash-off.
Water-based is projected as the most lucrative segment.
Roof Coating Market, by Roof Type
Flat roof segment held the largest share in the roof coatings market i.e., 73.9 in the year 2020. There are various types of flat roof systems such as asphaltic coating, rubber roofing, urethane roofing and fiberglass roofing. Some of the significant drivers that drive the demand for flat roof systems in the roof coatings market are the major advantages associated with flat roofing systems, such as lower construction costs, less repair, and maintenance operations. Flat roof systems are environmentally friendly as they may be transformed into a rooftop garden or any other type of space. Furthermore, benefits such as UV protection and lower cost & toxicity boost demand for goods such as asphaltic coating and roofing emulsion.
By Roof Type
Flat Roof is projected as the most lucrative segment.
Roof Coating Market, by End User Sector
Residential sector held the largest share growing at a CAGR of 4.4% in the roof coatings market in the year 2020. The increase in the number of government initiatives and investments in developing the public infrastructure is one of the major factors that drive th eroof coatings market.
By End User Sector
Residential is projected as the most lucrative segment.
Roof Coating Market, by region
Asia-Pacific garnered the highest share in the roof coatings market in 2020 i.e. 44.3%, in terms of revenue, and is anticipated to maintain its dominance throughout the forecast period. This is attributed to the presence of key players and huge consumer base in the region. In addition, surge in the population coupled with growth in need for infrastructure majorly drives the demand for roof coatings market in the region. This increases the demand for products such as urethane roofing and roofing emulsion.
Asia-Pacific holds a dominant position in 2020 and expected to register the highest CAGR during the forecast period.
COVID-19 Impact on the Market
- The outbreak of COVID-19 is bringing unexpected changes in various markets. The day-to-day market operations is affected during the COVID-19 pandemic. Declining construction activities across the globe hinders the demand for roof coatings.
- Worldwide the construction, roofing and coatings sectors growth is hampered. Due to the rate of fewer constructions, the need for roof coatings is reducing.
- The raw materials available for the manufacturer of roof coating face volatility in prices, which has caused uncertainties among manufacturer.
- The less supply and production during COVID-19 is affecting the revenue generated.
- The demand is expected to surge in the coming years. New key players are expected to enter and launch new roof coatings. The products and services of the market are expected to rise. Therefore, post COVID-19 situation of the market is estimated to be positive.
Key Benefits For Stakeholders
- The report includes in-depth analysis of different segments and provides market estimations between 2021 and 2030.
- The roof coatings market size is provided in terms of kilotons and $million.
- A comprehensive analysis of the factors that drive and restrict the roof coatings market growth is provided.
- Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.
- Estimations and forecast are based on factors impacting the growth of roof coatings market.
- Key market players are profiled to gain an understanding of the strategies adopted by them.
- This report provides a detailed analysis of the current roof coatings market trends and future estimations from 2021 to 2030, which helps to identify the prevailing market opportunities.
Roof Coatings Market Report Highlights
By Roof Type
By End-use Sector
According to the perspectives of the CXOs of leading companies in the roof coating market, environmental concerns and focus on sustainable infrastructure fuel the adoption of roof coatings market in both residential and nonresidential sectors. The penetration of roof coatings in the hospitality and healthcare applications is lower as compared to residential applications due to low awareness about the benefits of roof coatings. Stringent environment regulations pertaining to VOC emissions has led to development of green roof coatings across the globe.
The market has witnessed significant growth due to energy savings offered by the cool roof coatings and green building codes adopted by most of the governments. Acceptance of energy-efficient products is high in the residential buildings sector due to existence of split incentive barrier in nonresidential buildings sector. Surge in partnerships between state government and homebuilder associations to build & sell green buildings is expected to result in increased demand for roof coatings in the residential sector. Asia-Pacific is anticipated to witness highest growth during the forecast period. Environment regulations pertaining to VOCs helped roof coatings market to expand in emerging economies, such as India and China, especially in the commercial sector.