Roof Coatings Market Set for Rapid Growth by 2024

Roof Coatings Market
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A roof coating is a monolithic fluid applied on the roofing membrane. Due to its elasticity property, it is able to elongate and return to its original form. The roof coating is the initial layer of the surface, which receives direct impact of sunlight infrared as well ultraviolet rays, rain hail, and other factors that can lead to damage of the roof. Hence, it acts as an excellent barrier for direct radiation and other natural conditions. Roof coating not only reduces and controls the room temperature but it also keeps ambiance warm inside the room in the winter season. Roof coatings prevent the surface from direct heat, which lessens the chances of heat getting induced below the roof surface. This ultimately reduces the energy consumption and utilization of HVAC equipment.

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On the basis of technology, the global roof coatings market is segmented as water-based coatings and solvent-based coatings. Based on the materialistic properties, the global market is segmented as elastomeric, bituminous, tiles, and metals. On the basis of end-user, the global roof coatings market is segmented as residential and commercial-based coatings. The type of the technology and material depends on consumer’s preference and also relates to the type of roofs. Based on the type of roof, the global market is further segmented as low-sloped roof and steep-sloped roof.

Owing to factors such as rising global warming and concerns regarding the environment, people are opting for the eco-friendly method of roof coatings. In addition, other factors such as increasing disposable income of people in developing countries, people preferring cool roofing, and changing the inclination of people towards sustainable building methods drive the growth of the global roof coatings market. Moreover, growing construction and destructive natural calamities leading to residential and commercial property damages have been a key factor for the growth of the global roof coatings market. Latest product developments, mergers, acquisitions, and joint ventures are the key strategies adopted by the global market players in order to boost the roof coatings market growth.

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Asia Pacific is expected to be the major market player for the global roof coatings market. In addition, North America and Europe are also anticipated to witness high demand for roof coatings. Furthermore, owing to rapid growth in residential as well as commercial constructions, countries such as Brazil, Saudi Arabia, and South Africa are also contributing to the growth of the market.

Some of the major players influencing the global roof coatings market are PPG Industries, Sherwin-Williams, AkzoNobel NV, Valspar Corporation, Nippon Paint Co. Ltd., RPM International Inc., BASF SE, and The Dow Chemical Company. Other key players dominating the global market include Hempel A/S, Fletcher Insulation, GAF, Lloyd Insulations, Owens Corning, and Heritage Roofing.

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Roof Coatings Market: Regional Segment Analysis

North America(U.S.); Europe(UK, France, Germany); Asia-Pacific(China, Japan, India); Latin America(Brazil); The Middle East and Africa

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