The global roof coatings market was valued at $951 million in 2016, and is expected to reach $1,680 million by 2023, registering a CAGR of 8.8% from 2017 to 2023. Roof coating is a fluid applied roofing membrane, which is used to regulate the temperature of buildings.
These coatings possess elastic properties, which allow them to stretch and retain its original shape. They are the top layer of composite roof membrane and underlying system.
The growth of the global roof coatings market is driven by surge in cool roof technology and the development of the construction industry. Moreover, increase in construction activities in Asia-Pacific is anticipated to boost the global roof coatings market during the forecast period.
Roof coatings help to reduce the use of air conditioning systems, which in turn helps to minimize pollution and save energy. However, one of the major challenges for the growth of the market is the volatile raw material prices.
Conversely, the development of green technologies is anticipated to provide new opportunities for the key players.
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The global roof coatings market is segmented based on material, technology, roof type, application, and geography. By material, the market is categorized into elastomeric & plastic, bituminous, tiles, metals, and others.
On the basis of technology, it is bifurcated into water-based and solvent-based. According to roof type, it is classified into low sloped roof, steep sloped roof, and others.
As per application, it is divided into residential, commercial, hospitality, healthcare, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the global roof coatings market have adopted product launch and expansion as their key strategies to gain significant market share and cater to the growing demands from the developing countries.
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