Roof Coating Market by Type (Bituminous, Elastomeric, Acrylic, Epoxy, and Silicone), Substrate (Metal, Asphalt, Membrane, Concrete, and Plastic), Technology (Water-based and Solvent-based), Roof Type, End-use Sector, and Region - Global Forecast to 2022"
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"Roof Coating Market by Type (Bituminous, Elastomeric, Acrylic, Epoxy, and Silicone), Substrate (Metal, Asphalt, Membrane, Concrete, and Plastic), Technology (Water-based and Solvent-based), Roof Type, End-use Sector, and Region - Global Forecast to 2022", The roof coating market size is estimated to grow from USD 1.63 Billion in 2017 to USD 1.94 Billion by 2022, at a CAGR of 3.48%.
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It is projected to witness significant growth over the next few years due to advancements in technology and the high efficiency of roof coating products. Growth in demand in roof coating is attributed to the increasing need for efficient building thermal management and growing awareness about environment-friendly roofing materials.
The roof coating market has immense opportunities owing to the emergence of new technologies and growing construction industry in emerging economies.
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“The bituminous coating is projected to dominate the market in the roof coating market through 2022.”
The bituminous coating segment, by type, is projected to dominate the roof coating market. Bituminous coatings have better creep resistance properties, are economical, and easy to apply.
Some of the major advantages associated with bituminous roof coatings are their high resistance to mechanical damage and their ability to cover complex surfaces.
“The non-residential sector is projected to grow at a higher rate during the forecast period.”
The non-residential sector dominated the market in 2016 and is projected to be the fastest-growing end-use sector over the next five years. The demand for roof coating in the residential sector is minimal as compared to that in the non-residential sector, mainly due to the lack of awareness in this market.
The demand for roof coating in the non-residential sector is higher as safety concerns are higher in non-residential constructions such as hospitals and hotels.
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“North American roof coating market accounted for the largest share in 2016.”
The North American region accounted for the largest share of the roof coating market in 2016, wherein the US was the largest country-level market. The market in the US is mature; however, it is projected to witness a steady growth rate mainly due to new constructions being planned for the coming years.
The roof coating market is also expected to grow because the costs of repairing roof coatings are much cheaper than replacing the entire roof. Government regulations regarding specified volatile organic compound (VOC) content in roof coating has driven companies to engage in product developments.
Also, the commercial usage of roof coating is checked by regulatory bodies to control its harmful impact on the environment. Some of the regulatory authorities associated with roof coating are The U.S.
Environmental Protection Agency (EPA), Ozone Transport Commission (OTC), and U.S. Green Building Council. The market in this region is growing rapidly due to the presence of numerous leading players such as The Sherwin-Williams (US), The Dow Chemical Company (US), and RPM International (US).
The major players in the roof coating market include BASF SE (Germany), Akzo Nobel N.V. (Netherlands), RPM International Inc. (US), PPG Industries, Inc. (US), The Sherwin-Williams Company (US), Hempel A/S (Denmark), The Dow Chemical Company (US), Wacker Chemie AG (Germany), Sika AG (Switzerland), and Nippon Paint Holdings Co., Ltd (Japan).
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