April 14, 2024
Roofing Coatings Market

Roofing Coatings Market Set For Significant Growth Owing To Rising Infrastructural Developments

Roofing coatings are protective sealing products applied on rooftops to prevent any damages from climatic conditions and ultraviolet radiations. They provide roof surfaces waterproofing, extend the life of a roof, and impart aesthetic appeals. Rising commercial and residential construction activities have augmented the demand for roofing coatings globally.

The global roofing coatings market is estimated to be valued at US$ 4.18 Bn in 2024 and is expected to exhibit a CAGR of 36% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the roofing coatings market are BioMarin, RIBOMIC, Ascendis Pharma A/S, BridgeBio Pharma, Inc., Pfizer Inc., PhaseBio Pharmaceuticals, Inc., SiSaf, Novo Nordisk A/S, F. Hoffmann-La Roche Ltd, LG Chem, Ferring B.V., JCR Pharmaceuticals Co., Ltd, KVK TECH, INC., VIVUS LLC., ProLynx Inc., Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Ipsen Pharma, Novartis AG, and Xiamen Amoytop Biotech Co., Ltd. Key opportunities in the market include rising demand for eco-friendly coatings and development of solar reflective coatings. Global players are expanding their business in developing regions through collaborations with local players.

Market Drivers

The rising infrastructural development activities across the globe have augmented the demand for commercial and industrial buildings thereby driving the roofing coatings market growth. Rapid urbanization has increased the residential construction sector over the years, creating lucrative opportunities for roofing coatings manufacturers. Roof membrane damage due to extreme weather conditions require frequent maintenance and reapplication of roof coatings. Stringent regulatory standards regarding energy efficiency of buildings have also boosted the adoption of roofing coatings globally.

PEST Analysis

Political: Roofing Coatings Market Growth companies are subject to environmental regulations regarding production and emissions standards. They must comply with guidelines on VOC emissions.

Economic: Growth in the construction industry globally particularly residential and commercial real estate is driving demand for roofing coatings. Investments in infrastructure are also boosting consumption.

Social: Increasing preference for eco-friendly and sustainable roofing solutions is prompting coatings manufacturers to develop green product offerings. Rising environmental awareness favors use of cool roof coatings to reduce energy costs.

Technological: Advancements in polymeric resin technologies allow for development of stronger elastomeric and acrylic roof coatings with longer lifespan and better weather resistance. Digital technologies facilitate remote monitoring of roof health.

Geographical Regions with High Market Concentration

The roofing coatings market in North America and Europe accounts for over 60% of the global market value due to high usage in residential and commercial construction. United States and Germany are the largest consumers globally due to a well-established construction industry and re-roofing projects. Growing infrastructure spending in Asia Pacific economies, especially China and India is boosting regional consumption.

Fastest Growing Regional Market

The Asia Pacific region excluding Japan is projected to be the fastest expanding market for roofing coatings through 2030. This can be attributed to massive investments in infrastructure, urbanization, and housing sector growth across developing nations. Additionally, increasing purchasing power is fueling residential construction spending in the region. Government initiatives for sustainable construction also support coating consumption. The large untapped potential makes Asia Pacific an appealing market for coatings producers.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it