The global roofing coatings market size is likely to exhibit potential growth in the next few years, and register a CAGR of 7.5% over the forecast period (2019 - 2027).
Roof coatings are designed with the purpose of providing protection from environmental conditions, and also extending life of roof assemblies, and existing roof components such as ply membranes, metal, BUR, polyurethane foam, and bitumen. Roof coatings are thicker than normal paint and form the topmost layer of the roof membrane, thus protecting the latter from sunlight, harmful UV rays, sleet, rain, and other damage caused by natural elements. Resins are key ingredients in manufacture of roofing coatings and provide elastic properties to it, which enhances the roof coatings’ ability to sustain damage. The elastomeric film introduced by resins also introduces an extra waterproofing layer.
Roof coatings are gaining popularity in the paints and coatings industry owing to its ability to regulate temperature, protect against moisture, water damage, and leaks. Furthermore, manufacturers of roof coatings are investing in product innovations in order to introduce cost effective, advanced roof coating solutions. Roof coatings have immense demand in commercial, residential, and industrial constructions which is projected to propel growth of the global roofing coating market. Also, global recovery from the economic slump in 2009 is another major factor behind the increasing demand for roof coatings. In addition to that, advantages such as reflectivity, elasticity, water resistance, and cost effectiveness are encouraging construction companies operating residential and commercial sectors to invest in roof coatings. The residential sector has contributed the maximum market share, however rising demand for white coatings for construction of commercial buildings owing to factors such as a variety of shades, reflective pigment, and energy saving capabilities of roof coatings is expected to favour growth of the global roofing coatings market.
However, roof coatings may not be effective on flat roofs which cause water to accumulate in some areas near the drains. Prolonged exposure to standing water may limit effectiveness of roof coatings. Failure to address or warrant for the problem of accumulating water by manufacturers of roofing coatings may affect growth of the market in the future.
Asia Pacific is projected to emerge as the largest and fastest growing market over the forecast period, owing to increase in construction and infrastructure industries in emerging economies such as China and India. Furthermore, growing demand and rapid industrialization in countries such as Taiwan, Malaysia, and others in the region is propelling demand for roof coatings in Asia Pacific. Rising disposable income and purchasing power of the population in India and China are contributing significantly to the roofing coatings market. Presence of key players in the region has led to an increase in the number of construction projects in Asia Pacific. Additionally, availability of work force, land, and relatively lax regulations by environmental agencies in the region is likely to benefit the market significantly. North America is projected to be the second largest market for roof coatings, particularly for polymer and reflective roof coatings. Europe, on the other hand, is expected to witness a gradual growth owing to an economic crisis in the region.
Key players in the global roofing coatings market are Tamko Building Products, Inc., Bayer Material Science LLC, 3M Company, National Coatings Corp., BASF SE, General Coatings, Akzo Nobel Coatings Inc., and Allied Building Products Corp.