Advantages of roof coating in the construction industry and increase in building and construction activities drive the growth of the global roof coatings market.
PORTLAND, Ore., May 19, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Roof Coatings Market by Substrate (Asphalt, Metal, Bitumen, Plastic, and Others), Type (Elastomeric, Bituminous, Acrylic, Silicone, Epoxy, and Others), Technology (Water-based and Solvent-based), Roof Type (Flat Roof and Slope Roof), and End User Sector (Residential and Non-residential) - Global Opportunity Analysis and Industry Forecast, 2021-2030". According to the report, the global roof coatings industry generated $5.7 billion in 2020, and is anticipated to generate $8.3 billion by 2030, witnessing a CAGR of 3.8% from 2021 to 2030.
Prime determinants of growth
Advantages of roof coating in the construction industry and increase in building and construction activities drive the growth of the global roof coatings market. However, disadvantages of asphalt in the construction industry hinder the market growth. On the other hand, factors such as effective solutions for waste management and the use of asphalt promoted by the government in Asia-Pacific present new opportunities in the coming years.
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- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global roof coatings market, owing to the implementation of global lockdown.
- The pandemic had halted the production facilities and disrupted the supply chain. It further hampered the demand for roof coating due to fewer construction activities. This, in turn, hampered the market growth.
- The demand for roof coatings is expected to surge in the coming years. New key players are expected to enter and launch new products. Therefore, post COVID-19 situation of the market is estimated to be positive.
The asphalt segment to maintain its leadership status throughout the forecast period
Based on material, the asphalt segment held the highest market share in 2020, accounting for more than two-fifths of the global roof coatings market, and is estimated to maintain its leadership status throughout the forecast period. This is due to its excellent weather resistance performance and competitive features such as durability. However, the metal segment is projected to manifest the highest CAGR of 4.0% from 2021 to 2030, owing to numerous advantages such as solid performance for around of 40 years, excellent fire resistance, interlocking panels for maximum wind resistance, and others.
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The water-based segment to maintain its lead position during the forecast period
Based on technology, the water-based segment accounted for the largest share in 2020, contributing to nearly three-fifths of the global roof coatings market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 4.7% from 2021 to 2030. This is attributed to the increased awareness regarding disadvantages of volatile organic compounds in solvent-based roof coatings, stringent regulations regarding the volatile organic compound in the solvent roof coatings, and others. The report also analyzes the solvent-based segment.
Asia-Pacific, followed by North America, to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by North America, held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global roof coatings market. Moreover, the same region is expected to witness the fastest CAGR of 4.2% during the forecast period. Rise in expenditure for infrastructure development in commercial, industrial, and healthcare sectors has fueled the roofing coatings sector in Asia-Pacific.
Leading Market Players
- RPM International Inc
- Akzo Nobel N.V.
- BASF SE
- Nippon Paint
- PPG Industries
- The Sherwin-Williams Company
- Hempel A/S
- Graco Inc.
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