Roof Coatings in the form of protective coatings, tiles, and a sheet covering reduce the temperature of the buildings. The coatings reflect the sunlight and cool the buildings. As a result, energy costs associated with air conditioning for cooling the buildings are reduced. Roof coatings also protect the roof against chemical damage and rusting.
The value of the global Roof Coatings Market is estimated to reach USD 1.6 billion by the year 2026. This market is projected to grow in the forecast period 2021-2026 with a CAGR of 3.48%. The roof coatings market was valued at USD 951 million in 2016.
The growing demand for environment-friendly roofing systems is driving the growth of the roof coatings market. Government regulations regarding emissions of greenhouse gases and raising awareness about environmental issues are also boosting the demand for eco-friendly roof coatings. An increase in the construction of buildings and more R&D investments to develop better roof coatings also act as growth drivers for this market.
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Covid-19 pandemic negatively affected the roof coatings market due to a drastic decrease in construction activities, disruptions to the supply chain, difficulties in procuring raw materials, and lack of manpower. High production costs of roof coatings due to high prices of raw materials tend to make roof coatings expensive. This is a major restraining factor for the growth of this market.
On the basis of materials, the global roof coating market is divided into elastomeric and plastic, bituminous, acrylic, epoxy, silicone, tiles, concrete, metal, asphalt and others. Elastomeric coatings hold the largest market share. It accounted for 64% of the revenues in the year 2019. This is because elastomeric coatings are widely used in commercial and industrial buildings due to their high performance in energy efficiency.
On the basis of roof type, the market is divided into the steep roof, low-steeped roofs, flat roofs and others. Low-steeped roof segment holds the largest share of the market. Low-steeped roofs are widely used for commercial and industrial buildings due to fewer build-up materials and low initial installation cost. The steep roof segment is projected to register the highest CAGR in the forecast period. This is because of the increasing adoption of steep roofs for residential buildings, particularly in regions with high rainfall or snowfall.
On the basis of end-user, the market is divided into commercial, industrial, residential and others. The residential segment held 34% of the revenues in 2019. Adoption of green building codes, especially in developing countries and IR reflective coatings, is fuelling the residential segment’s dominance.
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On a regional basis, the global roof coatings market size is divided into North America, Europe, Asia Pacific, South America, the Middle East, and Africa.
North America is the dominant market, accounting for 34% of the revenues in 2019. High awareness of green construction is the major reason behind this dominance. The Asia Pacific is estimated to grow at the fastest rate in the forecast period due to the growing construction industry and increasing adoption of green building codes.
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