by Roofing coatings are liquid or semiliquid applied on rooftops to protect and beautify the surface. They deliver robust protection from UV radiation, rain, snow, and extreme weather conditions. Commonly used roofing coatings include elastomeric, bituminous, acrylic coatings etc. Elastomeric coatings are highly flexible membranes which can accommodate roof movement and stretch to prevent cracks. Bituminous coatings deliver maximum waterproofing by forming impermeable membrane. Acrylic coatings are equally insulating and protective while also being budget-friendly. With surging infrastructure projects and residential construction worldwide, the demand for quality roofing systems is expanding consistently.
The global Roofing Coatings Market is estimated to be valued at US$ 3.62 Billion in 2023 and is expected to exhibit a CAGR of 25% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the key trends in the roofing coatings market is the rising product innovation led by advancing coating technologies. Major players are investing heavily in R&D to develop bio-based, self-cleaning, cool and solar reflective coatings. For example, Dow Chemicals launched new acrylic elastomeric coatings infused with plant-based renewable materials, which deliver enhanced durability and sustainability. Similarly, PPG introduced ‘Cool Roof’ coatings that reflect more sunlight and absorb less heat to keep roofs 20°F cooler. They help lower the energy costs of buildings by reducing air conditioning needs. With sustainability and efficiency gaining prominence, such eco-friendly coating solutions are expected to dominate the roofing coatings market in the coming years.
Porter’s Analysis
Threat of new entrants: The roofing coatings market requires high capital investments for production facilities and distribution networks, deterring new companies from entering the market easily.
Bargaining power of buyers: The presence of numerous established manufacturers ensures availability of a variety of roofing coating products for buyers to choose from. However, specialized large-scale construction projects provide some bargaining power to buyers.
Bargaining power of suppliers: Major raw materials used in roofing coatings include asphalts, resins, and other chemicals. The availability of substitutes for these materials balances the bargaining power of suppliers.
Threat of new substitutes: New alternative materials for roof protection like thermoplastics and cool roof coatings pose a threat, though established demand for asphalt and elastomeric coating continues.
Competitive rivalry: The global roofing coatings market is moderately fragmented with multiple international and local players. Competition is high based on pricing, product differentiation, and service.
Key Takeaways
The Global Roofing Coatings Market Size is expected to witness high growth. Rising infrastructure investments and re-roofing activities across regions will drive the market during the forecast period.
Regional analysis: North America currently dominates the market attributed to growth in the residential construction sector across the US and Canada. Asia Pacific is expected to witness the fastest growth supported by increasing building and construction activities in China, India.
Key players: Key players operating in the roofing coatings are NetApp Inc., Nutanix Inc., Dell EMC (Dell Technologies Inc.), Hewlett Packard Enterprise Co., Juniper Networks Inc., Western Digital Corp., Lenovo Group Limited, Liqid Inc., Fungible Inc. and TidalScale Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
