The global roofing coatings market has emerged as a crucial part of the construction industry over the years. Roofing coatings provide protection to rooftops against harsh weather conditions like heavy rainfall or scorching heat by forming a protective layer. They prevent leakage, extend the lifespan of the roof, and offer energy efficiency. Be it residential, commercial, or industrial buildings, roofing coatings are widely applied to seal and shield rooftop surfaces. The demand for roof coatings is driven primarily by increasing construction of residential and non-residential buildings worldwide.
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 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Water-based coatings are gaining popularity in the roofing coatings market due to their eco-friendly composition. They offer benefits like low volatile organic compound (VOC) emissions and quick dry times. Manufacturers are launching new water-based roof coating products to cater to the increasing demand for green building materials. Reflective coatings are also witnessing high demand as they help reduce energy costs by reflecting sunlight and heat away from rooftops. Emergence of cool roof technology utilizing reflective pigments in coatings is a key trend. With growing focus on energy efficiency of buildings, demand for cool roof coatings is anticipated to rise substantially in the coming years.
Porter’s Analysis
Threat of new entrants: The roofing coatings market has moderate barriers for new entrants due to established technologies and distribution channels of existing players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of alternative product options.
Bargaining power of suppliers: Raw material suppliers have low to moderate bargaining power due to availability of substitute materials.
Threat of new substitutes: Threat from substitutes is low as there are limited alternative product types that offer similar advantages.
Competitive rivalry: The market has high competition between existing international and domestic players.
Key Takeaways
The Global Roofing Coatings Market Demand is expected to witness high growth over the forecast period. North America holds the largest share of the roofing coatings market currently due to high demand from construction industry in the region.
Regional analysis: North America dominates the global market currently owing to high demand from construction industry in the US and Canada. Asia Pacific is expected to grow at the fastest pace during the forecast period with major demand coming from China, India, and other developing countries where infrastructure and construction spending is increasing rapidly.
Key players: 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. Major players are focusing on new product launches and expansion in developing countries to increase their market share.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it