Roof Coatings Market - Global Industry Analysis 2024
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Global Roof Coatings Market: Trends and Opportunities
The primary factor behind the growth of the global roof coatings market is the recovery of the global economy from the recent economic downturn. Moreover, the growing demand for roof coatings in the Asia Pacific region due to rise in construction activities is expected to give the market a shot in the arm. The advantages offered by roof coatings such as emittance and reflectivity are impelling construction companies to employ them in buildings.
Roof coatings eventually help in decreasing the heat buildup inside commercial and residential spaces. They also reduce the dependence on air-conditioning systems, hence decreasing pollution and saving energy. The rising consumption of white coatings for roofs of commercial buildings is also expected to intensify the demand for roof coatings over the forthcoming years. Additionally, the growing application of coil coatings containing IR reflective pigments and the availability of various shades is expected to bode well for the growth of the market. The roof coatings employed in production units are also likely to witness a rise in their demand during the forecast period.
Global Roof Coatings Market: Regional Outlook
Geographically, the global roof coatings market is categorized into Latin America, the Middle East and Africa, Europe, Asia Pacific, and North America. Among these, Asia Pacific is projected to witness strong growth in terms of consumption of roof coatings over the next couple of years. The growth of the market in Asia Pacific can be attributed to the burgeoning consumption of roof coatings in countries such as Thailand, Malaysia, Indonesia, India, and China. Moreover, the significant growth of the infrastructure and construction industries in Israel, Egypt, Saudi Arabia, South Africa, Argentina, and Brazil is further expected to accelerate the sales of roof coatings globally. Moreover, as developed regions such as Europe and the U.S. are recovering from an economic crisis, they are shifting their focus towards lowering the costs of energy and adopting alternative solutions.
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Companies Mentioned in the Report
To retain a strong hold on the market, key players are focusing on capitalizing on the opportunities that are likely to arise from the untapped markets in developing countries. Thus, these companies are expanding their production units to cater the demands of the emerging economies. The leading players in the global roof coatings market are Bayer MaterialScience, Valspar Corporation, PPG Industries Inc., Akzo Nobel N.V., BASF SE, and 3M.
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