Roofing Coatings Market Likely to Propel Future Growth by 2025
The revival of the global economy from the economic downturn that happened in the last decade is providing an upthrust to several industries worldwide, including construction. The expansion of the global construction industry is one of the primary factors stoking the growth of the global roofing coatings market. The construction sector is progressing at a brisk pace in emerging regions such as Asia Pacific, making these regions highly opportunistic marketplace for roofing coatings.
Roof coatings help in maintaining conducive temperatures by eventually cutting down the heat buildup inside residential and commercial spaces. Subsequently, they reduce the dependence on air-conditioning systems, thus saving energy and decreasing pollution. Apart from this, these coatings offer merits such as high emittance and reflectivity. These benefits are impelling construction companies to use them in buildings. The burgeoning uptake of white coatings for roofs of commercial buildings is also anticipated to augment the overall market in the near future. Moreover, the improving scope of application of coil coatings consisting of infrared reflective pigments and the introduction of various shades is likely to augur well for the growth of the market.
The global market for roofing coatings is marked by intense competitive rivalry. The majority of companies operating in the market are aiming at capitalizing on the immense potential of emerging markets in order to maximize their profits. The leading players are looking upon mergers and acquisitions and product launches as viable strategies for ensuring inorganic growth. Besides this, they are also trying to expand their production units to meet the increasing demands for roofing coatings in emerging economies.
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Global Roofing Coating Market: Overview and Trends
Roof coating solutions are developed to combat extreme temperatures and minimize their effect internally. They also offer protection from seepage, help in avoiding absorption of moisture, and are aesthetically pleasing. The construction industry, after a slack period, has seen a sudden rise due to increased investments and in turn, has led to the demand in roofing coating, especially in BRICS countries.
The volatile crude oil prices are limiting coatings derived from petroleum-based products, leading to a substantial shift to non-petroleum-based products. In developed nations such as the U.S., the government is taking initiatives to improve environmental performance of roofing coating products. The United States Environment Protection Agency (US EPA) has launched an Energy Star Roof Program, which specifies guidelines for roofing coatings, especially for reflective coatings.
Global Roofing Coating Market: Key Segments
Roofing coatings can be divided on the basis of product type into three segments: bituminous roofing coatings, polymer roofing coatings, and reflective roofing coatings. Traditional bituminous roofing coatings are the dominant product type globally, while reflective roofing coatings form the fastest growing product segment.
Polymer roofing coatings can be further divided into five segments, based on the chemicals involved. These are acrylic based, polyurethane based, silicone based, epoxy based, elastomer based, and modified polymer roofing coatings. Reflective roofing coatings – also known as cool roofing coatings – are typically used on glass structures such as greenhouses and factory roofs. Owing to their availability in a variety of colors and several aesthetic properties, roofing coatings are in high demand in the residential market as well.
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Roofing coatings can be further classified into residential and commercial sectors based on the end-user market. The residential sector is the dominant segment with a higher share of bituminous coatings due to their lower prices. The commercial sector demand is dominated by polymer roofing coating solutions owing to their wide applicability and performance benefits. On the basis of carrier medium or formulations, the roofing coatings market can be further divided into three segments: water-borne formulations, solvent-borne formulations, and multiple component formulations.
Global Roofing Coating Market: Regional Analysis
Geographically, Asia Pacific is the leading market for roofing coating solutions in terms of growth rate. The demand is high due to the increasing number of construction and infrastructure development projects. China, India, Japan, South Korea, Singapore, Taiwan, and Thailand are industrial economies that are experiencing rapid growth in their industrial sectors, leading to a high demand for infrastructure. Two of the most populated countries of Asia, India and China, are growing rapidly. The rising disposable income and purchase power parity is expected to drive the demand for construction projects and infrastructure development programs, especially residential projects in the expanding urban regions. The availability of cheap labor, land, and lenient norms and regulations against chemicals as compared to other regions have led the market players of repute to establish their production facilities in Asia.
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North America is another major consumer of roofing coatings, especially reflective roofing coatings and polymer roofing coatings. On the other hand, due to the recent economic meltdown, Europe is expected to witness comparatively slower growth.
Global Roofing Coating Market: Key Market Players
BASF SE, 3M Company, Akzo Nobel Coatings Inc., Bayer Material Science LLC, National Coatings Corp., General Coatings, Allied Building Products Corp., and TAMKO Building Products, Inc. are a few of the key market players.
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