Growing demand for environmental-friendly, renewable and sustainable solutions for roofing system driving the demand for roof coating market.
HYDERABAD, TELANGANA, INDIA, September 5, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that the roof coating market size is expected to be valued at US$1.6 billion by the end of the year 2026 and is set to grow at a CAGR of 3.8% during the forecast period 2021-2026. The growing demand for environmental-friendly, renewable and sustainable solutions for roofing system in the recent days is one of the significant factors driving the demand for roof coating market. The rising environmental awareness coupled with the government frameworks regarding greenhouse gas (GHG) emission is also driving the need for a sustainable and eco-friendly roofing system which in turn is increasing the demand for roof coating market. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
Key Takeaways:
This IndustryARC report on the roof coating market highlights the following areas –
1. Asia-Pacific market held the largest share in the roof coating market owing to growing population coupled with cheap construction labour in countries like India, China and Japan.
2. The increasing demand for eco-friendly and sustainable building structures such as urethane roofing and asphaltic coating is one of the significant factors driving the demand for roof coating market.
3. The surge in the activities of the construction industry is majorly driving the roof coating market.
4. Amid the Covid-19 pandemic, the roof coating market witnessed a major downfall due to the various restrictions laid down by countries across the globe.
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Segmental Analysis:
1. Water based coating segment held the largest share in the roof coating market in the year 2020. The various advantages provided by water-based coating such as even distribution, waterproofing, durability and seamless layer is majorly driving the demand for water-based coating in the roof coating market.
2. Plastic & Elastomeric segment held the largest share in the roof coating market in the year 2020. Plastic and elastomeric roofing also has this advantage of easy application of paints and coating such as corrugated roof paint without much damage and process involved. This is majorly driving the roof coating market.
3. There are various types of fat roof systems such as rubber roofing, fiberglass roofing, urethane roofing and asphaltic coating. The major advantages associated with flat roofing system such as less construction cost, less maintenance and repair activities and others are some of the major factors driving the demand for flat roof systems in the roof coating market. Additionally, advantages such as protection from UV rays and the involvement of less cost and toxicity is driving the demand for products such as asphaltic coating and roofing emulsion.
4. Commercial construction industry held the largest share growing at a CAGR of 3.34 in the roof coating market in the year 2020. The increase in the number of government initiatives and investments in developing the public infrastructure is one of the major factors driving the roof coating market.
5. Asia-Pacific region held the largest share of 37% in the roof coating market in the year 2020. The increase in the population coupled with the growing need for infrastructure is majorly driving the demand for roof coating market in the region. This is increasing the demand for products such as urethane roofing and roofing emulsion.
Competitive Landscape:
The top 5 players in the roof coating industry are –
1. Royal Building Products Inc
2. Nouryon
3. Alltimes Coatings Ltd
4. Applied Graphene Materials
5. BASF SE
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