Roofing coatings are liquid or solid materials applied on roof surfaces to protect them from harsh climate conditions such as ultraviolet radiation, rain, snow and pollution. Roofing coatings provide defense against UV rays, extend the life of the roof, add color and texture aesthetics and offer energy saving benefits. They are available in various types like elastomeric, bituminous, acrylic, epoxy and silicon based coatings. The major advantage of using roofing coatings is that they protect roof surfaces from cracking, peeling and damage caused by weathering while requiring less maintenance.
The global Roofing Coatings Market is estimated to be valued at US$ 3.62 Bn in 2023 and is expected to exhibit a CAGR of 3.4% 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 witnessed in the roofing coatings market is the rising demand for cool roof coatings. Cool roof coatings have high solar reflectance and higher emissivity which helps reduce heat absorption in buildings thereby maintaining lower indoor temperatures. They provide energy saving benefits and help mitigate urban heat island effect. Reflective roof coatings are in high demand in commercial buildings due to rising energy costs. Furthermore, increasing revampment and repair activities of existing commercial buildings and residential housing units in developed economies will continue driving demand for roofing coatings over the forecast period.

Porter’s Analysis

Threat of new entrants: New entrants in the roofing coatings market face high threat. It requires huge capital investments to set up manufacturing units. Moreover, established brands have strong brand loyalty and distribution networks.
Bargaining power of buyers: Buyers have moderate bargaining power. There are numerous established manufacturers supplying roof coatings. However, switching costs are low and buyers can negotiate on price and quality.
Bargaining power of suppliers: Raw material suppliers have moderate bargaining power. Acrylic, elastomeric, bituminous, metal and plastics are major raw materials which have many suppliers globally.
Threat of new substitutes: Threat from substitutes is low. Alternative waterproofing materials like torch-on membrane or standing seam metal roof are not close substitutes for roof coatings.
Competitive rivalry: The global roof coatings market is fragmented with presence of numerous regional and global manufacturers. Key companies focus on new product innovations and expansion in emerging markets to gain higher share.

Key Takeaways
The Global Roofing Coatings Market Size is expected to witness high growth, exhibiting CAGR of 3.4% over the forecast period, due to increasing demand for roof coatings from commercial and residential construction industries.

Regional analysis - Asia Pacific region dominates the global roofing coatings market and is estimated to grow at the fastest rate during the forecast period. Growth in residential and commercial construction projects in countries like China and India is expected to drive the demand.

Europe is another major contributor to the roofing coatings market share owing to stringent government regulations regarding energy efficient buildings.

Key players operating in the roofing coatings market are DOW Company, Wacker Chemie AG, Sherwin-Williams, Company, PPG Industries, BASF SE, RPM International Inc., Akzo Nobel N.V., Sika AG, Kansai Paint Co., Hempel A/S. Key players focus on new product innovations and expansion in emerging markets to gain higher share.
For more details on the report, Read-
https://www.insightprobing.com/roofing-coatings-market-growth-demand-and-overview/