Increasing Demand from Construction Industry of Roofing Coatings Market
Roofing coatings are protective coatings applied on rooftops to protect them from various environmental factors such as UV radiation, rain, hail and temperature extremes. They enhance roof lifespan and maintain structural integrity by forming a seamless, weatherproof membrane over the roof surface. Some key end-uses of roofing coatings include residential, commercial, hospitality, healthcare and industrial construction. With rapid urbanization and infrastructure development activities worldwide, the demand for new residential, commercial and industrial construction is growing steadily. This is positively impacting the global roofing coatings market.
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 36% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the major drivers fueling the growth of roofing coatings market is increasing demand from the construction industry. According to estimates, the global construction industry is expected to grow at 4% annually till 2030. Both residential as well as non-residential construction sectors are witnessing steady growth across major countries worldwide. This is increasing the demand for roofing systems and solutions in new constructions. Roofing coatings provide weatherproofing and UV resistance to concrete, metal and composite roof surfaces, thereby protecting roofs and prolonging their lifespan. Hence, growth in the construction industry will directly boost the consumption of roofing coatings over the forecast period. Another driver is rising adoption of bio-based and eco-friendly roofing coatings. Stringent environmental regulations around the globe are encouraging manufacturers to develop bio-based and sustainable roof coatings made from plant-based resins and materials. This is positively impacting the market growth.
SWOT Analysis
Strength: The roofing coatings market is expected to witness strong growth owing to increasing residential and commercial construction activities globally. Growing adoption of eco-friendly coatings and increasing preference for aesthetically appealing roofs will drive demand. Manufacturers are focusing on developing innovative coatings that offer long lasting protection and are easy to apply.
Weakness: Fluctuations in raw material prices can negatively impact profit margins for manufacturers. Strict environmental regulations regarding VOC emissions may increase production costs. Lack of awareness in some developing markets may also restrict growth.
Opportunity: Rising commercial construction in Asia Pacific and Middle East Africa regions due to rapid urbanization presents lucrative opportunities for key players. Growing demand for cool roof coatings in hot climates and solar reflective coatings offers scope for new product development. Supportive government initiatives for green buildings provide a conducive environment for market expansion.
Threats: presence of local and unorganized players offering low cost substitutes in price sensitive markets pose challenges. Economic slowdowns can negatively impact construction expenditures limiting market potential in the short term. Stiff competition from alternative roofing materials may impact sales volume.
Key Takeaways
The Global Roofing Coatings Market Demand is expected to witness high growth over the forecast period.
Regional analysis: The Asia Pacific roofing coatings market is projected to expand at a CAGR of over 38% during the forecast period. China accounts for the largest share and will continue dominating the regional market backed by strong economic growth and government support for infrastructure development. India is anticipated to witness impressive growth with increasing investments in commercial and residential construction.
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.
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