Rising Residential and Non-Residential Construction Activities of Roofing Coatings Market
Roofing coatings are protective coatings applied to roofs of residential and non-residential buildings to extend the life of the roof by protecting it from harsh weather conditions and UV radiation. They prevent premature weathering of the roof, increase reflectivity and reduce temperature. Roof coatings are available in liquid, mastic and elastomeric forms and offer benefits like seamless application, flexibility and durability. They are an essential part of new construction as well as repair and maintenance of existing roofs. The global roofing coatings market is estimated to be valued at US$ 4.18 Bn in 2024 and is expected to exhibit a CAGR of 36% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing construction of residential and non-residential buildings is one of the major drivers of the roofing coatings market. According to the U.S. Census Bureau, construction spending in the United States was estimated to be around US$ 1.7 trillion in 2024, indicating high growth prospects for the roofing market. Rapid urbanization and growth of global population is expected to further propel construction activities which will drive the demand for roofing coatings over the forecast period. The other driver explained is rising residential and non-residential construction activities which is contributing to market growth as highlighted in heading. Roofing coatings effectively protect roofs from extreme weather, help reduce cooling costs and offer longevity. These benefits are increasing their adoption rate globally.
SWOT Analysis
Strength: The roofing coatings market is expected to grow at a CAGR of 36% between 2024-2031. Roofing coatings provide waterproofing and weatherproofing properties which protects roofs from harsh weather conditions. They improve the aesthetic appeal and lifespan of roofs. Reflective roof coatings helps reduce energy costs by reflecting heat from the sun.
Weakness: Volatility in raw material prices such as acrylic resins, asphalt and other petrochemical derivatives impacts the cost of roof coatings. Fluctuations in crude oil prices affects the prices of raw materials. Strict environmental regulations regarding the use of solvent-based coatings hampers market growth.
Opportunity: Increasing construction of commercial buildings and infrastructure projects across developing nations drives the demand for roofing coatings. Rapid urbanization coupled with growth in residential construction especially in Asia Pacific creates new opportunities. Rising awareness about energy savings andgreen buildings boosts the usage of cool roof coatings.
Threats: Changing weather patterns affect the rate of wear and tear of existing roofs.Natural calamities such hurricanes damages roof structures requiring frequent repairs or replacement.Substitution threat from alternatives greensolutions like greenroofs poses a challenge.
Key Takeaways
The Global Roofing Coatings Market Demand is expected to witness high growth between 2024-2031 driven by increasing construction activities worldwide.
Regional analysis- The Asia Pacific region dominates the market and is expected to grow the fastest due to rapid urbanization and infrastructure development projects in China, India.
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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