Roof Coating Market Overview:
Roof coatings that regulate temperature are gaining importance in the paint and coatings market due to the growing need to reduce energy consumption in countries around the world. The increase in electricity costs has led industries to adopt alternative solutions. As a result, many countries are trying to enforce energy saving codes in buildings. To meet the growing demand of various end-use industries, roof manufacturers are focusing on the production of advanced cold roof coatings.
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Roof Coating Market was valued at USD 1630 million in 2017 and projected to reach USD 1980 million by 2022 growing at a CAGR of 3.74% during the forecast period 2017 to 2022.
Roof Coating Market Drivers and Restraints:
The main factor driving growth in the global roof coating market is the recovery of the global economy after the recent economic slowdown. In addition, the growing demand for roof coating in the Asia-Pacific region due to the increase in construction activity should give the market a boost in the arm. The benefits of roof coatings, such as emission and reflectivity, are driving construction companies to use them in buildings. Ultimately, the roof coating helps reduce heat buildup in commercial and residential spaces. They also reduce dependence on air conditioning systems, reduce pollution and save energy. It is also expected that the growing consumption of white coatings for commercial building roofs will intensify the demand for roof coatings in the coming years. In addition, the increasing application of coatings for coils containing infrared reflective pigments and the availability of varying degrees should augur well for market growth. Ceiling coatings used in production units must also experience an increase in demand during the forecast period.
Roof Coating Market Geographical Segmentation:
From the geographical point of view, the global roof coatings market is divided to Latin America, North America, the Middle East and Africa, Europe, and Asia-Pacific regions. Of these, the Asia-Pacific region is expected to experience strong growth in the consumption of tires in the next two years. The growth of the Asia-Pacific market can be attributed to the increased consumption of roof coating in countries such as Thailand, Malaysia, Indonesia, India and China. In addition, significant growth in the infrastructure and construction industries in Israel, Egypt, Saudi Arabia, South Africa, Argentina and Brazil is expected to accelerate global sales of roofing products. In addition, as developed regions, such as Europe and the United States, recover from an economic crisis, they are now focusing on reducing energy costs and adopting alternatives.
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Key Players of Roof Coating Market:
Valspar Corporation, Bayer MaterialScience, Akzo Nobel N.V., PPG Industries Inc., BASF SE, and 3M are the prominent players of the Global Roof Coatings Market.
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