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In a bid to strengthen market footing, several roof coating companies are undertaking research activities for the development and launch of new products. Many industry players are also forging partnership agreements, collaborations, and forming alliances. These initiatives are being adopted for increasing their geographical footprints and the reach of their products.
According to Fortune Business Insights, the global market for roof coating was valued at USD 1.72 billion in 2022. The market is projected to rise from USD 1.78 billion in 2023 to USD 2.41 billion by 2030, exhibiting a CAGR of 4.4% over the estimated period. The surge can be credited to the soaring demand for silicone roof coating owing to excellent properties for deployment in various end-use applications. In addition, silicone coating is preferred over other fluid-applied coating solutions.
On the basis of region, the Asia Pacific market for roof coating held a dominating share in 2022 and is set to register notable growth over the analysis period. The rise is due to the increasing construction of malls, airports, parks, residential buildings, and commercial complexes, among others in various countries.
BASF SE produces a range of chemicals such as glues, resins, inorganic chemicals, industrial gases, and electronic-grade chemicals. In addition, the firm also produces basic petrochemicals for the textile, construction, and automotive sectors. The company’s manufacturing sites are based in the Netherlands, China, Italy, and the U.S.
BASF’s operations are mainly focused on six segments. These include agriculture solutions, materials, chemicals, industrial solutions, surface technologies, and nutrition & care.