Roof Coating Market Size, Share & COVID-19 Impact Analysis, By Type (Bituminous, Urethane Coatings, Acrylic, Silicone, and Others), By Substrate (Metal, Asphalt, Membrane, Concrete, Plastic, and Others), By Technology (Water-based, Solvent-based, and Others), By End-use Sector (Residential and Non-Residential), and Regional Forecast, 2023-2030

The global roof coating market size was valued at USD 1.72 billion in 2022 and is projected to grow from USD 1.78 billion in 2023 to USD 2.41 billion by 2030, exhibiting a CAGR of 4.4% during the forecast period.

Roof coating is the chemical protecting layer applied to residential, commercial, and industrial rooftops. These coatings are formulated especially for the roofs' applications to prevent chemical, water, and physical damage. Moreover, the primary purpose of these coatings is to extend the life of the roof systems from existing and new construction. Additionally, these coatings represent different properties compared to roof paints as they have higher solid content and provide enhanced protection against wind, water, and UV light. Unlike paints, these coatings are applied to the surface in terms of various gallons per unit square foot. Therefore, all these factors make it a suitable alternative for roof replacement in construction activities. This has resulted in a higher demand for roof coating from the construction industry.

COVID-19 IMPACT

Supply Chain Disruptions Due to Imposed Lockdown Hampered Market Progress During COVID-19

The imposed lockdowns due to the COVID-19 impacted the construction materials supply chain. The governments of different countries issued new policies for business operations. This has resulted in limited labor and declining product demand from end-use industries. Additionally, movement limitations on the logistics services created the issue of obtaining the raw materials for production. Although, roof coating is a job that enables close contact between the laborers. These situations created additional challenges for the governments to maintain social distancing.

On the other hand, the shortage of construction materials resulted in the hike of the product’s raw materials prices. According to the National Roofing Construction Association, the prices of building materials including cement, paints, and coatings increased during the pandemic. Therefore, all these factors prohibited the construction projects from being completed on time. Despite the uncertainties in the construction materials supply chain, the key players adopted new strategies and returned to the pre-pandemic business levels.

LATEST TRENDS

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Increasing Demand for Silicone Roof Coating Due to its Durability and Better Adhesion is a Prominent Trend

Silicone coating has a high solid base, enabling remarkable durability and excellent adhesive. This coating offers excellent properties for end-use applications and enhanced curing time over other roof coatings. Furthermore, its chemical makeup and solvent-based nature reduce the installation's complexity on different surfaces. Additionally, this coating can be applied on multiple rooftops that suffer from sagging, water leaking, physical damage, and odd weather conditions. Moreover, the silicone coating matches well with different roofing materials, including metal, concrete, and single-ply roofing membrane.

Besides, silicone fluid-applied roof coating is highly preferable to any other fluid-applied system. This fluid-based coating consists of more than 95% silicone coupled with polyurethane foam that enables different physical properties such as tensile strength, tear resistance, high elongation, and low-temperature flexibility. This has created an excellent opportunity for roof coating manufacturers to establish a presence in the market by offering this emerging product to the end-use industries.

DRIVING FACTORS

Excellent Waterproofing Property of Roof Coatings to Drive Market Growth

The market is expected to grow significantly in the overall coating market due to the demand for waterproof coating in the construction industry. These coatings are an excellent choice to protect the roof as it provides multiple benefits such as cost-effectiveness, time-saving, energy-saving, sustainability, easy installation, and excellent environmental appeal.

Moreover, the rise in construction associations and coating organizations has emphasized the importance of roof coatings. The construction contractors started to adapt these coatings to protect the rooftops. On the other hand, the rapid increase in urbanization and immigration to the metro cities has propelled construction activities, resulting in more product demand in residential buildings.

In recent years, the government has initiated the construction of green buildings with eco-friendly materials. These materials are employed in energy-efficient buildings across the world. The coating is a highly consumed, cost-efficient coating that cools down the temperature of the buildings and contributes to the green-construction by reducing annual energy bills. Thus, the rising concern toward energy saving and imposed government policies boosted the product demand.

RESTRAINING FACTORS

High Production Cost and Stringent Regulations May Hamper the Market Growth

The governments of developed countries such as the U.S., the U.K., and Germany are taking steps to limit the amount of volatile organic compounds used in construction materials such as paints and coatings. Long-term exposure to these VOCs may lead to human organ damage and various diseases, including allergic skin infection, throat discomfort, lung infection, emesis, and dyspnea. The VOC used in the product is subjected to limiting the amount used in it. Therefore, most countries have imposed strict limitations on the use of volatile organic compounds.

The higher production cost is the other key restraint for the global roof coating market growth. The coating type, such as silicone, is produced by converting the sand into silica which requires high energy and a long manufacturing process. All these production processes increase the final cost of the product. Therefore, all these factors are anticipated to hinder market growth.

SEGMENTATION

By Type Analysis

Urethane Coatings Segment Accounted for the Largest Share Due to its Superior Properties

On the basis of type, the market is segmented into bituminous, urethane coatings, acrylic, silicone, and others. The urethane coatings segment held the largest roof coating market share in 2022. This coating is also known as polyurethane coating and offers the highest durability, strength, and long life span. Therefore, it can be used with a combination of the substrate, including metal, single-ply membrane, and concrete roof decks.

The rise in residential building construction drives the bituminous coating segment. This coating cures quickly under sun exposure and fills the cracks that cause the leaks. Additionally, building contractors utilize it with the combination of the reflective coating that makes it last longer by giving it extra strength and ultimate waterproofing property.

The growth of the acrylic coating segment is associated with a rise in the demand for cost-effective products. Roof restoration is a cost-effective substitute for roof replacement. The acrylic coating is formulated for commercial, residential, and non-residential building roofs. It offers excellent crack-bridging properties along with remarkable elasticity.

Silicone coating has been involved in the high-performance roof protection option. This coating has higher solid content than the other coating type, enables quick curing, and can only be applied in a single coat. Additionally, it reduces the installation's complexity, reducing the labor charges. Thus, all these offered benefits make it suitable for end-use applications. The others segment includes an epoxy coating that works well against chemical damage and offers significant toughness during odd weather conditions.

By Substrate Analysis

Asphalt Segment to Hold Largest Market Share Due to its Cost-effectiveness

In terms of substrate, the market is segmented into metal, asphalt, membrane, concrete, plastic, and others. The asphalt segment is expected to hold the largest market share owing to its wide availability. These substrates are easy to install and one of the cost-effective options for professional roofing contractors. Coatings, such as urethane and silicone, enhance the substrate’s life span by offering waterproofing and chemical resistance properties.

Metals are considered one of the safest roof materials. Metal roofing is adapted to building construction as it remains steady during wildfires. Silicone and urethane coatings are preferred for metals as they offer a long life span and water and rust resistance. Therefore, all these factors drive the metal segment that surges in roof coatings demand.

Membrane and plastic roofs are mostly made of synthetic thermoplastic that completely seals the leaks and offers protection against physical damage. The other segment includes fiberglass shingles and wood shingles. These shingles are utilized in residential homes and buildings as they are cheaper. The product provides a protective layer that enhances their life and protects them against odd conditions.

By Technology Analysis

Rise in Demand for Antifungal Coating to Boost the Water-based Segment Growth

Based on technology, the market is segmented into water-based, solvent-based, and others. The rise in demand for antifungal coating is associated with water-based roof coating. These coatings are designed to offer excellent tensile strength and prohibit fungal growth.

Solvent-based roof coatings are made by adding solvent and catalyst to the silicone coating. These solvent-based coatings have various benefits over water-based coating as they can be applied by roller and spraying. These factors are expected to propel the product demand during the forecast period.

By End-use Sector Analysis

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Increased Demand for Public Construction due to Rising Urbanization to Drive the Residential Segment Growth

On the basis of the end-use sector, the market is segmented into residential and non-residential. The residential segment accounted for a significant market share owing to the increasing migration and urbanization that further increased construction activities in metro cities. Therefore, the population density has drastically increased in cities over the decade. This has resulted in a rise in the number of residential buildings, further propelling product consumption.

The rise in non-residential construction activity is driven by the rapid increase in industrialization across the world. This has resulted in an incline in the construction material demand, including concrete, steel, metal, aggregates, and paints & coatings. Various products such as silicone, urethane, and bituminous are deployed to protect rooftops from physical and environmental damage.

REGIONAL INSIGHTS

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The market size in Asia Pacific was valued at USD 0.57 billion in 2022. The region has the highest population in the world. This surges the demand for the construction of airports, malls, residential buildings, parks, commercial complexes, and others. The product is consumed to cool down and protect their roofs by saving energy. Additionally, these coatings reduce the replacement expenses of rooftops.

The market growth in North America is associated with the rise in the rate of owner-occupied housing units. According to the U.S. Census Bureau, the country had 142,153,010 housing units in 2021. This creates an opportunity for construction contractors to provide roof repair services that further drive the product demand in the region.

The growth of the market in Europe is driven by the residential end-use segment, including elite housing, low-cost housing, and middle-class housing. Additionally, the region has witnessed a rise in penthouses, bungalows, villas, and high-class infrastructure. Therefore, the increased construction activities are expected to surge the product demand in the region.

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The Latin America market growth is being driven by rapid industrialization in the region. The product is widely utilized in industrial buildings to cool down the temperature and protect against the physical damage caused by UV rays, odd weather, and pollution. At the same time, the product market in the Middle East & Africa is expected to grow at a moderate CAGR during the forecast period owing to the entrance of key product manufacturers and suppliers.

KEY INDUSTRY PLAYERS

Key Players to Strengthen their Position by Increasing Regional Presence across the Globe

Leading companies in the market include BASF SE, Akzo Nobel N.V., PPG Industries, RPM International Inc., and Wacker Chemie AG. Dow has a strong presence in the Americas, Asia Pacific, Europe, and the Middle East & Africa. The company offers a wide range of products. Similarly, leading players have established a strong regional presence, robust distribution channels, and varied product offerings.

LIST OF KEY COMPANIES PROFILED:

• BASF SE  (Germany)


• Akzo Nobel N.V. (Netherlands)


• RPM International Inc. (U.S.)


• PPG Industries (U.S.)


• The Sherwin-Williams Company (U.S.)


• HITAC ADHESIVES & COATINGS (India)


• Neogard (U.S.)


• DOW (U.S.)


• Wacker Chemie AG (Germany)


• SIKA AG (Switzerland)

KEY INDUSTRY DEVELOPMENTS:

• April 2022- Akzo Nobel N.V. announced the acquisition of Grupo Orbis. The acquisition was aimed at establishing a key presence in Latin America.


• June 2021- Akzo Nobel N.V. announced the acquisition of Grupo Orbis coating company. The purpose of the acquisition was to expand its position in South and Central America.


• April 2023- PPG Industries completed the USD 15 million expansion of Brazil, Ind., a powder coating plant manufacturing facility.


• April 2023- Neogard completed the testing of the Cool Roof Coating Council’s (CRRC) final approval of the 7490-CA aliphatic urethane roofing topcoat product. The approval would maximize the company’s revenue.


• April 2023- Neogard achieved the factory mutual (FM) certification for the five roofing systems. This would maximize the company’s sales and revenue.


• November 2022- Dow announced AB Specialty Silicones as the elastomeric coating distributor in the U.S. and Canada.

REPORT COVERAGE

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The research report provides detailed market analysis and focuses on crucial aspects such as type, substrate, technology, end-use, and leading companies. It provides quantitative data in terms of value, and volume, research methodology for market size estimation, and insights into market trends. It highlights key industry developments and the competitive landscape. In addition to the above-mentioned factors, the report encompasses numerous factors that have contributed to the growth of the market in recent years.

Report Scope & Segmentation