Roof Coatings Market | Key Developments with Forecast until 2024
Global Roof Coatings Market: Overview
Roof coatings that help regulate temperature are gaining importance in the paints and coatings market due to the rising need for decreasing energy consumption in countries across the globe. The mounting costs of electricity have impelled industries to adopt alternative solutions. As a result of this, many countries are striving to implement building energy saving codes. To meet the rising demand from various end-use industries, manufacturers of roof coatings are focusing on producing advanced cool roof coatings.
The report provides an in-depth analysis of the growth trajectory of the global roof coatings market along with the predominant trends. It further highlights the factors that are anticipated to impact the growth of the market in a positive or negative manner. The study also assesses the key elements at play in the global roof coatings market. The report offers an evaluation of the competitive landscape of the global roof coatings market using Porter’s five forces analysis and also presents information on the degree of entry and exit barriers. An overview of the shares, product, and strategies has been offered in the research report.
Global Roof Coatings Market: Trends and Opportunities
The primary factor behind the growth of the global roof coatings market is the recovery of the global economy from the recent economic downturn. Moreover, the growing demand for roof coatings in the Asia Pacific region due to rise in construction activities is expected to give the market a shot in the arm. The advantages offered by roof coatings such as emittance and reflectivity are impelling construction companies to employ them in buildings.
Roof coatings eventually help in decreasing the heat buildup inside commercial and residential spaces. They also reduce the dependence on air-conditioning systems, hence decreasing pollution and saving energy. The rising consumption of white coatings for roofs of commercial buildings is also expected to intensify the demand for roof coatings over the forthcoming years. Additionally, the gro wing application of coil coatings containing IR reflective pigments and the availability of various shades is expected to bode well for the growth of the market. The roof coatings employed in production units are also likely to witness a rise in their demand during the forecast period.
Global Roof Coatings Market: Regional Outlook
Geographically, the global roof coatings market is categorized into Latin America, the Middle East and Africa, Europe, Asia Pacific, and North America. Among these, Asia Pacific is projected to witness strong growth in terms of consumption of roof coatings over the next couple of years. The growth of the market in Asia Pacific can be attributed to the burgeoning consumption of roof coatings in countries such as Thailand, Malaysia, Indonesia, India, and China. Moreover, the significant growth of the infrastructure and construction industries in Israel, Egypt, Saudi Arabia, South Africa, Argentina, and Brazil is further expected to accelerate the sales of roof coatings globally. Moreover, as developed regions such as Europe and the U.S. are recovering from an economic crisis, they are shifting their focus towards lowering the costs of energy and adopting alternative solutions.
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Companies Mentioned in the Report
To retain a strong hold on the market, key players are focusing on capitalizing on the opportunities that are likely to arise from the untapped markets in developing countries. Thus, these companies are expanding their production units to cater the demands of the emerging economies. The leading players in the global roof coatings market are Bayer MaterialScience, Valspar Corporation, PPG Industries Inc., Akzo Nobel N.V., BASF SE, and 3M.
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