The global roofing coatings market consists of protective and reflective roofing coatings which waterproof the rooftops and enhance the durability of the roof structure. Roofing coatings provide UV protection, crack bridging and elongation properties for extending the lifespan of roofs. The growing construction industry in developing nations such as India, China and other Southeast Asian countries is exhibiting significant demand for roofing coatings due to rapid urbanization.
The global roofing coatings market is estimated to be valued at US$ 3.62 Bn in 2023 and is expected to exhibit a CAGR of 25% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends spurring growth in the roofing coatings market is increasing construction activities across emerging economies in Asia Pacific and Central & South America. Rapid urbanization and growing population have boosted infrastructure development plans for residential and commercial buildings. This is propelling demand for roofing coatings extensively used in waterproofing rooftops of residential houses, schools, malls and office spaces. According to estimates, overall construction spending across developing nations is projected to grow at a rate of 5% annually through 2025. Rising spending on infrastructure projects will aid expansion of the roofing coatings market over the forecast period.
Strength: Roofing coatings offer protection from harshest weather conditions such as extreme heat, cold, rain and UV rays. They provide durability and prolong roof life.
Weakness: High costs associated with roofing coatings installation. Fluctuating prices of raw materials increases product costs.
Opportunity: Increasing infrastructure development and construction activities in emerging economies boost demand. Growing residential and commercial sectors drive market growth.
Threats: Stringent environmental regulations regarding raw material usage hamper market. Economic slowdowns impact construction industry and adversely affect market.
The Global Roofing Coatings Market Size is expected to witness high growth. Regional analysis related content comprises Asia Pacific region dominates the global roofing coatings market and is expected to grow at a high rate during the forecast period. Countries such as China, India and Japan are highly lucrative markets. Rapid urbanization and industrialization in emerging Asia Pacific nations push market growth in the region.
Key players operating in the roofing coatings market are NetApp Inc., Nutanix Inc., Dell EMC (Dell Technologies Inc.), Hewlett Packard Enterprise Co., Juniper Networks Inc., Western Digital Corp., Lenovo Group Limited, Liqid Inc. and TidalScale Inc. These key players are focusing on new product developments and partnerships to achieve competitive advantage in the market. For instance, in 2021 NetApp Inc. partnered with Nutanix to provide a hybrid multicloud data services platform for enterprises.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it