iCrowdNewswire Jan 7, 2021 5:45 PM ET
Roof coating can be described as a technology that provides features like increased durability, thermal stability, and improved aesthetics. Roof coatings are getting much traction for being the first line of defense against various environmental impacts like rain, wind, and sunlight. These factors assist in the growth of the global market. The global roof coatings market can benefit from the participation of various companies and achieve a notable CAGR in between 2018 and 2023, which Market Research Future (MRFR) considers as the forecast period for their report.
Roof coatings improve the lifespan of a structure and makes the construction more sustainable and economical. The market for roof coatings is expected to grow more in the coming years as people are opting for better constructions to avoid high maintenance cost. add to the lifespan of a structure, which makes them an economical and sustainable solution in the building and construction industry. The market is all set to gain more from better understanding of the competitors who can impact growth substantially.
The global market for roof coatings is witnessing significant surge in the market for Asia-Pacific that may also project the highest CAGR during the forecast period. This can be attributed to the growth that the construction sector is bringing. Urbanization and industrialization are two major traction providers for the regional market. China, Japan, India, and South Korea are expected to substantially provide thrust to the market growth. This can also receive better push from various government initiatives. Governments in the region are increasingly providing assistance in infrastructural development that can be taken into consideration for a better market understanding. North America’s market is showing immense potential and can project better growth in the coming years. The US would lead the regional market. Europe’s market is expected to be dominated by countries like the UK, Italy, Spain, France, Germany, and the Netherlands. Recent government projects in Latin America and the Middle East & Africa region in the construction sector can boost the market for roof coatings, however, that would be hindered by the presence of moderate and poor economies.
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Major competitors taking an active interest in the global market for roof coatings have been analyzed by MRFR to get hold of the upcoming trends and gauge the market accordingly. These market players are Sika AG (Switzerland), Akzo Nobel N.V. (Netherlands), PPG Industries, Inc. (US), the Sherwin-Williams Company (US), Wacker Chemie AG (Germany), RPM International Inc. (US), The Dow Chemical Company (US), Hempel A/S (Denmark), BASF SE (Germany), and KANSAI PAINT CO., LTD (Japan).
In October 2019, government in Alabama initiated plans regarding roof coatings to curb further maintenance cost in a significant way. This is a major step for the government to ensure better financial stability.
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The global market for roof coatings can be segmented by substrate, type, application, and roof type. MRFR’s take on the market would cover several aspects and dynamics to provide insights related to the growth of the market.
By type, the market for the roof coatings can find traction from the elastomeric, bituminous, epoxy, acrylic, silicone, and others. These segments are getting high traction for their multiple benefits.
By substrate, the market report on the roof coating can be segmented into concrete, metal, membrane, asphalt, plastic, and others. The plastic segment may find some distraction due to eco-awareness.
By roof type, the market report on the roof coatings has a better coverage of flat, slopped, low and steep.
By application, the market report on the roof coatings has a better market coverage of residential and non-residential. The residential segment, due to increasing construction activities, can get better market percolation.
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