New York, Sept. 11, 2019 (GLOBE NEWSWIRE) — The increasing construction activities across the globe, coupled with the rising population and changing lifestyles are propelling the growth of the roof coatings market.
The global roof coatings market is forecast to reach USD 2.03 Billion by 2026, according to a new report by Reports and Data. The increasing construction activities across the globe, coupled with the rising population and changing lifestyles are propelling the growth of the market. Roof coatings is applied across the hatches, pipes, roofs, and other equipment found on the rooftop to fully seal and waterproof the roof. The coatings are applied directly on top of the existing roof. This allows lesser installation time and reduces costs, as the systems are not much labor-intensive. These coatings are renewable and can be re-coated every 10+ years to renew the reflectivity, increase the roof-life, and ensure high-quality waterproofing capabilities. Restoring the existing roof and reusing the same material reduces the landfill waste and is environment-friendly. Some developments in the market have led to the innovation of ultra-low or zero VOC coatings as well.
The European region is forecasted to grow with a CAGR of 2.3% during the forecast period. The primary reason for the growth of the market is the upturn in the European construction industry. The favorable interest rate environment, improving economic situation, and the enormous scope for action by the public sector will propel the growth of the construction industry in the region. Moreover, immigration and growing urbanization in the countries in Europe have increased the demand for the expansion of residential construction. This has also led to substantial investments in the development of sustainable and durable roofing systems.
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Further key findings from the report suggest
- Among the substrates, asphalt accounts for the largest market share of ~24% in the year 2018. Asphalt roof surfaces grant several benefits, including a reduction in noise pollution, cost efficiency, and comfort. Asphalt shingles are roof shingles that provide waterproofing, is relatively inexpensive, and is simple to install.
- Among the resin types, the bituminous type, accounts for the largest market share of ~22% in the year 2018. Bituminous coatings are waterproof, strong, durable, and economical. It also resists harsh chemicals and UV light rays and protects the substrates from rust.
- Among the technologies, the water-based products account for the largest market share of ~41% in the year 2018, owing to the easy availability of raw materials for the production of water-based products.
- The solvent-based products are anticipated to witness the highest CAGR of 3.4% during the forecast period, due to the high bonding strength of solvent-based products.
- The North American region held the largest market share of ~31% in the year 2018, owing to large investments in the research and development of advanced technologies in the construction and coating industries. With the increasing population and residential construction in the region, the governments, and global & local players are rapidly adopting technologically-advanced coating systems to address the vast requirements, thus accelerating the roof coatings market expansion.
- Key participants include Sherwin-Williams, PPG Industries, Valspar Corporation, AkzoNobel NV, RPM International Inc., Nippon Paint Co. Ltd., The Dow Chemical Company, BASF SE, Fletcher Insulation, Hempel A/S, Owens Corning, Lloyd Insulations, GAF, and Heritage Roofing, among others.
- The companies have adopted various strategies, including mergers, acquisitions, and partnerships to hold ongoing trails and come up with new developments in the market.
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Segments covered in the report:
For this report, Reports and Data have segmented into the global roof coatings market on the basis of resin type, substrate, application, roof type, technology, and region:
Resin type Outlook (Volume, Kilo Tons and Revenue, USD Million; 2016-2026)
Roof Type Outlook (Volume, Kilo Tons and Revenue, USD Million; 2016-2026)
Technology Outlook (Volume, Kilo Tons and Revenue, USD Million; 2016-2026)
Substrate Outlook (Volume, Kilo Tons and Revenue, USD Million; 2016-2026)
Application Outlook (Volume, Kilo Tons and Revenue, USD Million; 2016-2026)
Regional Outlook (Volume, Kilo Tons and Revenue, USD Million; 2016-2026)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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