Global Roofing Coatings Market Is Estimated To High Growth As Energy Consumption Measures And Increasing Product Launches

Roofing Coatings Market

Overview:

Roofing coatings products are used on residential and commercial properties to protect the roofing system from the effects of moisture, UV rays, and heat. They can also be used to repair old and damaged roofs. These coatings can be applied on various substrates, including concrete, asphalt, elastomeric, metal, and polyurethane foam. These coatings are gaining popularity among property managers and industrialists due to their ability to save energy costs as well as enhance the lifespan of the roof. Several of these companies are investing in research and development activities to develop new products and improve their competitiveness.

Market Dynamics:

Growing product launches are estimated to augment growth of the global Roofing Coatings Market global refractories market over the forecast period. For instance, an energy-saving ‘cool-roof’ coatings was launched by Nouryon in May 2020. These roofs will enhance their ability to reflect light and also improve cleaning properties. Moreover, increasing strict regulations and high production costs are anticipated to restrain growth of the global roofing coatings market over the forecast period.

The Global Roofing Coatings Market Size Is Likely To Exhibit Potential Growth In The Next Few Years, And Register A CAGR Of 7.5% Over The Forecast Period (2019 - 2027).

Impact of COVID-19:

The pandemic resulted in halting production of many manufacturing units and several businesses were forced to shut down temporarily. Many sectors of society were affected by the pandemic. The number of COVID-19 cases were increasing on a daily basis and this caused immense pressure on the healthcare sector. Many production activities could not be conducted as there was a shortage of raw materials, and skilled professionals. There was a decrease in demand for several products and this affected the growth of the Roofing Coatings Market. This hindered the growth of the global roofing coatings market during the pandemic.

Key Takeaways:

The global roofing coatings market is expected to witness high growth, exhibiting CAGR of XX% over the forecast period, due to growing acquisitions by key players. For instance, a leader in Building Envelope Systems Henry Company, acquired National Coatings Corporation in October 2020.

Asia Pacific is anticipated to witness significant growth in the global Roofing Coatings Market over the forecast period, owing to increasing residential and non-residential sectors and growing adoption of green building codes.

Major players operating in the global Roofing Coatings Market are The Sherwin-Williams Company, BASF SE, Sika AG, The Dow Chemical Company, Wacker Chemie AG, Akzo Nobel N.V., Hempel A/S, RPM International Inc., PPG Industries, Inc., and Nippon Paint Holdings Co., Ltd.