Top Companies In Roof Coating Industry, Trends: worldwide Statistics and Facts

 

Overview

A roof coating is a seamless, completely bonded, liquid roof membrane. A lot of roof coatings are elastomeric, meaning they possess elastic qualities that enable them to stretch and then go back to their initial form without getting harmed. The global roof coating market is expected to grow from USD 1.70 Billion in 2023 to USD 2.61 Billion by 2033, at a CAGR of 4.38 % during the forecast period 2023-2033. Financial incentives, rebates, and tax credits are provided by governments, utility companies, and other organizations to encourage the use of cool roof coatings. These initiatives motivate property owners to put money into energy-saving options, which in turn increases the need for cool roofs.

 

Competitive Landscape

Top companies in the industry consist of BASF SE, Akzo Nobel N.V., PPG Industries, RPM International Inc., and Wacker Chemie AG. The majority of manufacturers prioritize acquiring new businesses, forming strategic partnerships, and increasing production capabilities to improve their product offerings and expand their presence in the market. Additionally, the product's development is influenced by global market demands. For instance, NanoTech Inc. unveiled its main offering, the Nano Shield cool roof coat, in March 2023. This specific coating is designed for use on commercial roofs. Applying this coating to buildings can lead to a significant decrease of 30-40% in HVAC usage. This results in significant energy cost savings and is essential in reducing scope 1 carbon emissions.

 

Global Roof Coating Market: How Tax Incentives, Green Building Standards, and Asia Pacific Demand Shape the Future

Numerous local and state governments provide tax incentives and rebates to individuals who install eco-friendly roofing systems that are energy-efficient. These incentives are designed to promote the use of eco-friendly roofing techniques and help cover the initial expenses of putting them in place. Different levels of government are revising building codes and regulations to include green building standards, such as mandates for energy-saving roofing materials and sustainable construction methods. In places such as Georgia and Florida, regulations for construction may involve requirements for cool roofs that reflect sunlight and minimize heat absorption, leading to decreased energy usage for cooling. Furthermore, Asia Pacific had the biggest market share and is expected to lead the market in the upcoming period. The area holds the world's largest population. This leads to an increase in the need for building airports, malls, residential complexes, parks, commercial buildings, and more. The item is used to lower temperatures and shield roofs while conserving energy. Furthermore, these coatings lower the costs associated with replacing rooftops. China, with its growing residential and commercial construction sectors, is Asia Pacific's top consumer.

 

The report provides a summary of the global top trends and future prospects for the global roof coating market based on historical data sets (current trends, industry statistics, and emerging trends shaping the roof coating industry’s future, preliminary estimates from 2020-2021, 2022, and 2023), as well as projections for the global roof coating trends and future prospects for global regions in 2024 and 2025. This data-driven research offers users an industry-wide view of emerging technologies and innovative insights to help them make critical business decisions. 

 

Growth Factors and Emerging Trends in the Roof Coating Market

 

1. Outstanding Water-resistant Coating Feature to Fuel Market Expansion.

Ensuring the roof is waterproof is a crucial aspect of contemporary buildings and structures. Traditional roofing materials can sometimes lack the necessary waterproofing or durability to withstand harsh weather conditions, as a result of their inadequate structural and functional properties. In these cases, the top option for waterproofing is using roof coating solutions. These coating products form a protective barrier on the roof surface, efficiently stopping water from seeping through. They generally have waterproofing agents that create a long-lasting and water-resistant coating, improving the roof’s capacity to endure rain and snow. The rise in unpredictable climate patterns has made waterproofing roofs a significant issue, leading to an increase in the need for coatings.

 

1. Anticipated Market Growth is Driven by the Swift Expansion of the Construction Sector.

Anticipated growth in the construction market is expected due to increased construction activities and rising government expenditures on affordable housing projects and smart city development. The growing per capita disposable income, coupled with fast urbanization, is driving up the need for effective residential and commercial spaces. It is anticipated that the market will be propelled by the increase in the construction sector. Furthermore, increasing environmental worries and advancements in coating techniques are gaining prominence in the construction sector. Contractors are increasingly looking towards building green structures and using energy-efficient materials in building renovations, leading to a higher adoption of roof coatings in the construction sector. Roof coatings are primarily utilized to shield the upper surfaces of residential and commercial structures from severe weather and corrosion. Consumer demand for more durable and high-performing roof coatings that are less toxic will drive growth in the roof coating market. Additionally, the increased use of coatings on wood, metal, and other roofing surfaces is leading to growth in the global market.

 

Opportunities and Future Prospects in the Roof Coating Market

 

Urbanization and Infrastructure Renewal.

The swift urbanization in developing countries has resulted in a rise in construction projects. An example is how the fast rate of urban growth has resulted rise in building projects. The need for roof coatings is increasing due to urban growth which leads to new construction and renovations of existing buildings. Additionally, the worldwide emphasis on refurbishing and upkeeping infrastructure has also strengthened the market. Roof coatings are more and more used in renovating old buildings to prolong their life and enhance their visual appeal, thereby boosting market expansion.

 

List of Key Companies in the Roof Coating Market

• BASF SE 
• Akzo Nobel N.V.
• RPM International Inc.
• PPG Industries
• The Sherwin-Williams Company
• HITAC ADHESIVES & COATINGS
• Neogard
• DOW
• Wacker Chemie AG
• SIKA AG
• Others

 

Top 5 Key Players Profile in the Roof Coating Market

 

1. BASF

 

Headquarters: Ludwigshafen

BASF, develop chemistry for a future that can be sustained. BASF merge financial prosperity with ecological conservation and ethical accountability. Approximately 112,000 BASF Group employees play a key role in the success of customers across various industries and countries worldwide. BASF have a portfolio that includes six divisions chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agricultural solutions. In 2023, BASF had sales totaling €68.9 billion. BASF shares are available for trading on the Frankfurt Stock Exchange (BAS) and can also be traded as American Depositary Receipts (BASFY) in the US.

 

2. RPM INTERNATIONAL INC.

 

Headquarters: Medina, Ohio

RPM International Inc. is a multinational corporation valued at $7.3 billion, encompassing subsidiaries at the forefront of specialty coatings, sealants, building materials, and associated services worldwide. The organization has over 17,300 employees globally and runs 121 manufacturing plants in 26 nations. Its goods are distributed in around 164 nations and regions. RPM's common stock is listed on the New York Stock Exchange with the symbol RPM for trading. There are around 129 million shares of common stock in the company, which are held by over 203,000 institutional and individual investors.

 

3. SHERWIN-WILLIAMS PAINTS, STAINS, COLORS & SUPPLIES

 

Headquarters: Cleveland, Ohio

Sherwin-Williams provides paint contractors, property managers, architects, designers, specifiers, new home builders, remodelers, and other professionals with innovative products, tools, and best-in-class service, helping them to succeed in an ever-changing industry. With more than 4,350 company-operated specialty paint stores in the United States, Canada, and the Caribbean, Sherwin-Williams is committed to growing the professional trades, and to giving pros the information and guidance they need for every project.

 

4. NEOGARD

 

Headquarters: Dallas, Texas

Neogard, a division of Hempel, has been producing top-quality coatings designed for and utilized in buildings worldwide. Neogard's coating systems safeguard the structure's exterior with coatings for both vehicle and foot traffic, as well as protective roof coatings, seamless flooring, and elastomeric wall coatings.

 

5. WACKER

 

Headquarters: Munich, Bavaria

Wacker is a major competitor and one of the most research-focused chemical firms globally. Wacker variety of advanced specialty items includes silicones and polymeric binders and additives for various industries, bio-engineered pharmaceutical actives (biologics), and hyper-pure silicon for semiconductor and solar uses. As a sustainability-oriented technology leader, Wacker encourages innovations that have the potential for high-added value. Wacker’s aim is to guarantee an improved standard of living for customers and future generations by focusing on healthcare, energy conservation, and safeguarding the climate and environment.

 

Recent Developments

 

• In April 2023, PPG Industries finished the USD 15 million upgrade of a powder coating plant manufacturing facility in Brazil, Ind. This purchase has allowed the company to cater to clients in the appliance and general industrial manufacturing industries. The improvements will improve PPG's capacity to assist powder customers by boosting product and process quality control and reducing lead times for color matching and production.

 

• In March 2023, NanoTech Inc. unveiled their main product, the Nano Shield cool roof coating. This specific coating is intended for use on commercial roofs. By utilizing this coating, buildings can achieve an impressive 30-40% decrease in HVAC usage. This results in significant energy cost savings and is essential in reducing scope 1 carbon emissions.

 

• In November 2022, Dow designated AB Specialty Silicones as the distributor of elastomeric coatings in the U.S. and Canada.

 

• In April 2022, Akzo Nobel N.V. declared the purchase of Grupo Orbis. The goal of the acquisition is to create a strong foothold in Latin America.

 

• In May 2020, Nouryon has unveiled a groundbreaking solution for the construction sector. This solution improves the effectiveness of energy-efficient cool roof coatings. This new concept aims to merge two important elements: Nouryon's Expancel for light reflection and Levasil colloidal silica for improved coating efficacy. This development intends to offer better products for the building and construction industry.

 

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

 

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

 

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