MarketsandMarkets projects that the roof coating market size will grow from USD 1.63 Billion in 2017 to USD 1.94 Million by 2022, at a CAGR of 3.48% from 2017 to 2022. The increasing need for efficient building thermal management and growing awareness about environment-friendly roofing materials is the major factor driving the roof coating market.
The North American region accounted for the largest market share in the global roof coating market, with the U.S. being the fastest-growing market, by country. Developing countries such as China, India, and Japan are projected to be emerging markets, making the Asia-Pacific region the fastest-growing market for roof coating. The growth of the roof coating market in the Asia-Pacific region is propelled by factors, such as increasing population, rising environmental concerns, growing focus of market players, increasing number of government initiatives, and increasing awareness towards energy consumption.
The roof coating market in North America is the most developed and widespread, as compared to other regions. In addition, the distribution network of roof coating is well-established in many European countries. The high-growth potential in emerging markets and the upcoming technologies provide new growth opportunities to market players. However, lack of knowledge of the benefits of applying roof coating, and storage limitations are the key factors limiting the growth of this market.
The Asia-Pacific region is the fastest-growing, and its economic growth has increased in the last decade, reaching 31.4% of the world GDP in 2012, according to the USDA. The two economic giants of the Asia-Pacific region, China and Japan, are the world’s second-largest and third-largest economies. According to the Population Reference Bureau, the fastest-growing consumer markets of China, India, and other Asia-Pacific countries have a combined population exceeding four billion people (as in 2014), which is projected to become an increasingly important driver for global consumption over the next two decades, led by rapidly rising household incomes and the fast-growing middle class population. Asia-Pacific economies continue to have strong growth. In 2013, the regional GDP rose to 4.2%, driven both by the region’s fast-growing, emerging economies and by the mature economies, which have recovered from the global recession.
The market is further driven by factors, such as private investments and venture funding towards the development of new products along with the growing government support to magnify the adoption of cool roof coatings.
Roof Coating Market by Type (Elastomeric, Bituminous, Tiles, Metals), Technology (Water Based, Solvent Based), Roof Type (Low Sloped, Steep Sloped), Equipment (Airless Sprayers, Brushes & Rollers) Application (Residential, Non-Residential) & Geography - Global Forecast to 2020
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