Roof Paint Market Size (2024 - 2030)

In 2022, the Global Roof Paint Market was valued at $1.45 Billion and is projected to reach a market size of $1.89 Billion by 2030. Over the forecast period of 2024-2030, market is projected to grow at a CAGR of 3.85%.. The rising environmental awareness coupled with the government frameworks regarding greenhouse gas (GHG) emissions are majorly driving the growth of the industry.

Industry Overview:

The cool roof coating reduces the accumulation and accumulation of heat in the outer skin of the building, thereby reducing the need for air conditioning. This also reduces energy costs. In addition, structural deformation caused by temperature fluctuations and  damage caused by harmful UV light can be mitigated by a cool roof coating.

 High sunlight reflection is essential for the functioning of a cool roof coating. Higher heat release and lower absorption help the roof absorb less heat and maintain temperatures up to 25 ° C to 35 ° C lower than conventional materials at high temperatures. Cool roofs are beneficial to builders in many ways. Refrigerated roofs reduce the need for air conditioning, thereby reducing air pollutant emissions, improving thermal comfort in unair-conditioned spaces, lowering roof operating temperatures and extending roof  life. , May reduce energy costs.

 The 2009 Green Building Council of the US Energy and Environmental Design Leadership (LEED) Rating System contains cool materials that are rapidly becoming the national standard for  developing sustainable, high-performance buildings.  Under California law, the 2014 Building Energy Efficiency Code Title 24 Standard requires a cool roof with a minimum reflectance of  0.70  and an emissivity of at least 0.75. This saves 30% on energy costs. The ENERGY STAR program, established by the US Department of Energy, suggests that qualified rooftop products can reduce peak cooling demand by 11% to 16%  and reduce the need for air conditioning  in buildings.

COVID-19 impact on Roof Paint Market

During the Covid19 pandemic, the growth of the roof coating market was severely impacted by various restrictions and legitimate measures on commercial activities in different countries around the world. The Covid19 pandemic has impacted the roof coating market in terms of sharp declines in demand, supply chain constraints, raw material procurement rules and regulations, and a reduced workforce. The impact of Covid19 on the roof coating market is still impacting the market, as the roof coating market is  slow to grow after the pandemic. However, the roof coating market will improve by the end of  2021.

MARKET DRIVERS:

An increase in the number of construction activities is driving the growth of the market

Increasing construction activity around the world has significantly increased the demand for roof coatings such as urethane roofs and asphalt coatings, which is a major driver of the roof coating market. For example, according to the World Bank, the cost of spending in the global construction industry in 2020 is estimated at the USD 11.9 trillion, an increase of 4.2% over the previous year's spending. In addition, according to Germany Trade & Invest (GTAI), a business development agency in the Federal Republic of Germany, the volume of construction in 2020 increased by 6.74% compared to 2019. This expands the scope of the roof coating industry around the world and increases the demand for products such as urethane roofs and asphalt coatings.

An increase in demand for the sustainable and eco-friendly building is also driving the growth of the market.

The growing number of organizations and organizations that emphasize the importance of sustainable buildings is one of the main drivers of demand in the roof coating industry. For example, Leadership in Energy and Environmental Design (LEED) is a global building valuation system, and LEED Buildings is a widely used green building valuation system. Increasing the construction of sustainable structures with eco-friendly products to minimize carbon dioxide emissions will increase the demand for eco-friendly building materials. According to the United States, the Green Building Council, LEED, has become the most famous green building rating system in the world. The LEED system currently contains approximately 80,000 projects in  162 countries. It also includes over 32,500 certified commercial projects. This will increase the demand for sustainable structures such as slate roof sealing in the roof coating market.

MARKET RESTRAINTS:

The emission of high volatile organic compounds from the production of roof coatings is restraining the growth of the market

During the manufacture of roof coatings, highly volatile organic compounds (VOCs) are released into the environment, which is extremely dangerous to the environment. The release of volatile organic compounds causes some adverse health effects for workers and end-users. This leads to chronic health problems such as breathing problems. Therefore, governments in many countries have issued regulatory rules regarding the manufacture of emulsion coatings and related products. In most countries, the content limit for such volatile organic compounds is 90 parts per million (ppm) of total content, based on the weight of the total non-volatile content of the product. Any amount that exceeds the specified limit will have legal consequences. This is one of the major challenges limiting the growth of the roof coating market.

ROOF PAINT MARKET REPORT COVERAGE:

Roof Paint Market - By Coating Type

• Water-Based and

• Solvent-Based.

Based on the coating, The water-based coating segment occupied the largest share of the roof coating market in 2020.The various advantages of water-based coatings such as uniform distribution, waterproofing, durability, and seamless layers have greatly boosted the demand for water-based coatings in the roof coating market. Roof emulsions are waterproof coatings primarily used to coat roofs. Various additional benefits such as energy efficiency, lower cooling costs, and longer life expectancy for roofs are also driving water-based coatings in the roof coating market.

Roof Paint Market - By Material Type

• Plastic & Elastomeric

• Bituminous

• Tiles, Acrylic

• Epoxy

• Silicone

• Metal

•  Asphalt

• Concrete

• and Others.

Based on Material type, The Plastics & Elastomers segment had the largest share of the roof coating market in  2020. Plastic and elastomer coatings are commonly used because they are affordable and very easy to install. Elastomers help restore the roof without completely destroying it, even after the roof system has deteriorated over time. The number of activities associated with installing plastic and elastomer segments is very small and does not cause many inconveniences. Plastic and elastomer roofs also have the advantage of being easy to apply paints and coatings such as: This is a major driver of the roof coating market.

 Roof Paint Market - By Roof Type

• Flat Roof

• Low-Steeped

• Steep Roof

• Others

Based on Roof type, The flat roof segment had the largest share of the roof coating market in  2020. There are many types of grease roof systems, including rubber roofs, fiberglass roofs, urethane roofs, and asphalt coatings. The main benefits associated with flat roof systems, such as reduced construction costs and reduced maintenance and repair work, are some of the main factors driving demand for flat roof systems in the roof coating market. The flat roof system is sustainable as it can be transformed into a roof garden or other space. In addition, benefits such as UV protection and reduced cost and toxicity have increased the demand for products such as asphalt coatings and roof emulsions.

Roof Paint Market - By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• The Middle East

• Africa

Geographically, North America accounted for the largest market share of 34.20% in 2019 and dominated the cool roof coatings market. The region is expected to continue this trend over the forecast period and the growth can be attributed to the early implementation of building codes and growing consumer awareness of energy consumption. in the building.

 Additionally, the construction industry in North America is expected to witness significant growth in the coming years due to the strong demand for residential, non-residential, and commercial construction projects that have driven the growth of the cool roof coatings market in the region during the forecast period.

  The construction industry in the United States has experienced significant expansion in recent years, fueled by a positive commercial real estate outlook and strong economic properties, as well as an increase in federal funding. state and state for institutional buildings and public infrastructure. Additionally, ongoing and planned projects, such as new homeless services and health centers, upgrades to SFUSD locations, affordable housing developments, projects The SoFi Stadium project in Inglewood and the Treasure Island redevelopment are expected to drive demand for cool roof decking applications. during the forecast period.  The European market has seen an increase in demand for cool roof coatings in recent years, in green building designs due to their excellent environmental benefits providing extended building life, maximum energy savings, and improved interior quality. Favorable government support to encourage the construction of green buildings in various countries, including the UK, Germany, the Netherlands, Poland, Hungary, Sweden, and Ireland, is expected to promote drive demand for the product throughout the forecast period.

  In Germany, the construction sector contributes significantly to the demand for roof cooling applications. The country has seen an increase in new residential building permits due to the growing demand for real estate, low borrowing costs, and a growing population, and this growth trend is expected. ​will continue into the next forecast period. Due to the growing residential and real estate market, the construction industry is expected to grow rapidly, which is expected to continue to drive the consumption of new roof coatings over the forecast period.

Roof Paint Market Share by company

Companies like

1. Sika AG;

2. Nutech Paint;

3. The Valspar Corporation;

4. Dow Inc.;

5. PPG Industries, Inc.;

6. Huntsman International LLC

Applied Graphene Materials (AGM), launched an Advantage Graphene liquid coating roofing system with enhanced anti-corrosion performance along with their partner All times Coatings Ltd (Stroud, UK).

Recently Royal Building Products Inc., acquired DaVinci Roofscapes L.L.C., a leading supplier of premium composite roofing and siding. This acquisition helped Royal Building Products Inc in establishing itself as a world leader in the composite roofing industry.

NOTABLE HAPPENINGS IN THE ROOF PAINT MARKET IN THE RECENT PAST:

• Product Launch - In April 2021, Nouryon launched energy-saving ‘cool-roof’ coatings by enhancing their ability to reflect light and improving their self-cleaning properties.

• Product launch  - In early 2022, Applied Graphene Materials (AGM), launched the Advantage Graphene liquid coating roofing system with enhanced anti-corrosion performance along with their partner All times Coatings Ltd (Stroud, UK).