Roof Coating Market Size, Share & Industry Analysis, By Type (Bituminous, Elastomeric {Urethane Coatings, Acrylic, Silicone, and Others}, and Others), By Substrate (Metal, Asphalt, Membrane, Concrete, Plastic, and Others), By Technology (Water-based, Solvent-based, and Others), By End-use Sector (Residential and Non-Residential), and Regional Forecast, 2024-2032

The global roof coating market size was valued at USD 1.72 billion in 2023 and is projected to grow from USD 1.79 billion in 2024 to USD 2.53 billion by 2032, exhibiting a CAGR of 4.4% during the forecast period. Asia Pacific dominated the roof coating market with a market share of 33.14% in 2023. Moreover, the roof coating market size in the U.S. is projected to grow significantly, reaching an estimated value of USD 0.50 billion by 2032, driven by increased construction activities and rising government expenditures on different affordable housing projects and smart city development. 

Roof coating is a chemical protecting layer applied to residential, commercial, and industrial rooftops. These coatings are formulated specially for the roofs' applications to prevent chemical, water, and physical damage. Moreover, the primary purpose of these coatings is to extend the life of the roof systems from existing and new construction. Additionally, these coatings represent different properties compared to roof paints as they have higher solid content and provide enhanced protection against wind, water, and UV light. Unlike paints, these coatings are applied to the surface in terms of various gallons per unit square foot. Therefore, all these factors make it a suitable alternative for roof replacement in construction activities. This has resulted in a higher product demand from the construction industry.

The lockdowns imposed during the COVID-19 pandemic impacted the supply chain of construction materials including coatings. Governments of different countries enforced new policies for business operations, resulting in limited labor and reduced production output. Additionally, movement limitations on logistics services caused a decline in raw materials availability for product manufacturing. Furthermore, the reduced product demand from end-use industries impacted the market severely. Coating a roof is a job that enables close contact between laborers, posing additional challenges for governments to maintain social distancing. However, the market recovered from these impacts due to the normalizing of construction activities in residential as well as commercial spaces.

Roof Coating Market Trends

Increasing Demand for Silicone Roof Coating Due to its Durability and Better Adhesion is a Prominent Trend

Silicone coating has a high solid base, enabling remarkable durability and excellent adhesive. This coating offers excellent properties for end-use applications and enhanced curing time over other roof coatings. Furthermore, its chemical composition and solvent-based nature reduce installation on different surfaces. Additionally, this coating can be applied to multiple rooftops facing issues such as sagging, water leaking, physical damage, and odd weather conditions. Moreover, the silicone coating matches well with different roofing materials, including metal, concrete, and single-ply roofing membranes.

Besides, silicone fluid-applied roof coating is highly preferable to any other fluid-applied system. This fluid-based coating consists of more than 95% silicone coupled with polyurethane foam that enables different physical properties such as tensile strength, tear resistance, high elongation, and low-temperature flexibility. This has created an excellent opportunity for coating manufacturers to establish a presence in the market by offering this innovative product to end-use industries.

Roof Coating Market Growth Factors

Excellent Waterproofing Property of Coatings to Drive Market Growth

Waterproofing of the roof is the most important parameter of modern buildings and constructions. Conventional roofing materials sometimes fail to provide desired waterproofing or do not withstand critical weather due to inferior structural and functional properties of the materials. In such instances, roof coating solutions are the best choice for waterproofing. These coating products create a protective barrier on the roof surface, effectively preventing water penetration. They typically contain waterproofing agents that form a durable and water-resistant layer, enhancing the roof’s ability to withstand rain and snowfalls. Increasing climatic irregularities have made waterproofing of roofs a serious concern, which is driving the demand for coatings.

Rapid Expansion of the Construction Industry is Expected to Drive Market Growth

Increased construction activities and rising government expenditures on different affordable housing projects and smart city development are anticipated to fuel the growth of the construction market. The rise in per capita disposable income, along with rapid urbanization, is increasing the demand for efficient residential and commercial spaces. This growth in the construction industry is expected to drive the market.

Additionally, rising environmental concerns and innovations in coating technologies are becoming prevalent in the construction industry. The increasing focus on constructing green buildings and the adoption of energy-efficient materials in building renovations by contractors will raise the adoption of coatings for roofs in the construction industry.

Roof coatings are mainly used to protect the top surfaces of residential and commercial buildings from harsh weather conditions and corrosion. The shift in consumer preferences for less toxic coatings that offer high durability and performance will boost roof coating market growth. Moreover, the application of coatings on wood, metal, and other roofing surfaces is gaining traction, resulting in global market growth.

Thus, an increase in sustainability activity in the rapidly expanding construction industry is driving market growth.

RESTRAINING FACTORS

High Production Cost and Stringent Regulations May Hamper Market Growth

The governments of developed countries such as the U.S., the U.K., and Germany are taking steps to limit the amount of volatile organic compounds used in construction materials such as paints and coatings. Long-term exposure to these VOCs may lead to human organ damage and various diseases, including allergic skin infection, throat discomfort, lung infection, emesis, and dyspnea. The VOC used in the product is subject to a limit on the amount used. Therefore, most countries have imposed strict limitations on the use of volatile organic compounds.

The higher production cost is the other key restraint for the market growth. The coating type, such as silicone, is produced by converting the sand into silica, which requires high energy and a long manufacturing process. All these production processes increase the final cost of the product. Therefore, all these factors are anticipated to hinder the market growth.

Roof Coating Market Segmentation Analysis

By Type Analysis

Urethane Coatings Segment Accounted for the Largest Share Due to its Superior Properties

On the basis of type, the market for roof coating is segmented into bituminous, urethane coatings, acrylic, silicone, and others. The urethane coatings segment held the largest roof coating market share in 2023. This coating is also known as polyurethane coating and offers the highest durability, strength, and long lifespan. Therefore, it can be used with a combination of the substrate, including metal, single-ply membrane, and concrete roof decks.

The growth of the acrylic coating segment is associated with a rise in the demand for cost-effective products, particularly in roof restoration as a cost-effective substitute for replacement. Formulated for commercial, residential, and non-residential building roofs, the acrylic coating offers excellent crack-bridging properties along with remarkable elasticity.

The rise in residential building construction drives the bituminous coating segment. This coating cures quickly under sun exposure and fills the cracks that cause the leaks. Additionally, building contractors often combine it with a reflective coating for extra strength and ultimate waterproofing.

Silicone coating has been involved in the high-performance roof protection option. This coating has a higher solid content than the other coating types, enables quick curing, and can only be applied in a single coat. Additionally, it reduces the installation's complexity, reducing labor charges. Thus, all these offered benefits make it suitable for end-use applications.

The others segment includes an epoxy coating that works well against chemical damage and offers significant toughness during odd weather conditions.

By Substrate Analysis

Asphalt Segment to Hold Largest Market Share Due to its Cost-effectiveness

In terms of substrate, the market is segmented into metal, asphalt, membrane, concrete, plastic, and others. The asphalt segment is expected to hold the largest market share owing to its wide availability. These substrates are easy to install and one of the cost-effective options for professional roofing contractors. Coatings, such as urethane and silicone, enhance the substrate’s life span by offering waterproofing and chemical resistance properties.

Membrane and plastic roofs are mostly made of synthetic thermoplastic that completely seals the leaks and offers protection against physical damage.

The others segment includes fiberglass shingles and wood shingles. These shingles are utilized in residential homes and buildings as they are cheaper. The product provides a protective layer that enhances their life and protects them against odd conditions.

Metals are considered one of the safest roof materials. Metal roofing is adapted to building construction as it remains steady during wildfires. Silicone and urethane coatings are preferred for metals as they offer an extended lifespan along with water and rust resistance. Therefore, all these factors drive the metal segment to surge in the demand for roof coatings.

By Technology Analysis

Water-based Segment Dominated due to Rise in Demand for Antifungal Coating

Based on technology, the market is segmented into water-based, solvent-based, and others. Water-based technology accounted for the largest share of the market in 2023. The rise in demand for antifungal coating is associated with the use of water-based coating. These coatings are designed to offer excellent tensile strength and prohibit fungal growth.

Solvent-based coatings are made by adding solvent and catalyst to the silicone coating. These solvent-based coatings have various benefits over water-based coating as they can be applied by roller and spraying. These factors are expected to propel the product demand during the forecast period.

By End-use Sector Analysis

Non-residential Segment to Hold Leading Market Share owing to Increasing Product Demand from Industrial Construction

On the basis of end-use sector, the market is segmented into residential and non-residential.

The non-residential segment is anticipated to account for the largest market share and dominate the market during the forecast period. The rise in non-residential construction activity is driven by the rapid increase in industrialization across the world. This has led to a heightened demand for construction materials, including concrete, steel, metal, aggregates, and paints & coatings. Various products such as silicone, urethane, and bituminous are deployed to protect roof tops from physical and environmental damage.

The residential segment accounted for a significant market share owing to the growing migration and urbanization, leading to heightened construction activities in metro cities. Therefore, the population density has drastically increased in cities over the decade. This has resulted in a rise in the number of residential buildings, further propelling product consumption.

REGIONAL INSIGHTS

Based on geography, the market for roof coating is divided into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa.

Asia Pacific held the largest market share and is anticipated to dominate the market during the forecast period. The Asia Pacific market size was valued at USD 0.57 billion in 2023. The region has the highest population in the world. This surges the demand for the construction of airports, malls, residential buildings, parks, commercial complexes, and others. The product is consumed to cool down and protect their roofs by saving energy. Additionally, these coatings reduce the replacement expenses of rooftops. China is the largest consumer in Asia Pacific due to the development of residential and commercial construction spaces.

The market growth in North America is associated with the rise in the rate of owner-occupied housing units. According to the U.S. Census Bureau, the country had 142,153,010 housing units in 2021. This creates an opportunity for construction contractors to provide roof repair services that further drive the product demand in the region.

The growth of the market in Europe is driven by the residential end-use segment, including elite housing, low-cost housing, and middle-class housing. Additionally, the region has witnessed a rise in penthouses, bungalows, villas, and high-class infrastructure. Therefore, increased construction activities are expected to increase product demand in the region.

Rapid industrialization in the region is driving the growth of the Latin American market. The product is widely utilized in industrial buildings to cool down the temperature and protect against the physical damage caused by UV rays, odd weather, and pollution. At the same time, the product market in the Middle East & Africa is expected to grow at a moderate CAGR during the forecast period owing to the entrance of key product manufacturers and suppliers.

List of Key Companies in Roof Coating Market

Companies are Focusing on Acquisition Strategy to Strengthen Their Market Positions

Leading companies in the market include BASF SE, Akzo Nobel N.V., PPG Industries, RPM International Inc., and Wacker Chemie AG.  Most manufacturers focus on acquisition, strategic partnerships, and capacity expansion to enhance their product portfolio and broaden their market reach. Also, the development of the product is based on international market requirements.

LIST OF KEY COMPANIES PROFILED:

• BASF SE  (Germany)


• Akzo Nobel N.V. (Netherlands)


• RPM International Inc. (U.S.)


• PPG Industries (U.S.)


• The Sherwin-Williams Company (U.S.)


• HITAC ADHESIVES & COATINGS (India)


• Neogard (U.S.)


• DOW (U.S.)


• Wacker Chemie AG (Germany)


• SIKA AG (Switzerland)

KEY INDUSTRY DEVELOPMENTS:

• November 2023: Dow announced AB Specialty Silicones as the elastomeric coating distributor in the U.S. and Canada.


• April 2023: PPG Industries completed the USD 15 million expansion of Brazil, Ind., a powder coating plant manufacturing facility. Through this acquisition, the company has served customers in the appliance and general industrial manufacturing sectors. The upgrades will enhance PPG’s ability to serve powder customers through greater product and process quality control while decreasing lead times for color matching and production.


• April 2023: Neogard completed the testing of the Cool Roof Coating Council’s (CRRC) final approval of the 7490-CA aliphatic urethane roofing topcoat product. The approval would maximize the company’s revenue.


• April 2023: Neogard achieved the factory mutual (FM) certification for the five roofing systems. This would maximize the company’s sales and revenue.


• April 2022: Akzo Nobel N.V. announced the acquisition of Grupo Orbis. The acquisition is aimed at establishing a key presence in Latin America.

REPORT COVERAGE

The research report delivers a thorough market analysis and focuses on key aspects such as type, substrate, technology, end-use, and leading companies. It covers quantitative data in terms of value, and volume, research methodology for estimation of market size, and insights into market trends. It highlights key industry developments and the competitive landscape. In addition to the above mentioned factors, the report includes numerous factors that have contributed to the market growth in recent years.

Report Scope & Segmentation

ATTRIBUTE	DETAILS
Study Period	2019-2032
Base Year	2023
Estimated Year	2024
Forecast Period	2024-2032
Historical Period	2019-2022
Growth Rate	CAGR of 4.4% from 2024 to 2032
Unit	Value (USD Billion), Volume (Kiloton)
Segmentation	By Type Bituminous Elastomeric Urethane Coatings Acrylic Silicone Others Others
By Substrate Metal Asphalt Membrane Concrete Plastic Others
By Technology Water-based Solvent-based Others
By End-use Sector Residential Non-Residential
By Region North America (By Type, Substrate, Technology, End-use Sector, and Country) U.S. (By End-use Sector) Canada (By End-use Sector) Europe (By Type, Substrate, Technology, End-use Sector, and Country) Germany (By End-use Sector) U.K. (By End-use Sector) Italy (By End-use Sector) Spain (By End-use Sector) Rest of Europe (By End-use Sector) Asia Pacific (By Type, Substrate, y Technology, End-use Sector, and Country) China (By End-use Sector) Japan (By End-use Sector) India (By End-use Sector) South Korea (By End-use Sector) Rest of Asia Pacific (By End-use Sector) Latin America (By Type, Substrate, Technology, End-use Sector, and Country) Brazil (By End-use Sector) Mexico (By End-use Sector) Rest of Latin America (By End-use Sector) Middle East and Africa (By Type, Substrate, Technology, End-use Sector, and Country) GCC (By End-use Sector) South Africa (By End-use Sector) Rest of Middle East and Africa (By End-use Sector)