U.S. Roof Coating Market Size, Share & COVID-19 Impact Analysis, By Type (Bituminous, Urethane Coatings, Acrylic, Silicone, and Others), By Substrate (Metal, Asphalt, Membrane, Concrete, Plastic, and Others), By Technology (Water-based, Solvent-based, and Others), By End-use (Residential and Non-Residential), and Country Forecast, 2023-2030

The U.S. roof coating market size was worth USD 342.4 million in 2022 and is projected to grow at a CAGR of 4.3% during the forecast period.

Roof coatings are thicker solutions with higher solid contents, designed to protect and extend the service life of roof assemblies. Their consumption is increasing as they offer safety against the damaging effects of changing weather conditions and the environment. As per Roof Coatings Manufacturers Association (RCMA), around 2.5 billion square feet of roofs are replaced or re-coated annually. Roofing materials are also considered a major contributor to waste in landfills. Roof coatings are expected to become an ideal solution to address this issue, increasing the lifespan of roofs and reducing waste. These factors will create growth opportunities in the market.

The COVID-19 outbreak affected many industries and the construction industry was among the few that faced a huge recession. Fear of the virus forced the government and people to stop various activities, including construction projects. Temporary halts in new building construction and renovation projects reduced the product demand in 2020.

U.S. Roof Coating Market Trends

Nano Roof Coating to Offer New Growth Opportunities in the U.S. Market

Maintaining the roof’s temperature is one of the most important uses of roof coating and reduces building costs by decreasing air conditioning units. It also helps minimize the cooling costs during warmer climates and peak energy consumption, ultimately reducing the strain on the electric grid. As the go-green trend is on the rise, nano roof coating offered by suppliers has gained significant traction. These coatings are capable of reducing the HVAC consumption of a building by 30-40%, making it an ideal choice for roofs of commercial buildings. In addition, nano shield coatings are designed to extend the lifespan of roofs by creating a watertight seal. These unique features and advantages offered by nano coatings for roofs will accelerate the U.S. market growth. 

U.S. Roof Coating Market Growth Factors

Growing Concerns Regarding Urban Heat Island Effect to Fuel Product Use

As buildings are growing taller, it is increasing the population of various cities and reducing access to fresh air and sunlight. The rise in urbanization is responsible for increasing the regional air temperature, thus causing the "Urban Heat Island Effect." This boosts the need for HVAC products and increases energy consumption. A clean white roof can easily reflect 80% of the sunlight, reducing the overall temperature. Reflective coatings are ideal for tackling the Urban Heat Island Effect. Increasing urbanization and adopting sustainable roofing solutions by building contractors are set to fuel the market growth.

RESTRAINING FACTORS

Use of Volatile Organic Compounds May Create Challenges for Product Suppliers

While roof coatings have proven to be a great solution for many problems associated with roofs, they also carry a few major drawbacks. These coatings contain many Volatile Organic Compounds (VOCs) that can significantly damage the environment. VOCs are found in many paint and coating products, making them easy to apply and spray. However, at the same time, these compounds contribute to air pollution and are toxic to living organisms. Long-term exposure to these chemical compounds can cause damage to human organs and lead to various diseases, including allergic skin infections, throat discomfort, and lung infections. As a result, many countries are imposing necessary restrictions on the use of VOCs, which may create challenges for suppliers.

U.S. Roof Coating Market Segmentation Analysis

By Type Analysis

Based on type, the market is segmented into bituminous, urethane coatings, acrylic, silicone, and others.

The urethane coatings segment held the largest U.S. roof coating market share in 2022 and is poised to remain dominant. Urethane coatings are one of the strongest roof coatings available in the market, as they can endure stress caused by seasonal changes. The growth of this segment is associated with the rising preference for urethane coatings in commercial applications as they are UV stable.

The silicone coating segment is projected to record the fastest growth during the forecast period owing to its quick curing and single coat application.

By Substrate Analysis

Based on substrate, the market is segmented into metal, asphalt, membrane, concrete, plastic, and others.

The asphalt segment holds the leading market share as the demand for this substrate has grown significantly in the U.S. Easy installation and cost-effectiveness of asphalt substrates are the key factors driving the segment’s growth.

• As per the Asphalt Roofing Manufacturers Association, asphalt shingles are the most versatile materials. Asphalt offers many advantages over its alternatives, making it an affordable and reliable roofing solution for every residential and commercial application.

By Technology Analysis

Based on technology, the market is segmented into water-based, solvent-based, and others.

The water-based segment is estimated to hold the largest share of the U.S. market. This technology offers high tensile strength and reduces fungal growth, hence, it is preferred by many end-users. These characteristics are expected to drive the segment’s growth.

The solvent-based coating segment is projected to be the fastest-growing segment during the forecast period. Solvent-based coating solutions last longer and exhibit more tensile strength. They also show less susceptibility to colder temperatures and can serve a wide range of applications.

By End-use Analysis

Based on end-use, the market is segmented into residential and non-residential.

The residential segment accounted for a dominant share of the market owing to the increased adoption of roof coating solutions in residential buildings.

The growing commercial sector and increasing emphasis on sustainable energy solutions will increase the demand for roof coatings from non-residential end-users during the forecast period.

• As per the Federal Reserve Bank of St. Louis, the total spending on residential construction in the U.S. in 2022 was USD 11.1 trillion.

List of Key Companies in U.S. Roof Coating Market

In terms of the competitive landscape, the market depicts the presence of established and emerging companies. BASF SE, Akzo Nobel N.V., PPG Industries, RPM International Inc., and Wacker Chemie AG are some manufacturers leading the U.S. roof coating market. The development of hybrid roof coating solutions and sustainability have become priorities for manufacturers.

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.)


• GAF (U.S.)


• Neogard (U.S.)


• DOW (U.S.)


• Wacker Chemie AG (Germany)


• SIKA AG (Switzerland)

KEY INDUSTRY DEVELOPMENTS: 

• April 2023: PPG Industries invested USD 15 million to expand its powder coating production facility in Brazil. This move will support the company’s growth in North America.


• March 2023: NanoTech Inc. launched a new Nano Shield cool roof coat product that will meet the increasing demand for coatings from the commercial sectors. The new product claims to significantly reduce HVAC consumption, thereby decreasing energy costs.

REPORT COVERAGE

The report thoroughly examines key factors, such as leading companies, types, substrates, and technologies. It also provides information on the latest market trends and highlights significant industry advancements. The study includes different variables that have contributed to the market's growth in recent years. It also examines the industry's newest dynamics, opportunities, historical data, and revenue growth estimates at the country level.

Report Scope & Segmentation