The Global Roofing Coatings Market Growth Accelerated By Rising Demand For Waterproofing Coatings
Roofing Coatings are used to protect and waterproof roofs. They prevent moisture ingress and corrosion under harsh weather conditions. Roofing coatings provide thermal insulation and reflect sunlight, thereby reducing energy costs. With the increasing construction of residential and commercial buildings, the demand for roofing coatings is rising
The global roofing coatings market is estimated to be valued at US$ 3.62 Bn in 2023 and is expected to exhibit a CAGR of 25.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand for waterproofing coatings is one of the key drivers propelling the growth of the roofing coatings market. Waterproofing coatings form a protective layer that prevents leakage and damage caused by moisture. They are highly durable and increase the lifespan of roofs. With unpredictable weather events such as heavy rains becoming more frequent, the adoption of advanced waterproofing solutions is increasing. This is expected to fuel the demand for roofing coatings globally during the forecast period.
Segment Analysis
Roofing coatings are used on roofs primarily to protect them from environmental damage. The global roofing coatings market is dominated by elastomeric roof coatings segment. Elastomeric roof coatings are water-based formulas applied as liquid coatings that provide a seamless, flexible membrane over roof surfaces. They extend the life of the roof by protecting it from degradation caused by ultraviolet rays, ozone and temperature extremes. They are preferred due to their flexibility and longer lifespan of 10-15 years compared to other roof coating types.
Key Takeaways
The Global Roofing Coatings Market Size is expected to witness high growth during the forecast period of 2023 to 2030.The Asia Pacific region currently dominates the global roofing coatings market owing to the increasing demand from construction industries in China, India, Japan and other emerging economies. Key players like NetApp Inc., Nutanix Inc., Dell EMC, Hewlett Packard Enterprise Co., Juniper Networks Inc., Western Digital Corp., Lenovo Group Limited, Liqid Inc., Fungible Inc. and TidalScale Inc. are operating in the roofing coatings market.
Regional Analysis
The Asia Pacific region is projected to grow at the fastest rate during the forecast period due to the high growth of the construction industry in emerging economies like China and India. China dominates the regional as well as global roofing coatings market owing to its huge construction industry and increasing building and infrastructure development projects. Rapid urbanization and rising disposable income are also boosting the demand for roofing coatings in the region.
Key Players
Key players operating in the roofing coatings market are NetApp Inc., Nutanix Inc., Dell EMC, Hewlett Packard Enterprise Co., Juniper Networks Inc., Western Digital Corp., Lenovo Group Limited, Liqid Inc., Fungible Inc. and TidalScale Inc. Major players are focusing on new product development and capacity expansion to strengthen their presence and cater to the growing demand in the global market. For instance,NetApp Inc. launched all-flash storage solutions to provide high performance for business critical workloads.
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