Roofing coatings are liquid or semi-liquid materials that are applied to roofing surfaces for protection, waterproofing, and aesthetic purposes. Roofing coatings offer various advantages such as improved substrate protection, energy efficiency, weather resistance, and increased roof lifespan. growing construction activities across residential and commercial sectors is escalating the demand for roofing coatings. The global roofing coatings market is estimated to be valued at US$ 4.18 Bn in 2024 and is expected to exhibit a CAGR of 36% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Expansion in Residential and Commercial Construction Sectors
The market opportunity lies in the expansion of residential and commercial construction sectors. There is high growth in infrastructure development projects owing to rapid urbanization, rising disposable income, and growing population. Moreover, revamping and remodeling of old buildings is also driving the need to repair or recoat rooftops. Various government initiatives to promote green buildings and increase energy efficiency standards for rooftops are further augmenting the sales of roofing coatings. Advancements in roofing coatings to provide added features like self-cleaning, thermal insulation are increasing their preference over traditional roofing methods. The growing construction industries in Asia Pacific and Latin American countries will likely provide new revenue streams for roofing coatings manufacturers over the forecast period.
Porter’s Analysis
Threat of new entrants: Low economies of scale and minimum access to raw materials pose as entry barriers for potential entrants in the market.
Bargaining power of buyers: Large buyers have significant bargaining power due to their purchasing power. They negotiate prices and demand better quality roofing coatings.
Bargaining power of suppliers: Few leading suppliers dominate the market and have a strong influence on raw material prices. However, availability of substitutes provides some counterbalance.
Threat of new substitutes: Substitute products like modified bitumen membranes pose threat, but roofing coatings have established brand value and suitability for a range of roof substrates.
Competitive rivalry: Competition among key players is intense based on product quality, pricing, and innovation in product offerings.
SWOT Analysis
Strength: Established brands, product differentiation, and innovation in coating formulations.
Weakness: Fluctuations in raw material prices can impact profit margins. Limited substitutability increases dependence on a narrow customer segment.
Opportunity: Growing construction industry worldwide drives demand for roofing solutions. Development of bio-based coatings presents new avenues.
Threats: Stringent environmental regulations increase compliance costs. Economic slowdowns can delay infrastructure projects.
Key Takeaways
The Global Roofing Coatings Market Growth is expected to witness high over the forecast period from 2024 to 2031. The market size for 2024 is estimated to be US$ 4.18 billion. Growth is anticipated to be driven by rising construction activities, infrastructure development projects, and re-roofing activities globally.
Regional analysis North America dominates the global roofing coatings market currently due to high construction spending, re-roofing activities, and strict building codes. Asia Pacific is expected to be the fastest growing regional market owing to the booming construction industry in developing countries like China and India.
Key players operating in the roofing coatings market are BioMarin, RIBOMIC, Ascendis Pharma A/S, BridgeBio Pharma, Inc., Pfizer Inc., PhaseBio Pharmaceuticals, Inc., SiSaf, Novo Nordisk A/S, F. Hoffmann-La Roche Ltd, LG Chem, Ferring B.V., JCR Pharmaceuticals Co., Ltd, KVK TECH, INC., VIVUS LLC., ProLynx Inc., Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Ipsen Pharma, Novartis AG, and Xiamen Amoytop Biotech Co., Ltd.
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