Global Roofing Market: Snapshot
The revival of the global economy after the economic downturn of the past decade is giving a revival to various industries around the world, including construction. The expansion of the global construction industry is one of the key factors driving the growth of the global roofing market. The construction industry is making rapid strides in emerging regions such as Asia-Pacific, making these regions a highly opportunistic roofing marketplace.
Roof coatings help maintain favorable temperatures by ultimately reducing heat build-up in residential and commercial spaces. Then they reduce dependence on air conditioning systems, saving energy and reducing pollution. Apart from this, these coatings offer advantages such as high emissivity and reflectivity. These benefits encourage construction companies to use them in buildings. The increasing use of white coatings for commercial building roofs is also expected to expand the overall market in the near future. In addition, the improved field of application of coil coatings consisting of infrared reflective pigments and the introduction of different shades is likely to bode well for the growth of the market.
The global market for roofing coatings is characterized by intense competition. Most of the companies operating in the roofing market want to take advantage of the enormous potential of emerging markets to maximize their profits. The leading players consider mergers and acquisitions and product launches as viable strategies to ensure inorganic growth. In addition, they are also looking to expand their production units to meet the increasing demand for roofing in emerging economies.
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Global roofing market: overview and trends
Roofing solutions have been developed to combat extreme temperatures and minimize their effect internally. They also provide trickle protection, help prevent moisture absorption, and are aesthetically pleasing. The construction industry, after a slack period, has seen a sudden increase due to increased investment and has in turn led to the demand for roofing coating, especially in BRICS countries.
The volatile crude oil prices are limiting coatings derived from petroleum-based products, leading to a substantial shift to non-petroleum-based products. In developed countries such as the US, the government is taking initiatives to improve the environmental performance of roofing products. The United States Environment Protection Agency (US EPA) has launched an Energy Star Roof Program, which specifies guidelines for roofing coatings, especially reflective coatings.
Global Roofing Products Market: Key Segments
Roofing coatings can be divided into three segments based on product type: bituminous roofing coatings, polymer roofing coatings and reflective roofing coatings. Traditional bituminous roofing coatings are the dominant product type worldwide, while reflective roofing coatings are the fastest growing product segment.
Polymer roofing coatings can be further divided into five segments, based on the chemicals used. These are roofing coatings based on acrylic, polyurethane, silicone, epoxy, elastomer and modified polymers. Reflective roofing coatings – also called cool roofing coatings – are mostly used on glass structures such as greenhouses and factory roofs. Due to their availability in a variety of colors and different aesthetic properties, roofing coatings are also in high demand in the residential roofing products market.
Roofing can be further classified into residential and commercial sectors based on the end-user market. The residential sector is the dominant segment with a higher share of bituminous coatings due to their lower prices. The demand from the commercial sector is dominated by polymer roofing solutions because of their wide applicability and performance advantages. Based on carrier medium or formulations, the roofing coatings market can be further divided into three segments: water-based formulations, solvent-based formulations and multi-component formulations.
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Global Roofing Market: Regional Analysis
Geographically, Asia-Pacific is the largest roofing market in terms of growth rate. Demand is high due to the increasing number of construction and infrastructure development projects. China, India, Japan, South Korea, Singapore, Taiwan and Thailand are industrial economies experiencing rapid growth in their industrial sectors leading to high demand for infrastructure. Two of Asia’s most populous countries, India and China, are growing rapidly. Rising disposable income and purchasing power parity are expected to drive demand for construction projects and infrastructure development programs, especially residential projects in the growing urban regions. The availability of cheap labor, land and mild standards and regulations against chemicals compared to other regions have resulted in renowned market players establishing their manufacturing facilities in Asia.
North America is another major buyer of roofing products, particularly reflective roofing coatings and polymeric roofing coatings. On the other hand, as a result of the recent economic crisis, Europe is expected to experience relatively slower growth in the roofing market.
Global Roofing Market: Major Market Players
BASF SE, 3M Company, Akzo Nobel Coatings Inc., Bayer Material Science LLC, National Coatings Corp., General Coatings, Allied Building Products Corp. and TAMKO Building Products, Inc. are some of the main market players.
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