Global Cool Roof Coatings Market: The growing demand for durable and stiff structures for commercial buildings is likely to propel market growth during the forecast period.

The global cool roof coatings market size was estimated to be worth USD 3.59 billion in 2020 and is expected to grow at USD 5.79 billion by 2027 and register a revenue-based CAGR of 7.1% over the forecast period. Roof coating is an important product that offers thermal stability, increased durability, and better aesthetics to structures. Roof coatings perform a substantial function as they are the first line of defence against various environmental factors such as rain, sunlight, and wind. The product finds solution type in almost all residential and non-residential structures with varying designs of roofs such as flat, steep, low-steeped, and even zigzag. The various types of coatings include bituminous, elastomeric, acrylic, silicone, and epoxy.

Roof coatings add to the lifespan of a structure, which makes them an economical and sustainable solution in the building and construction industry. The growing demand for durable and stiff structures for commercial buildings is likely to propel market growth during the forecast period. Additionally, the vagaries of nature such as heavy rains, wind, and scorching heat cause frequent damage and reduce the durability of structures. Roof coatings help mitigate such damage.

The major players operating in this market have been investing over 3% of their annual sales revenues in the development of new materials and technologies for roof coatings solution types, which is anticipated to boost product demand during the review period. However, the lack of awareness, limited availability of skilled labour in some of the major emerging economies, and fluctuating raw material prices may hinder market growth during the forecast period. Rapid urbanization, shifting consumer trends in favours of sustainable structures, and robust industrialization in developing countries are likely to offer market players opportunities for growth.

The roof coating market is expected to witness considerable growth due to the growing awareness about environment-friendly roofing materials and increasing need for efficient building thermal management. Moreover, regulatory frameworks promote the use of roof coating. The roof coating market has immense opportunities owing to the emergence of new technologies and growing construction industry in emerging economies.

The global market for roof coating market is dominated by players such as BASF SE (Germany), Akzo Nobel N.V. (Netherlands), RPM International Inc. (US), PPG Industries, Inc. (US), The Sherwin-Williams Company (US), Hempel A/S (Denmark), The Dow Chemical Company (US), WackerChemie AG (Germany), Sika AG (Switzerland), and Nippon Paint Holdings Co., Ltd (Japan).

Geographically, the global roof coatings market is categorized into Latin America, the Middle East and Africa, Europe, Asia Pacific, and North America. Among these, Asia Pacific is projected to witness strong growth in terms of consumption of roof coatings over the next couple of years. The growth of the market in Asia Pacific can be attributed to the burgeoning consumption of roof coatings in countries such as Thailand, Malaysia, Indonesia, India, and China. Moreover, the significant growth of the infrastructure and construction industries in Israel, Egypt, Saudi Arabia, South Africa, Argentina, and Brazil is further expected to accelerate the sales of roof coatings globally. Moreover, as developed regions such as Europe and the U.S. are recovering from an economic crisis, they are shifting their focus towards lowering the costs of energy and adopting alternative solutions.