The Roof Coating Market is witnessing considerable growth due to the increase in the need for efficient building thermal management and increase in demand for energy-efficient and environmentally friendly roofing materials. This market has immense opportunities due to the rising pollution and growing demand from end-use sectors such as residential and non-residential. In addition, regulatory frameworks are promoting the usage of roof coatings. MarketsandMarkets projects that the roof coating market size will grow from USD 1.63 billion in 2017 to USD 1.94 billion by 2022, at a CAGR of 3.48%.
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On the basis of type, roof coatings considered for the study include elastomeric, bituminous acrylic, epoxy, silicone, and others which include polyvinylidene fluoride, Modified silane-based coating, and polyuratene. Bituminous is the most widely used for roof coating. The elastomeric segment is projected to grow at the highest CAGR from 2017 to 2022 as it is compatible with almost all types of roof structures. Moreover, elastomeric roof coating is resistant to fungi and mildew, which causes damage to roofs with time.
On the basis of solution technology, the market is segmented into water-based and solvent-based technology. Water-based solution technology is widely preferred and is projected to grow at a higher CAGR from 2017 to 2022 due to the implementation of regulations with regard to the application of coatings with low VOC content and also because of their ease of application.
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The roof coating market, by end-use sector, is segmented into residential and non-residential. The non-residential segment is further divided into commercial, hospitality, healthcare, and others. The demand for roof coating in the residential sector is minimal as compared to that in the non-residential sector, mainly due to the lack of awareness in this market. The demand for roof coating in the non-residential sector is higher as safety concerns are higher in non-residential constructions such as hospitals and hotels.
The Asia Pacific roof coating market is projected to grow at the highest CAGR from 2017 to 2022. Asia Pacific is the hub of foreign investments and booming residential & non-residential construction sectors, largely due to the low-cost labor and cheap availability of land. The increase in demand for roof coating can largely be attributed to the rising population of the region with high disposable incomes and the construction opportunities in this region. International and domestic players are incentivized to focus on the growing Asia Pacific market, considering the possible saturation of the roof coating market in the developed economies of North America and Europe.
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