The global asphalt roof coatings market is set o chart significant growth in the forecast period of 2018-2026, creating new and lucrative growth opportunities for market players and pull up market worth significantly. These coatings make roofs flexible, durable and water resistant. They also protect against harsh weather conditions. These work for aluminum, concrete, stones, wooden and metal substrates.
A number of factors are driving the market onto a higher growth trajectory. One of the most important growth factors is massive growth in the construction industry in the next 10 years. By 2030, there would be an 85% increase in construction volumes. This would translate to a USD 15.5 trillion. Of this growth, a large chunk of 57% will be accounted for by only three countries – India, China and the United States.
It is only natural, considering by 2050, there would be an addition of some 2 billion people in the world who will need both residential and commercial space to live.
Growing consumer interest in asphalt shingles in the North American and European regions owing to their favorable properties is leading to growth in the two regions. Another region that will generate untapped opportunities for market players is the Asia Pacific (APAC) region, having a large consumer base and rising construction activity.
The market landscape is fragmented and prominent names in the landscape include Dow Corning Corporation, Henry Company, Aluminum Coatings Manufacturers, and Acrymax Technologies, Inc. The players often resort to a number of strategies in order to have a firm grasp on the market share. While some go for mergers and acquisitions, others explore synergies in strategic partnerships and collaborations. Besides, there is always the element of constantly working towards improving the product. And, here comes in the part of research and development and product innovation.
Asphalt Roof Coatings Market: Overview
Roof coatings are a type of roofing membrane which have elastic properties that allows it to get to their original shape without damage when stretched. Asphalt roof coatings make the surface durable and offer high water resistance and protection against extreme weather conditions. Asphalt roof coatings are suitable for various substrates such as aluminum, concrete, metals, tiles, wood, and stones.
Asphalt Roof Coatings Market: Key Segments
The global asphalt roof coatings market can be segmented in terms of technology, system, type, and region. Based on technology, the market can be bifurcated into water-based and solvent-based. In terms of system, the asphalt roof coatings market can be divided into modified bitumen, built-up roof (BUR), and multi ply roof. Based on type, the market can be categorized into styrene ethylene butylene styrene (SEBS), urethanes, silicones, and acrylics. SEBSs and urethanes are conventionally used in asphalt roof coatings. Acrylic asphalt roof coatings are gaining momentum in the market due to their excellent low temperature flexibility, good long-term weathering resistance, and good asphalt bleed blocking properties.
Asphalt roof coatings are susceptible to degradation under UV radiation. Asphalt-based roofs absorb UV radiation causing breakage of polymer coating. Hence, manufacturers have installed acrylic polymers on asphalt roofing to protect asphalt roof coatings from UV radiation. Acrylic, being transparent, does not absorb any radiation and reflect most of the radiation into the atmosphere leading to high lifecycle of asphalt roof coatings.
Asphalt Roof Coatings Market: Drivers & Restraintss
Growth in the building & construction industry across the globe and increase in demand for quality coating materials for asphalt roof are driving the global asphalt roof coatings market. Fluctuation in raw materials prices such as gasoline, which is a key raw material for asphalt production, is likely to restrain the market during the forecast period. However, rise in demand for white cool-roof coatings or solar-reflective coatings, especially for asphalt-shingle roofs is expected to create lucrative opportunities for manufacturers of asphalt roof coatings.
Asphalt Roof Coatings Market: Regional Outlook
In terms of region, the global asphalt roof coatings market can be segregated into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America and Europe are leading consumers of asphalt roof coatings due to high demand for bitumen roof in both the regions. Growing consumer interest in laminated asphalt shingles with favorable esthetic and performance properties, such as high ability to withstand extreme weather conditions, is boosting the market in the U.S. Rising repair and reroofing activities in Europe, especially in the construction sector is estimated to boost the market during the forecast period. Demand for asphalt roof coatings in Asia Pacific is expected to increase at a moderate pace during the forecast period due to heavy reliance on other roof coatings products such as silicone coatings, elastomeric coatings, and concrete coatings. Sales of asphalt roof coatings is expected to rise in Latin America due to high demand for asphalt roofing in the region. Additionally, rising construction activities, especially in residential and commercial sectors, in the region is anticipated to create lucrative opportunities for asphalt roof coatings manufacturers. In terms of consumption, Middle East & Africa is projected to be the least attractive region of the asphalt roof coatings market due to hot climatic weather, which is not suitable for the installation of asphalt-based roofing products.
Asphalt Roof Coatings Market: Key Players
Key players operating in the global asphalt roof coatings market include Dow Corning Corporation, Henry Company, Aluminum Coatings Manufacturers, and Acrymax Technologies, Inc.
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