“The demand for cool roof coating has attracted significant demand in recent times; particularly because reducing energy consumption has become the primary goal of many countries and companies, especially in the U.S. Protective roof coating helps enhance the economic life of roofs by protecting them from UV degradation. Using a roof coat helps organizations to meet their sustainability goals by reducing wastage of resources, such as energy and money. Roof coatings also help repair roof leaks, reduce roof surface temperatures, reflect solar radiation, and reduce cooling loads, and in turn, reduce energy consumption.
Major roof coating associations are focusing on spreading awareness about roof coatings, their benefits, and cost-effectiveness. They are also giving importance to the âdo-it-yourselfâ application process, which allows the end user to apply the roof coat himself, given the proper information and training. There are also some manufacturers that are associated with providing roof coating training to contractors and individuals. Consulting services are also provided by manufacturers to help consumers choose the most effective coating for their roof.
The bigger players in the market have a strong distribution network across the world and the financial strength to sustain them. The same cannot be said about new entrants in the market. For the roof coating industry, it is essential to have a strong distribution network to enable timely delivery of the product to customers, whenever needed. New entrants find it difficult to compete against established players in this regard.
The players in the global roof coating industry are well-established. It is very difficult for new players to enter the market and compete with established players. Even end users prefer products from established players, rather than new players.
The key players adopted inorganic growth strategies, such as acquisitions and partnerships & agreements to increase their presence in the market. These companies aim at strengthening their position in the developed markets of Europe and North America and on entering the emerging roof coating markets of the Asia-Pacific region and the Middle East. They invest considerably to acquire coating businesses of local as well as established market players to reinforce their market position in the particular region.
Increasing disposable incomes of people in developing countries, regulations to incorporate cool roofing, and changing preferences of people towards sustainable building techniques, drive the growth of the roof coating market. Lack of awareness about roof coating is the biggest challenge faced by players in the market.
The global roof coating market is marked with intense competition due to the presence of a large number of both, big and small firms. New product launches, mergers & acquisitions, and partnerships and expansions are the key strategies adopted by market players to ensure their growth in the market. The key players in the market are AkzoNobel NV (The Netherlands), PPG Industries, Inc. (U.S.), Sherwin-Williams (U.S.), Valspar Corporation (U.S.), BASF SE (Germany), Nippon Paint Co. Ltd (Japan), RPM International Inc. (U.S.), The Dow Chemical Company (U.S.), and Hempel A/S (Denmark). In this report, the global roof coating market is segmented into type, roof type, application, and geography.
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