The Expanding Roofing Coatings Market Is Driven By Growing Construction Activities
Key Takeaways
Key players operating in the roofing coatings are BioMarin, RIBOMIC, Ascendis Pharma A/S, BridgeBio Pharma, Inc., Pfizer Inc., PhaseBio Pharmaceuticals, Inc., SiSaf, Novo Nordisk A/S, F. Hoffmann-La Roche Ltd, LG Chem, Ferring B.V., JCR Pharmaceuticals Co., Ltd, KVK TECH, INC., VIVUS LLC., ProLynx Inc., Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Ipsen Pharma, Novartis AG, and Xiamen Amoytop Biotech Co., Ltd. The growing construction of green buildings to reduce carbon footprint has driven the demand for roofing coatings. Furthermore, expanding repair and re-roofing market of industrial and commercial properties has supplemented market growth. Rapid urbanization in developing nations has accelerated large infrastructure projects, propelling the consumption of roofing coatings.
Market drivers
The key drivers augmenting the Roofing Coatings Market Size include growing construction activities. Rapid infrastructure development and rising population has driven extensive construction of residential, industrial and commercial buildings globally. Increasing investments in green building projects adhering to sustainable construction standards foster the adoption of roofing coatings. These coatings aid in reducing heat ingress and provide energy savings. Moreover, re-roofing activities of old structures boost replacement demand. Strict regulatory compliances regarding green ratings have further impelled construction owners to opt for eco-friendly roofing materials like coatings.
The current geopolitical instability is significantly impacting the growth of the roofing coatings market. The conflicts between Russia-Ukraine and rising tensions in other parts of the world are disrupting global supply chains and increasing raw material costs. Many manufacturers are facing shortages of petrochemical-based coating resins, acrylic polymers, solvents, and other essential chemicals due to sanctions and export restrictions imposed on Russia.
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