Rising investment in renovation and refurbishment projects will positively impact the North America Roof Coatings market at a CAGR of 3.77% during the forecast period 2024 to 2032

Market Research Future (MRFR) has published a cooked research report on the “North America Roof Coatings market” that contains the information from 2018 to 2032.

The Magnet market is estimated to register a CAGR of 3.77% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the North America Roof Coatings market— BASF SE, PPG Industries, Inc., AkzoNobel N.V., Sherwin-Williams, Arkema, Nippon Paint Holdings Co., Ltd., Dow, Nouryon, Axalta Coating Systems Ltd., Sika, Hempel (USA) Inc. and GAF, Inc.

Market Highlights

The North America Roof Coatings market is accounted for to register a CAGR of 3.77% during the forecast period and is estimated to reach USD 638.2 million by 2032.

The North America roof coatings market is experiencing significant growth, driven by rising investments in renovation and refurbishment projects. As buildings age, their roofs often deteriorate, leading to leaks, energy inefficiencies, and structural issues. Roof coatings provide an effective solution for extending the lifespan of existing roofs without the need for costly replacements. This growing trend of roof renovations presents a lucrative opportunity for the roof coatings industry. One of the primary factors fueling the demand for roof coatings in North America is the surge in renovation and refurbishment activities. The region is home to a large stock of aging infrastructure, particularly in urban areas. Many commercial, industrial, and residential buildings constructed decades ago require updates to improve performance, energy efficiency, and overall aesthetic appeal. Roof coatings serve as a cost-effective alternative to roof replacements, offering a durable and sustainable solution that extends the roof's lifespan while minimizing disruption to building operations.

The increasing emphasis on sustainability and energy efficiency in building renovation projects is also driving demand for roof coatings. As governments and building owners look for ways to reduce energy consumption and carbon footprints, roof coatings, especially those with reflective and insulating properties, are gaining popularity. Cool roof coatings, for example, reflect sunlight and lower the temperature of the building, reducing the need for air conditioning and lowering energy bills. This energy-saving benefit aligns with the growing demand for green building materials and sustainability-focused construction practices.

The remodelling expenditure in the United States reached a significant milestone of 418 billion U.S. dollars in the third quarter of 2022, with projections indicating that it will rise to 445 billion U.S. dollars by the third quarter of 2023. In the commercial sector, renovation and refurbishment are essential for maintaining the competitiveness, efficiency, and attractiveness of properties. As businesses seek to update their facilities to meet modern standards, many are turning to roof coatings as a cost-effective and energy-efficient solution. Retail centers, office buildings, and industrial facilities are increasingly investing in roof coatings to enhance their roof's performance while ensuring compliance with modern energy codes and regulations. Given that commercial buildings consume a significant amount of energy for heating and cooling, roof coatings—especially reflective or "cool" coatings—offer a practical solution for reducing energy consumption. These coatings reflect sunlight, lower roof surface temperatures, and reduce the need for air conditioning, leading to significant cost savings over time.

In the residential sector, there is a noticeable uptick in renovation activities as homeowners seek ways to increase the value, comfort, and efficiency of their homes. Home improvement projects have become particularly popular in the aftermath of the pandemic, as more people spent time at home and invested in upgrading their living spaces. Roof coatings offer an affordable and efficient solution for homeowners who want to improve the energy performance and durability of their roofs without undergoing extensive and costly replacement projects. With many homes aging, particularly in the U.S. and Canada, roof coatings provide an appealing alternative that enhances roof life while improving insulation and energy efficiency.

Energy savings are a key factor driving the adoption of roof coatings in the residential sector. Similar to commercial buildings, residential roof coatings can reflect solar radiation, keeping homes cooler during hot months and reducing energy costs. This benefit is especially important in regions with hot climates, where air conditioning accounts for a large portion of energy consumption. Reflective roof coatings can significantly lower cooling costs, offering a return on investment for homeowners looking to reduce their monthly energy bills. Additionally, roof coatings can provide a barrier against water damage, UV rays, and general wear, making them a long-lasting solution that adds value to homes.

The rising investment in renovation and refurbishment projects presents a significant growth opportunity for the North American roof coatings market. As building owners across commercial and residential sectors look for cost-effective, energy-efficient, and sustainable solutions to extend the lifespan of their roofs, roof coatings are emerging as a preferred option. The commercial sector's focus on compliance with modern energy regulations, along with the residential sector's increasing interest in home improvement and energy savings, is expected to drive substantial growth in the roof coatings market. With the remodeling expenditure in the U.S. set to reach 445 billion U.S. dollars by the third quarter of 2023, the market for roof coatings is poised for continued expansion, benefiting from government incentives, technological advancements, and growing consumer awareness of energy efficiency.

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Segment Analysis

The North America Roof Coatings market has been segmented based on Type, Substrate, Technology, Roof Type, End Use, and Country.

The North America Roof Coatings Market segmentation, based on Type has been segmented into Bituminous, Elastomeric, Acrylic, Silicone, Epoxy, and Others. Among these, Acrylic Roof Coatings is projected to dominate the North America Roof Coatings market revenue through the projected period. Bituminous holds the second-largest segment by type in the North America Roof Coatings market, and its prominence can be attributed to its widespread adoption across a spectrum of industries and applications.

The North America Roof Coatings Market segmentation, based on Substrate has been segmented into Metal, Concrete, Asphalt, Plastic, and Others. Among these, Metal Substrate is projected to dominate the North America Roof Coatings market revenue through the projected period.

The North America Roof Coatings Market segmentation, based on Technology has been segmented into Water-based, Solvent-based, and Others. Among these, Water-based is projected to dominate the North America Roof Coatings market revenue through the projected period.

In Roof Type segment, the market is categorized as Flat, Low Sloped, Steep Sloped, and Others. Among these, Flat roof segment is projected to dominate the North America Roof Coatings market revenue through the projected period.

In End Use segment, the market is categorized Residential, Commercial, and Industrial. Out of which the Commercial segment held the maximum share in the base year market and is also expected to be holding a significant share in the forecasted period as well.

Regional Analysis

By Country, the Magnet market is segmented into US, Canada and Mexico. The US Roof Coatings market holds the considerable market share and is also forecasted to hold the largest share during the forecast period.

Key Findings of the Study

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  The North America Roof Coatings market is expected to reach 638.2 million by 2032, at a CAGR of 3.77% during the forecast period.

  
  


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  Mexico accounted for the fastest-growing market.

  
  


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  Based on Type, the Acrylic segment was attributed to holding the largest market in 2023.

  
  


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  Based on Substrate, the Metal segment was attributed to holding the largest market in 2023.

  
  


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  Based on Technology, the Water-based segment was attributed to holding the largest market in 2023.

  
  


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  Based on Roof Type, the Flat Roof segment was attributed to holding the largest market in 2023.

  
  


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  Based on End Use, the Commercial segment was attributed to holding the largest market in 2023.

  
  


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  BASF SE, PPG Industries, Inc., AkzoNobel N.V., Sherwin-Williams, Arkema, Nippon Paint Holdings Co., Ltd., Dow, Nouryon, Axalta Coating Systems Ltd., Sika, Hempel (USA) Inc. and GAF, Inc are the key market players.