Liquid roofing is a technique used to protect the surface of the roof substrate by applying advanced polymeric coating materials that function as additional skin to the original substrate, which varies based on their end use. For example, asphalt, bismuth, metal, and asbestos are essential substrates for non-residential applications, whereas felt and concrete are utilized predominantly for residential applications. A liquid roofing system is a highly cost-effective way to waterproof, damage-resistant, and energy-efficiently upgrade new or existing roofs.
The primary components of liquid roofing systems are liquid-applied coatings and mesh membranes. These components offer a variety of physical and chemical qualities in addition to their waterproofing capability. This liquid roofing and construction solution can survive harsh environmental conditions and building movement loads. Due to its fire resistance, the chemical composition can survive the sun's tremendous heat, extending the roof's lifespan. In addition, it protects against hail, wind uplift, and water leakage.
In addition, the liquid roofing system has been demonstrated to be among the most cost-effective roofing solutions. Liquid roofing systems are simple to install than conventional roofing systems and require less expensive installation tools. Depending on the coating methods, it can provide up to 20 years of performance with minimal maintenance. In addition, they reduce the total cost of ownership, which includes maintenance, insulation, and energy usage. It conserves energy by reflecting the building's heat and saves landfill trash by minimizing tear-off debris. All of the above elements drive the global market for liquid roofing systems.
The expanding construction sector in developing nations such as India, China, Thailand, and Indonesia, due to rising residential development, population expansion, and rising disposable income per capita, is anticipated to increase the product's demand. Increasing government investments in commercial buildings for infrastructure development in several countries, such as Thailand, Indonesia, and Malaysia, are also projected to increase demand for liquid roofing. The market expansion in the United States can be ascribed to the rise in residential buildings and the rising demand for single-family homes. Therefore, the rapid expansion of infrastructure-related activities in developed and developing nations will create opportunities for growth of the global market for liquid roofing throughout the study period.
Asia-Pacific is the most significant shareholder in the global liquid roofing market and is anticipated to grow at a CAGR of 8.22% during the forecast period. The market expansion is attributable to rising urbanization and industrialization in Asia-Pacific developing economies, particularly in China, Japan, and Southeast Asian nations. In the Asia-Pacific region, China is the primary producer and consumer of liquid roofing. China's expanding industrial base and rising population are the primary factors driving market expansion. In China, government spending on infrastructure climbed by 4.3% annually in the first months of 2019 compared to 3.8% in 2018. Additionally, India's liquid roofing market is developing due to rising demand from commercial construction industries. In addition, the Indian government invested around USD 63.2 billion in the infrastructure industry in 2018, which is anticipated to stimulate market growth.
North America is expected to grow at a CAGR of 7.39% over the forecast period. The North American region is subdivided into the United States and Canada. The United States held a considerable share of the liquid roofing market in North America over the forecast period. The established presence of residential structures with flat roofs in the region is the primary element driving growth in the North American liquid roofing industry.
The key players in the global liquid roofing market are