The global liquid roofing market was valued at USD $8.68 billion in 2022. It is estimated to reach USD $16,61 billion by 2031, growing at a CAGR of 7.47% during the forecast period (2023–2031).
Liquid roofing is a technique used to protect the surface of the roof substrate by applying advanced polymeric coating materials that act as additional skin to the original substrate, which differs according to their end-use. For instance, asphalt, bismuth, metal, and asbestos are critical substrates used for non-residential applications, whereas felt and concrete are primarily used in residential applications. Liquid roofing tar is another substrate material that can be used to fix leaks in the roof. It is suitable for all types of roofing, i.e., flat, pitched, domed, etc. A liquid roofing system is a highly cost-effective method of making new or existing roofs waterproof, damage-resistant, and energy-efficient. It can provide up to 25 years of life to a roof, depending on the materials used.
Liquid roofing systems mainly comprise multiple components, such as liquid-applied coating and mesh membranes. These components offer a multitude of physical and chemical properties other than waterproofing. This liquid roofing and construction system can withstand extreme elements and stresses encountered by any typical building movement. The chemical composition can withstand the sun's intense heat as it is fire resistant, which helps extend the roof's life. Additionally, it offers resistance to hail, wind uplift, and water leakage.
Furthermore, the liquid roofing system is proven to be one of the most cost-efficient roofing systems. Cost factors in any roofing project include material, installation, maintenance, longevity, and energy consumption. Liquid roofing systems are easy to install and require inexpensive installation equipment compared to traditional roofing systems. It requires low maintenance and can deliver up to 20 years of performance, depending on the coating systems. In addition, they lower the overall cost of ownership, including maintenance, insulation, and energy consumption. It conserves energy by reflecting heat from the building and reduces landfill waste by reducing tear-off waste. All the above factors are driving the global demand for liquid roofing systems.
The demand for 2K-polyurethane or two-component polyurethane liquid applied membrane has witnessed a steep growth over the last decade. Two-component technology's fast and efficient application method makes it ideal for large surface and industrial applications. Furthermore, its fast-curing property that allows fast over coatings makes it a time-saving application. The extensive physical and chemical properties, such as excellent weather resistance and UV stability, good mechanical and chemical resistance, fast drying at room temperature, excellent clarity, resilience, and durability, and attractive finish further drive its demand. Moreover, the increased demand for 2K-polyurethane coating is also attributed to its eco-friendly nature as it is solvent-free and 100% solid, and economical waterproofing. Thus, the increasing demand for 2K-polyurethane in liquid roofing systems is driving the global liquid roofing market.
Elastomeric membranes, such as modified bitumen membranes or self-adhesive elastomeric membranes, are commonly used to produce liquid roofing systems. The elastomeric membrane is around 10% more expensive than traditional roofing membranes, such as gravel and asphalt. Nonetheless, elastomeric membranes offer a high return on investment and low maintenance compared to conventional membranes making them more cost-efficient, but they require increased capital investment initially. Thus, the high cost of elastomeric membranes is likely to hinder the growth of the liquid roofing market globally.
Polymer resins are the other primary liquid roofing materials used to produce liquid roofing products. The prices of polymer resins are closely associated with crude oil costs. However, crude oil prices are constantly fluctuating for the last five years. According to Crude Oil Investing, there have been large swings in crude oil prices from USD 140 per barrel in 2008 to as low as USD 34.74 per barrel in 2016. Thus, the high cost of elastomeric membranes and fluctuating crude oil (affected the production of petrochemicals) prices are primarily restraining the growth of the global liquid roofing market.
The expanding construction industry in developing nations such as India, China, Thailand, and Indonesia due to rising residential construction, coupled with population growth and increasing per capita disposable income, is consequently expected to boost the demand for the product. Likewise, the increasing investments by governments in commercial construction for infrastructure development in various nations are also likely to fuel the demand for liquid roofing.
The market growth in the US can be attributed to the increase in residential construction with the growing need for single-family dwellings. The increased spending on construction activities by the government for infrastructure development is likely to propel global market growth. Thus, it is anticipated that the rapid expansion of infrastructure-related activities in developed and developing nations will create opportunities for the global liquid roofing market to grow over the forecast period.
Based on Type, the global liquid roofing market is divided into polyurethane coating, acrylic coating, polyurethane/acrylic hybrids coating, silicone coating, bituminous coating, elastomeric coating, epoxy coatings, and others.
The acrylic coating segment is the highest contributor to the market and is expected to grow at a CAGR of 8.51% during the forecast period. Acrylic coatings are manufactured from methacrylic or acrylic polymers, which exhibit excellent color retention properties. Also, acrylic coatings are characterized by better elastomeric finish and high surface hardness when applied as roof coatings on buildings. These coatings are soluble in water but possess water-resistant properties in the dry state. It is used for functional, protectoral, or decorative purposes. Owing to the beneficial coating properties such as enhanced gloss, better clarity, weatherability, and excellent finish, the segment has a significant share compared to others in the liquid roofing market.
Polyurethanes are produced from the reaction of polyols with polyisocyanates, such as methylene diphenyl diisocyanate (MDI) and toluene diisocyanate (TDI). In polyurethane coatings, polyols are converted to stock coatings and mixed with polyisocyanates in a cross-link before processing, thus providing a two-component system. The properties of the PU coating could be accustomed to the polyol used during the production process and the crosslinker selected. Additionally, polyurethane coatings offer numerous properties, which include high-performance coatings with excellent abrasion and corrosion resistance, low-temperature curing, higher durability, high flexibility, good weathering features, and high optical properties. Owing to these properties, they are extensively used in the construction industry.
Based on Application, the global liquid roofing market is divided into flat roofs, pitched roofs, domed roofs, and others.
The flat roof segment owns the highest market share and is anticipated to grow at a CAGR of 8.09% during the forecast period. Flat roofs provide the impression of being flat with no pitch. However, they feature a little pitch that enables drainage and water run-off. Typically, commercial and industrial structures use these roofs. However, they can also be installed on private residences in both high- and low-rainfall regions. Flat roofs are less expensive to erect because they require fewer building materials and are easier to install than pitched roofs.
Pitched roofs, also known as peaked roofs or gable roofs, are most common in the US and some European countries. They are uniquely identifiable due to their triangular shape and can quickly shed water and snow, provide more space for the attic or vaulted ceilings, and allow more ventilation. Their inherently simple design makes it easy to build them, and they are cheaper than other complex designs.
Based on End-User, the global liquid roofing market is divided into residential and non-residential.
The residential segment is the highest contributor to the market and is estimated to grow at a CAGR of 7.88% over the forecast period. Residential construction activities include new construction and repair and renovation. Residential construction activity is expected to increase worldwide due to the growing urbanization trend, rising disposable income, and rising population resulting in high housing demand. In addition, several ambitious programs launched by the government of developing countries in Asia would act as a big push for residential construction activity in the region.
By region, the global liquid roofing market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
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. China, Japan, India, South Korea, Australia and New Zealand, and the Rest of Asia-Pacific are the key countries in this region. Growing urbanization and industrialization in the developing economies of the Asia-Pacific, particularly in China, Japan, and Southeast Asian countries, are responsible for the market expansion. In the Asia-Pacific region, China is the top producer and consumer of liquid roofing. China's growing industrial base and rising population are the prime factors that propel the market growth. In China, spending on infrastructure by the government increased by 4.3% year-on-year in the initial months of 2019 compared to 3.8% in 2018. The liquid roofing market in India is expanding owing to the surging demand from commercial building sectors. Additionally, the government of India allocated around USD 63.2 billion for the infrastructure sector in 2018, which is expected to propel market growth.
North America is expected to grow at a CAGR of 7.39% over the forecast period. The North American region is further sub-segmented into U.S. and Canada. The U.S. accounted for a significant share of the liquid roofing market in North America during the forecast period. The established presence of residential buildings with flat roofs in the region is the prime factor propelling the growth of the liquid roofing market in North America. A critical trend that is gaining traction in the liquid roofing market is the introduction of new products. New product development and launches are made to provide better solutions with extra features like outstanding anti-corrosion and long-lasting performance. Companies are introducing new items to meet consumer demand and get more market share. For instance, Mallard Creek Polymers, a US-based producer and supplier of styrene acrylic emulsion polymers to the elastomeric roof coatings industry, introduced Rovene 6120 in January 2020. Rovene 6120 is an all-acrylic emulsion polymer for extremely long-lasting elastomeric roof coatings that adhere to ASTM D 6083 standards. The Standard Specification for Liquid Applied Acrylic Coating Used in Roofing, ASTM D6083, is met or exceeded by Rovene 6120, according to certification from a third party. The new product has outstanding waterproofing capabilities.
The European market is primarily driven by the strong demand for liquid roofing for flat roofs and pitched roof applications. The European region is further divided into Germany, France, the U.K., Russia, Italy, Spain, and the Rest of Europe. Germany accounted for the largest share in Europe and was followed by France. The growing construction activities in Eastern Europe due to the increase in single-family dwellings, growing formal lending to households, and low mortgage and interest rates are expected to support the market growth in Europe.
The growth of markets in Latin America and the Middle East and Africa is likely to be driven by the increasing industrialization in the regions and the consumers' rising per capita disposable incomes. In the Latin American region, the significant contribution to the market comes from Brazil, Argentina, Mexico, and the rest of Latin America.
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
January 2023- Sika AG and INEOS Enterprises signed a contract for INEOS Enterprises to purchase MBCC Group's admixtures business in the United States, Canada, Europe, and the United Kingdom ("Disposal Perimeter") and its complete activities in Australia and New Zealand. The disposal is necessary as part of Sika's remediation process for its acquisition of MBCC Group.
December 2022- Sika AG is opening a new plant to produce liquid membranes and mortar in Chongqing, a 30-million-person city in southwestern China. By commissioning the new factory, Sika is strengthening its position in this fast-expanding urban area, which is expected to become even more significant as China creates the Chengdu-Chongqing commercial district with about one million inhabitants.