The
popularity of roof coatings in the marketplace was already climbing
when the post-pandemic shortages in roofing materials gripped the
industry for roughly 18 months. During that time, facility owners
looking to capitalize on the moment — and roofing contractors eager to
keep their projects and businesses on track — turned to
readily-available coating solutions.

While that presented a
short-term boom for some roofers, some contractors are riding that wave
of success back downward as supplies of other traditional roofing
systems return to pre-pandemic levels — or are at least getting closer.
Despite its slow retreat, inflation remains, and price volatility is
also taking a toll, leaving much of the nation’s economic future
uncertain.

That said, there’s still a lot of optimism surrounding roofing coatings in the industry today, and for good reason.

The
global cool roof coatings market, in particular, was estimated at
roughly $4.5 billion in 2022 and is projected to swell past $8 billion
by 2032, according to Fact.MR — a market research firm and consultant.
The United States holds more than one-quarter of that global market, and
increasing pressures to reduce facility energy costs while moving
closer toward desired “green” building certifications, will likely fuel
demand.

“The drive to build more resilient roofs has created
space for coatings which promote repair and maintenance to reduce
unnecessary waste going to landfills,” said Chris Huettig, national
director of Technical Services at KARNAK.

Other highlights from Fact.MR’s latest research includes:

• Silicon-based coatings should gain significant global market share with increased interest in their ability to resist sunlight.
• Liquid-applied roof coatings gained significant traction over the past half-decade.
• Although
  mainly seen in commercial roofing applications, the demand for cool
  roof coatings in residential settings will accelerate at a high pace.
• The top five roof coatings manufacturers held about 38% of the product’s market share in 2021.
• Though it depends on geography and climate, the Cool Roof Rating Council (CRCC) estimates average energy savings from cool roof coatings to be 7-15%.

In the Know

Many building owners and managers know they can
increase the life of their roofs through the proper use of coatings and
adequate roof maintenance. With high interest rates pinching the lending
market and funding for capital improvement projects stalled, or in some
cases dwindling, there are differing opinions on whether the market
slows or could sustain a second wave of acute growth.

“The
biggest concerns surround the uncertainties in the economy,” said Keith
Stevenson, vice president of sales for Huntsman Building Solutions. “The
potential for new builds and projects to come out of the ground will be
uncertain for a time. Also, the pinch on upkeep budgets is a concern.
The economic environment is just not as stable as we would all like it
to be.”

Stevenson still called the potential marketplace
“limitless” for roofing contractors that want to add coatings to their
service offerings. It appears they agree.

In RC’s 2023
survey of roofing contractors, the number of contractors indicating they
were involved with coatings products exceeded 60%, surpassing both
low-slope and steep-slope asphalt for the first time in the survey’s
history.

Nearly half (47%) of respondents indicated that coatings
sales increased over the prior year; 42% said sales were flat; just 11%
reported a decrease. Coatings sales were expected to remain the same or
slightly increase with most contractors.

Another area of change
for believers in roof coatings that could drastically impact the future
of roofing is in the insurance realm. Roofers building their companies
on storm response and restoration can soon see coatings as a viable
revenue generator. That’s because carriers hit with major natural
disasters in recent years are now looking for cost-saving alternatives
and willing to negotiate.

“In the past, insurance companies would
either deny a claim or insist that the roof be torn off and replaced.
Coatings have now entered the conversation,” explained Kyle Stavish,
national business development manager with Mule-Hide Products Co.
“Insurance companies are recognizing that coatings chemistry has evolved
and that fluid-applied systems are durable, flexible and dependable
while also costing much less and causing far less disruption than
replacing a roof.”