The Americas Silicone Roof Coatings market is growing
at a significant rate during the forecast period, owing to increasing green
building establishments as there is a growing concern about energy consumption
and carbon emissions. Green construction has grown more across commonplace because it
is more than just an environmental movement, as many companies prefer green
buildings for financial reasons. Silicone roof coatings are highly preferable
in green building construction as they are considered to be environmentally
friendly, high-solid formulations and contain extremely low volatile organic
compounds (VOCs). Silicone roof coatings can reflect up to 80-90% of the sun’s
harmful UV rays. This means facility managers and property owners can save
thousands of dollars by cutting their facility’s cooling costs during the warm
summer months and reducing the HVAC system workloads. Americas Silicone Roof Coatings Market size is forecast to reach US$ 231.8 million by 2027, after growing at a CAGR of 4.1% during the forecast period (2022-2027).
The building sector of America is providing a powerful tool to stimulate the economy, as moving the whole sector to a new and greener place. Besides, green buildings can achieve massive long-term savings in cost and greenhouse gas (GHG) emissions. Thus, the demand for silicone roof coating is also simultaneously increasing due to its cost-effective and eco-friendly nature. In 2020 the International Energy Agency (IEA) estimates that sustainable buildings can save up to US$1.1 trillion by 2050 in long-term construction spending. According to the Government of Canada, America’s government anticipates making every building greener sustainable development and net-zero emissions future. This means that the environmental, social, and economic benefits of green buildings need to reach every corner of each country. Furthermore, with the above announcement, the government takes a deliberate step to invest in retrofitting and building new community spaces, including in underserved, rural, and remote Indigenous communities. In 2021, Canada Minister of Infrastructure and Communities, launched a program across Canada to support green and inclusive community buildings through retrofits, repairs, upgrades, and new builds. As part of the Strengthened Climate Plan, the program will deliver US$1.5 billion in funding over the next five years.
Latin America is the second most urbanized region in the world, with 81 percent of the population living in cities, of which almost a third is in emerging, intermediate cities. Green housing construction is already a priority in many of the region’s countries, and meeting stated goals and expected demand for housing will create an estimated investment opportunity of US$4.1 trillion in green buildings. Thus, positively impacting the Americas silicone roof coating market.
Figure 1: US Total Opportunity of Investment by Building type, 2022-2030
Source: International Finance Corporation
According to International Finance Corporation, in green building emerging markets, as depicted in figure 1, residential buildings account for most of the investment potential until 2030 which is US$2.7 trillion across America. In comparison, the estimated investment opportunity in commercial buildings is US$1.1 trillion, an opportunity in green building emerging markets, which drives the market growth of the Americas silicone roof coating market during the forecast period.
North America dominated the Americas silicone roof coatings market with a revenue share of 87% in 2021 and is expected to rise at a CAGR of 3.9% during the forecast period from 2022-2027. Rapid industrialization coupled with economic improvement in the region has resulted in high demand. The development and investment in the growing end-use like construction, and others are escalating the market growth. For instance, according to Statistics Canada, total investment in building construction increased 7.3% to US$57.2 billion in 2021. Residential construction surpassed US$40 billion for the first time with an increase of 9.3% compared in 2021. Thus, escalating the overall market growth of the Americas silicone roof coatings market.
However, COVID-19 has negatively impacted the Americas Silicone Roof Coatings market in 2020 with the production halted across various countries. In addition, the construction sector was hard hit by the lockdown in the year 2020. As the activities of this sector were hindered due to the pandemic, the demand for Americas silicone roof coatings also declined in 2020 with the declining construction and infrastructure activities. However, in 2021 as the pandemic-related restrictions have eased in some areas, customers have flocked back to dealership floors. Despite the pickup, the level of global GDP in 2022 is expected to be 3.2% below pre-pandemic projections. The progress in the different end-use industries is slowly and gradually rising as per the betterment of the situation. For instance, In South America 138 private projects totaling US$24.5 billion, started construction by the end of 2022. The latest, projected infrastructure investment for the 2022-2024 period, reaches US$34.8 billion, 54 percent of which relates to the building and construction sector.
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Americas Silicone Roof Coatings Market Growth Drivers:
The Rising Awareness of Consumers Pertaining to Increasing Energy Utility Costs:
Silicone roof coatings are often referred to as cool roofs due to their ability to keep facilities cool. The bright white color reflects UV rays, saving up to 35% in energy costs by reducing air conditioning usage to keep the facilities cool, as stated by U.S. Department of Energy. According to the U.S. Department of Energy, in 2021 commercial buildings were responsible for about 20 percent of all energy consumed in the United States. Thus, green buildings that incorporate recycling can reduce waste output by 90 percent and use 45 percent less energy, equating to a 5-7 percent increase in net operating income compared to traditional buildings.
According to US Department of Energy, America’s utility electricity spending decreased from 1998 to 2020 as utilities replaced aging equipment, built transmission infrastructure to accommodate new wind and solar power generation, and installed new technologies like smart meters to increase the efficiency, reliability, resilience, and the eco-friend raw materials used in the building construction. A silicone roof coating which is often referred to as the cool roof can benefit a building and its occupants by reducing energy bills by decreasing air conditioning needs, helping older inefficient air conditioners provide enough cooling for hotter summers, and qualifying for money-saving rebates from utilities or government programs. According to the US Department of Energy, white silicone roof coating stays coolest in the sun, reflecting about 60 – 90% of sunlight. However, about half of sunlight arrives as invisible, near-infrared radiation, which can boost the solar reflectance of dark materials by using special pigments that preferentially reflect the invisible light. Thus, people are adopting means to reduce the overall energy utility cost which drives the market growth of the Americas silicone roof coatings market during the forecast period.
According to the U.S. National Climate Strategy, the American government plans to deliver U.S. National Drug Code for 2030. It focuses on the immediate policies and actions that will put America on track to reduce emissions by 50-52% below 2005 levels in 2030 and put in place the technology and infrastructure necessary to achieve net-zero emissions no later than 2050.
U.S. Greenhouse Gas Emissions by Gas, 2010–2019
Data source: U.S. EPA, 2021
The Major Players in this Market Include
The major companies in the Americas Silicone Roof Coatings market include Carlisle, GE (Momentive), Huntsman, KST (division of Sherwin-Willimans), Hempel and others. These industry players are involved in various strategic initiatives to expand their presence. For instance, in January 2021, CARLISLE Construction Materials Ltd. launched SILICONE PRO, a silicone roof coating for the UK wide customers. In January 2021, Momentive announced the acquisition of KCC Corporation’s Silicones business in Korea and the UK and also its sales operations in China, to further enhance the Momentive’s global capabilities in advanced silicones and specialized applications. In October 2020, Henry Company acquired National Coatings Corporation, based in Camarillo, California, a leading commercial roofing systems manufacturer. Hence, such developments by the key players is expected to boost its market growth over the forecast period.