The global Cool Roof Coatings Market is forecast to reach USD 6.84 Billion by 2027, according to a new report by Reports and Data. Rising developments in both the residential and manufacturing sectors are projected to affect demand positively. Cold roof coatings minimize the building heat accumulation, increasing its efficiency and reducing the total maintenance expense. In the near future, the growing need for energy efficiency, along with the adoption of green building codes, by numerous governments would embellish the growth of the demand. Also, growing environmental destruction as a result of greenhouse gases in the stratosphere and the need to improve the energy efficiency led to an increase in the consumer’s tilt towards the cool roof market.
Cool roof coatings have various benefits, such as cost-effective and high solar reflectivity, which effectively minimizes heat accumulation in industrial and residential spaces and decreases reliance on air conditioning, thus saving electricity and reducing air emissions. Increasing market preference towards carbon efficiency and attractive tax incentives policy programs promotes the use of green construction materials and is expected to fuel demand in the years ahead.
Key participants include Sika AG, Nutech Paint, The Valspar Corporation, Dow Inc., Excel Coatings, GAF, KST Coatings, Indian Insulation & Engineering
PPG Industries, Inc., and Huntsman International LLC, among others.
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Recent trend shows that many companies focused on creating innovative technologies to improve UV surface resistance, and incorporating microcells and nanotechnology to mitigate heat flux, along with growing energy efficiency, will create a lucrative potential for global business growth. The high cost of coating techniques, however, may hinder the demand and restrain the market growth over the forecast period.
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- PEST analysis of the market in the five major regions.
Further key findings from the report suggest
- The commercial segment is expected to grow over the forecast period at a CAGR of 7.7%, in terms of sales. Increasing investment in convenience stores, shopping centers, supermarkets, schools, hospitals, and other related ventures is projected to fuel demand.
- IR Reflective coatings have emerged as the fastest-growing product category, and a CAGR of 7.2% is projected to increase over the estimated period in terms of sales. The growing increase in energy costs in residential and commercial buildings is anticipated to augment the segment growth. Such types of coatings possess remarkable heat-reflective abilities filtering dangerous ultraviolet radiation and UV radiation out into the atmosphere and thereby minimizing heat generation inside the structure.
- Due to rising demand from residential and non-residential building projects, such as hospitals, schools, and universities, North America dominated the global industry in 2019. The growing population is projected to improve further the development of office spaces, manufacturing plants, hospitals, and universities, thus increasing the construction industry market.
- The Asia Pacific driven by China, India, and Japan’s production may record improvements in revenue with a CAGR of 7.5% by 2027. Rapid industrialization, combined with rising urbanization and increasing customer purchasing potential in the region, is projected to fuel demand for consumer products, which is expected to raise the market over the forecast period.
For the purpose of this report, Reports and Data have segmented into the global Cool Roof Coatings Market on the basis of product, application, end-use, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- IR Reflective
Application Outlook (Revenue, USD Billion; 2017-2027)
- Low-sloped roofs
End-use Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Saudi Arabia
- Rest of MEA
- Latin America
- Rest of LATAM
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