NEW YORK, Aug. 4, 2021 /PRNewswire/ -- The global cool roof market size is expected to reach USD 31.58 billion in 2028 and register a revenue CAGR of 5.5% over the forecast period, according to the latest report by Reports and Data. Market revenue growth is majorly driven by rapid urbanization, increase in construction activities and projects worldwide, rising use of green and sustainable construction raw materials, and increasing deployment of green heating and cooling systems in residential and commercial buildings. Other key factors driving revenue growth of the global cool roof market are rapid industrialization – mainly in developing countries – rising focus on reducing Greenhouse Gas (GHG) emissions and growing concerns related to global warming and climate change, increasing preference for eco-friendly and energy-efficient home designs, and surging demand for green and energy-efficient roofing systems.
A cool roof is among the most widely used roofing systems that deliver high thermal emittance and robust solar reflectance, which reducing heat transfer within a building. Cool roofs comprise highly reflective surfaces (shingles or tiles) that help to reduce ambient air temperatures (known as the urban heat island effect). This type of roofing is more energy-efficient and durable than standard or conventional roofing systems. Cool roofs help to save on energy costs and lower electricity bills by reducing the need for air conditioning, while at the same time offering enhanced comfort in indoor spaces such as covered patios or garages that are normally not well air-conditioned or ventilated. Cool roof coatings are produced from white or special pigments that reflect sunlight and protect surfaces from chemical damage and harmful Ultraviolet (UV) rays.
Among the type segments, the steep-slope roofs segment accounted for largest revenue share of 45% in 2020. Robust revenue share of this segment can be attributed to increasing applications of steep-slope cool roofs in residential and commercial buildings. This type of cool roof is relatively less expensive to deploy than other roof types and generally comprise metal roof tiles and asphalt shingles.
Among the product type segments, the asphalt shingles segment dominated other segments with a significantly larger revenue share in 2020. Advantages of asphalt shingles such as increased light scattering properties and lower solar reflectance owing to rough texture are key factors driving growth of this segment. Increasing use of these shingles for roofing in residential and commercial buildings is another major factor driving revenue growth.
Among the application segments, the industrial segment led in terms of largest revenue share contribution to the global cool roof market in 2020. Rapid industrialization globally and increasing use of cool roof systems in industrial constructions to enhance building efficiency, and reduce energy use and power plant emissions are major factors supporting growth of this segment.
Among regional markets, Asia Pacific cool roof market registered fastest revenue growth rate in 2020 and is expected to register a CAGR of 6.6% during the forecast period. Rapid urbanization trend and increasing industrial activities in countries in the region, particularly in emerging economies such as India and China, and rising demand for green and energy-efficient roofing systems are some key factors driving Asia Pacific market revenue growth.
Some major players in the global cool roof market include:
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