Growing Awareness Regarding Role of Cool Roofs in Lowering Energy Consumption of Buildings to Drive Cool Roof Coatings Market at CAGR of 7.10% during Forecast Period, Says TMR

ALBANY, N.Y., Aug. 3, 2021 /PRNewswire/ -- Cool roof coatings are widely used in roof systems in various buildings to turn them into cool roofs. A number of IR reflective coatings and more recently, elastomeric coatings, has gained traction in cool roof products. Cool roof systems essentially counter urban heat islands, notably for lowering buildings' energy consumption and energy cost. More importantly, the growing role of cool roof products in lowering the greenhouse gas emissions by significant percentage in urban settlements. A wide range of chemistries has been used by manufacturers to improve the performance of cool roofs. This has expanded growth avenues for chemical companies to expand their product portfolio and boost prospects, according to a market survey on cool roof coatings. Coatings for low-sloped roofs have gained popularity, and the segment is expected to attract massive opportunities in near future for cool roof coatings market players. The low cost of installation is one of the factors driving the adoption of low-sloped cool roof systems in developing countries.

The cool roof coatings market is expected to reach US$ 554.21 Mn by 2026, notes a study by TMR.

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Key Findings: Cool Roof Coatings Market

• Regulatory Push for Low-carbon Footprint Buildings Bolsters Demand: Globally, economies are becoming conscious about disruptive impact of climate change on the ecology. Emissions from buildings are increasingly gathering attention in this regard, propelling the popularity of cool roof systems. Major economies of the world have laid down regulations that demonstrate the energy savings such technologies can bring. A case in point is the U.S. Environmental Protection Agency demonstrating the role of cool roof systems for reducing the carbon footprint of commercial roofing spaces. This, in turn, has fueled the sales of cool roof coatings.
• Commercial Units Witness High Adoption: Of the various end users, industrial units have seen extensive adoption of cool roofs, finds a market survey on cool roof coatings. The demand for cool roof products has surged in commercial buildings, especially in a number of emerging economies. The major focus on reducing the cost of air conditioning is a key factor for commercialization of such roof systems. Thus, chemical companies have introduced cost-effective formulations to meet the demand. Moreover, facility managers are keen on adopting cool roof coatings that preserve and protect roof surfaces against premature deterioration.

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Cool Roof Coatings Market: Drivers

• Increasing awareness about architectural technology that can reduce energy bills of buildings and bring comfort to occupants is a key driver. Over the years, the high use of air conditioning in commercial buildings has led to urban heat islands. This has raised environmental concerns.
• Resurfacing of conventional roofing materials for prolonging lifespan of roofs is another factor driving product demand
• Rapid pace of industrialization is a key trend expanding the cool roof coatings market

Cool Roof Coatings Market: Regional Growth Dynamics

• Of the various regions, Asia Pacific is viewed with potentially lucrative avenues. The focus on improving energy efficiency of existing buildings has led to retrofitting of many with cool roof coatings.
• Asia Pacific cool roof coatings market is also likely to expand due to the implementation of green energy codes, especially in residential buildings
• North America accounted for a major market share in 2017. The opportunities for market players has constantly increased due to rise in focus on reducing carbon footprints by developing buildings with rooftops coated with reflective coatings. The U.S. is a prominent market in the region.

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Cool Roof Coatings Market: Key Competitive Dynamics

• Huntsman International LLC.
• BASF SE
• The Valspar Corporation
• Nutech Paint
• Akzo Nobel N.V.
• DowDuPont

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