Rising Focus Towards Green Building Infrastructure to Steer Cool Roof Coating Market Past US$ 8.3 Bn Through 2032.
Sales of Cool Roof Coatings to Remain Mostly Concentrated in Residential Industry
Fact.MR's latest report on the cool roof coating market offers 10-year forecast for 2022 and 2032. The report explicates on vital dynamics, such as drivers, restraints and emerging opportunities shaping the market dynamics. It uncovers hidden opportunities across various segments in terms of roof type, material type, technology and application.
NEW YORK, July 6, 2022 /PRNewswire/ -- According to the latest Fact.MR analysis, the global cool roof coating market size is estimated to be worth around US$ 4.5 Bn in 2022. With blooming residential and commercial industries, the overall market is anticipated grow at a healthy CAGR of 6.8% between 2022 and 2032, reaching a valuation of US$ 8.3 Bn by 2032.
Growing demand for cool roof coatings across commercial and residential sectors, increasing consumer awareness regarding the benefits of cool roof coating, advancement in cool roof coating technology and favorable government support are some of the factors driving the global cool roof coating market.
In a modern world where energy prices are skyrocketing, cool roof coatings have become ideal solutions for both reducing energy consumption as well as costs. They have gained huge traction in the growing green construction sector.
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Cool roof coatings are special reflective pigments or substances that reflect majority of sunlight, thereby lowering the temperature of the buildings. They are designed to protect the roof surfaces from ultra violet light, chemical damage and other corrosive agents.
Increasing usage of cool roof coatings for improving comfort and safety as well as reducing energy bills is projected to boost the growth of cool roof coating market. Employment of these coatings significantly reduce the dependency on air conditioning and other cooling systems.
Rising consumer inclination towards energy saving coupled with favorable government support will continue to push the sales of cool roof coatings. Governments across the world are launching various initiatives and programs to promote cool roof building. For instance, in 2019, the government of Telangana, India initiated a pilot Cool Roof program to save energy, increase thermal comfort and reduce cooling demand in the long run, across the state.
Moreover, large amounts are being invested in research activities for developing innovative products which can provide superior and durable features. For instance, in December 2021, scientists of Berkeley Lab developed a smart roof coating that keeps homes cool in summer and warm during the winter.
As per Fact.MR, residential segment will emerge as the most lucrative application for cool roof coatings, growing at a CAGR of 8% between 2022 and 2032. Increasing population, rapid urbanization and rising government initiatives to promote the construction of cool roofs in residential buildings are some of the factors augmenting the sales of cool roof coatings
With a market value of US$ 1.4 Bn (2022), North America is anticipated to continue its dominance in the global cool roof coating market during the forecast period. Growth in the region is attributed to rising consumer preference, presence of leading market players, rapid urbanization and increasing governmental support for green building.
"Rising concerns regarding global warming, high energy consumption and carbon emission levels is prompting governments across the world to promote green building establishments. As a result, various cool roof programs are being launched. This is in turn boosting the sales of cool roof coatings," says a Fact.MR analyst
Key Takeaways from Cool Roof Coating Market Survey
- The U.S. cool roof coating market is anticipated to reach a valuation of around US$ 2.2 Bn by the end of 2032.
- With expanding construction activities and increasing acceptance of green building codes, the China market is forecast to expand at a robust CAGR of 8.2% between 2022 and 2032.
- Europe is likely to experience strong growth on account of rising consumer inclination towards reducing energy costs and presence of leading market players.
- Low slope roof type will continue to dominate the cool roof coating market, growing at a CAGR of 7.8% between 2022 and 2032.
- Based on material type, sales of silicon based cool roof coating are anticipated to rise at an exponential rate over the forecast period.
Key Drivers
- Rising adoption of cool roof coatings to counter urban heat island effect is spurring the growth of the market.
- Flourishing construction industry across the globe will continue to boost the sales of cool roof coatings during the forecast period.
- Growing popularity of green buildings is anticipated to support the growth of cool roof coating market.
- Implementation of stringent government regulations pertaining to rising carbon emission levels will fuel the sales of cool roof coatings during the forecast period.
Key Restraints
- Volatility in raw material prices is restraining the growth of cool roof coating market.
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Competitive Landscape
Leading players operating in the cool roof coating market are focusing on introducing advanced products with ecofriendly features. Besides this, they have adopted various organic and inorganic growth strategies such as mergers, acquisitions, partnerships and collaborations to expand their global footprint.
- In May 2020, Nouryon announced the launch of new elastomeric cool roof coatings solution for the building and construction market. The new solution significantly reduces the energy consumption.
- In July 2021, Sika acquired American Hydrotech Inc. And its affiliate Hydrotech Membrane Corporation in Canada to expand its roofing and waterproofing portfolio
- Similarly in 2021, Sika launched Sikalastic-701, the latest generation of polyurethane-based hybrid top-coat, with improved UV resistance for roofing applications.
Some of the prominent players operating in the cool roof coating market profiled by Fact.MR are:
- Sherwin Williams
- Valspar Corporation
- Nippon Paints
- Monarch Industries
- GAF Materials
- DowDupont
- Nutech Paints
- Excel Coatings
- PPG Industries Inc.
- Akzo Nobel
- Sika AG
- BASF SE
- Asian Paints Ltd.
- National, Coating Corporation
- Kansai Paints Co. Ltd.
More Insights on the Global Cool Roof Coating Sales Outlook
Fact MR provides an unbiased analysis of cool roof coating market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global demand for cool roof coating with a detailed segmentation on the basis of:
Roof Type
- Low-slope type
- Steep-slope type
Material Type
- Elastomeric Plastic
- Silicon
- Tiles
- Metals
Technology
- Water-based
- Solvent-based
Application
- Residential
- Commercial
- Hospitality
- Healthcare
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Key Questions Covered in the Cool Roof Coating Market Outlook Report
- The report offers insight into cool roof coating demand outlook for 2022-2032
- The market study also highlights projected sales growth for cool roof coating market between 2022 and 2032
- Cool roof coating market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Cool roof coating market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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