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cool roof coatings market

Cool Roof Coatings Market Share, Size, Trends, Industry Analysis Report, By Product (Elastomeric, IR Reflective); By Application (Low-sloped, Steep-sloped); By End-Use (Residential, Commercial, Industrial); By Region; Segment Forecast, 2022 - 2030

  • Published Date: Jun 2022
  • Pages: 119
  • Format: PDF
  • Report ID: PM1580
  • Base Year: 2021
  • Historical Data: 2018 - 2020

Report Summary

The global cool roof coatings market was valued at USD 3.07 billion in 2021 and is expected to grow at a CAGR of 6.8% during the forecast period. Rising awareness regarding energy consumption and global warming is expected to increase the adoption of green buildings, which in turn will propel cool roof coating market growth over the forecast period.

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A cool roof is meant to bounce extra heat than a traditional roof, allowing for less thermal energy absorption and lowering the building temperature. These coatings are similar to thick layers that protect the building exterior from UV radiation and environmental degradation; some even provide water prevention and restoration. Cool coatings have an excellent solar reflectivity and heat emittance than traditional coatings.

The COVID-19 outbreak has impacted the global construction market due to the shutdown of construction projects. For instance, as per the World Bank, the building industry's yearly development rate declined by 2.48% in 2020. The drop in building sector demand resulted in a decline in cool roof covering operations in the domestic market, including low-sloped rooftops, sidewalls, and roof blocks.

Industry Dynamics

Growth Drivers
Technological developments and substance breakthroughs have aided the development of cool coatings solutions. New monomers with lower volatile organic compound (VOC) levels are expected to contribute to increased cool coatings market demand as an environmentally acceptable alternative.

Moreover, the cool roof coatings market is predicted to increase due to government assistance in the form of monetary rewards and tax savings. The industry is expected to grow as people become more conscious of the reduction of energy consumption and ecological benefits that cool enamels provide. Further, regulations limiting or prohibiting the use of VOCs in paints and coatings are projected to boost demand for the cool roof coatings market.

Cool Roof Coatings Market
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Report Segmentation

The market is primarily segmented based on product, roof type, end-use, and region.

By Product

By Roof Type

By End-Use

By Region

  • Elastomeric
  • IR Reflective
  • Low-sloped
  • Steep-sloped
  • Residential
  • Commercial
  • Industrial
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • ¬†Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Insight by Product

The elastomeric product segment is expected to dominate the global cool coating market throughout the forecast period. The demand for innovative and environmentally compatible coatings is expanding due to increased demand for power-efficient systems and rapid urbanization and industrialization in developing nations. Furthermore, increasing applicability in tilt-up cement, rising infrastructure and development operations, and rapid manufacturing expansion in India, China, and other Asia Pacific countries are expected to contribute to segment growth.

Insight by End-Use

The industrial end-use segment is expected to hold major shares in the global cool roof coatings market over the forecast period due to the increasing use of IT parks, mills, manufacturing plants, mills, and warehouses. Furthermore, rapid industrial infrastructure development in developed economies such as the U.S. and Canada due to high disposable income is anticipated to propel segment growth in the coming years.

The residential segment is expected to grow at a considerable pace over the projected timeframe due to increasing demand for residential buildings and houses from emerging nations, including India and China. Furthermore, raising awareness regarding green buildings in emerging and developed countries will likely contribute to the segment growth.

Geographic Overview

North America dominated the global cool roof coating market in 2021 and is expected to maintain its dominance over the forecast period. Increasing awareness regarding the energy-efficient installation and applicable building codes coupled with growth in numbers of retrofitting projects across countries such as the U.S. and Canada are expected to boost regional growth. Furthermore, increasing government initiatives and consumer preference regarding reducing carbon emission is expected to boost cool roof coatings market growth during the forecast period.

Asia Pacific is expected to hold a major share in the cool roof coatings market over the forecast period due to increasing government initiatives to promote green building development along with the rapid infrastructural development in countries including Thailand, China, and India. For instance, according to the India Brand Equity Foundation (IBEF), the residential industry would develop, with the government seeking to build 20 billion dwellings underneath the Pradhan Mantri Awas Yojna (PMAY) by 2022.

Competitive Insight

Major market players operating in the global cool roof coatings market include 3M, Akzo Nobel, AnCatt, BASF SE, DowDupont, Excel Coatings, GAF Materials Corporation, Kansai Paints Co. Ltd., Monarch Industries, Inc., National Coatings Corporation, Nippon Paints, Nutech Paints, PPG Industries Inc., Protection LLP, Sherwin Williams, Shouguang Fengyuan Commercial Co., Ltd., Sika Sarnafil, The Valspar Corporation, and Weifang Hongxin Waterproof Material Co., Ltd.

These market players are adopting organic and inorganic marketing strategies such as mergers & acquisitions, partnerships & collaboration, product launches, and branch expansions to increase their customer base and footprints. For instance, in February 2022, Lawrence Berkeley National Laboratory scientists revealed the invention of an all-season smart-floor covering that would keep buildings warm in the winter as well as cool in the summer without using natural gas or electricity.

Cool Roof Coatings Market Report Scope

Report Attributes

Details

Market size value in 2021

USD 3.07 Billion

Revenue forecast in 2030

USD 5.48 Billion

CAGR

6.8% from 2022 - 2030

Base year

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD billion and CAGR from 2022 to 2030

Segments covered

By Product, Roof Type, End-Use, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key Companies

3M, Akzo Nobel, AnCatt, BASF SE, DowDupont, Excel Coatings, GAF Materials Corporation, Kansai Paints Co. Ltd., Monarch Industries, Inc., National Coatings Corporation, Nippon Paints, Nutech Paints, PPG Industries Inc., Protexion LLP, Sherwin Williams, Shouguang Fengyuan Commercial Co., Ltd., Sika Sarnafil, The Valspar Corporation, and Weifang Hongxin Waterproof Material Co., Ltd.

Key Take-Away
Polaris Market Research
Cool Roof Coatings Market Size Report, 2022 - 2030