The global cool roof coatings market size was valued at USD 3.24 billion in 2017 and is estimated to grow at a CAGR of 6.8% from 2018 to 2026. Cool roof coatings are designed to reflect more sunlight coupled with lesser absorption of heat as compared to the standard roof. Cool roof coating has increasingly gained significance on account of its performance concerning reduced energy bills, longer roof service life, and improved indoor comfort.
Many issues concerning increased energy consumption and greenhouse gas emissions such as carbon dioxide have resulted in implementation of green building codes to enhance energy efficiency. Such regulations have to led to numerous practices undertaken by consumers to reduce energy consumption in residential and non-residential buildings. Cool roof coating technologies delineate one of many innovations and recent market introductions that are significantly a part of green building industry.
Cool roof coatings contribute to energy saving by minimizing the amount of solar radiation absorbed by the roof. This in turn reduces the need for HVAC equipment to maintain the suitable temperature within the building. This also leads to significant financial savings in power expenditure and enhances the convenience of consumers. Increasing consumer preference for indoor comfort via energy saving technologies is expected to be the major driver for the market.
Moreover, agencies such as U.S. Department of Energy (DOE) have actively touted cool roofing coatings as non-intrusive and relatively cost-effective method of improving the energy efficiency of the existing buildings. These existing construction structures account for over 20 billion sq. ft. of commercial roofing space availability in the United States for retrofit. Also, as per National Resources Defense Council, cool roof coating is a smart technology that significantly curbs carbon pollution and reduces energy costs.
Improving economic conditions of the developing economies and rising urbanization are among some of the megatrends affecting the market positively. In addition to this, growing middle-class families coupled with the increasing disposable income of the consumers, and changing consumer preference concerning energy-efficient products has further enhanced the demand for cool roof coatings.
The global cool roof coatings market on the basis of products is segmented into IR reflective and elastomeric coatings. Elastomeric coatings are have been extensively used in industrial and commercial applications. These are high-performance, highly flexible, tough, and rubberized roof coatings. IR reflective coatings are expected to witness fastest growth rate over the forecast period.
Based on the application segment, the market is segmented into low-sloped and steep-sloped. Steep-sloped roofs are mainly found in the residential houses with extreme weather conditions such as high snowfall and rainfall. Low-sloped roofs are primarily found in residential and commercial buildings.
Market Estimates and Forecast
North America is expected to be the largest regional market for cool roof coatings. Increasing consumer awareness, suitable building codes, and supportive regulations are some of the major factors for the growth of this regional market. Europe is anticipated to be the second largest regional market for cool roof coatings. Cool Roof Rating Council (CRRC) and European Cool Roof Council (ECRC) in North America and Europe respectively has significantly led the market growth in these regions.
Asia Pacific is likely to witness the fastest market growth on account of rapid development of its developing countries such as India, China, Thailand, Indonesia, and Vietnam. Increasing acceptance of the green building codes in these countries is the major driver for the growth of Asia Pacific cool roof coatings.
The global cool roof coatings market is highly competitive and is characterized by high degree of integration across the manufacturing stage and distribution. Some of the key reclaimed rubber market players KST Coatings (Sherwin-Williams), DowDupont, Nippon Paints, KST Coatings (Sherwin-Williams), Monarch Industries, Sika Sarnafil, Nutech Paints, Valspar Corporation, GAF Materials, and Excel Coatings.