Cool Roof Coatings Market 2023 – 2030 By End-Use (Residential, Commercial, Industrial), Product (Elastomeric, IR Reflective), and By Application (Low-sloped, Steep-sloped) - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : Chemicals & Materials | Pages : 185 Pages | Published On : Dec 2023
In 2022, The Global Cool Roof Coatings Market reached a value of USD 3.07 billion, and it is projected to grow at a CAGR of 6.8% during the forecast period. The increasing awareness about energy consumption and global warming is expected to drive the adoption of green buildings, thereby fueling the growth of the cool roof coatings market.
Cool roof coatings are designed to reflect more heat than traditional roofs, reducing the absorption of thermal energy and lowering the temperature inside buildings. These coatings act as protective layers, shielding the building exterior from UV radiation and environmental damage, and some even offer waterproofing and restoration properties. Cool coatings exhibit superior solar reflectivity and heat emissivity compared to conventional coatings.
The COVID-19 pandemic has had an impact on the global construction market, leading to the suspension of construction projects. According to the World Bank, the annual growth rate of the construction industry declined by 2.48% in 2020. This decline in demand for construction activities has affected the cool roof coatings market, including applications on low-sloped roofs, sidewalls, and roof blocks, in the domestic market.
Advancements in technology and breakthroughs in materials have played a crucial role in the advancement of cool coatings solutions. The development of new monomers with lower levels of volatile organic compounds (VOCs) is expected to drive the demand for cool coatings in the market, as they offer an environmentally friendly alternative.
Additionally, government support in the form of financial incentives and tax savings is anticipated to fuel the growth of the cool roof coatings market. As people become more aware of the importance of reducing energy consumption and the ecological benefits provided by cool coatings, the industry is expected to expand. Furthermore, regulations that restrict or prohibit the use of VOCs in paints and coatings are projected to stimulate the demand for cool roof coatings.
- IR Reflective
By Roof Type
Insight by Product
The elastomeric product segment is projected to maintain its dominance in the global cool coating market throughout the forecast period. The increasing demand for energy-efficient systems, along with rapid urbanization and industrialization in developing nations, is driving the expansion of the market for innovative and environmentally friendly coatings. Furthermore, the segment is expected to experience growth due to its rising applicability in tilt-up cement, infrastructure and development projects, and the rapid growth of manufacturing in countries such as India, China, and other Asia Pacific nations.
In terms of end-use, the industrial segment is anticipated to hold a significant share in the global cool roof coatings market during the forecast period. This can be attributed to the growing utilization of cool coatings in IT parks, mills, manufacturing plants, and warehouses. Additionally, the rapid development of industrial infrastructure in developed economies like the U.S. and Canada, driven by high disposable income, is expected to contribute to the growth of this segment in the coming years.
The residential segment is expected to exhibit considerable growth over the projected timeframe, driven by the increasing demand for residential buildings and houses in emerging nations such as India and China. Moreover, the growing awareness of green buildings in both emerging and developed countries is likely to further fuel the growth of this segment.
In terms of geography, North America dominated the global cool roof coating market in 2022 and is expected to maintain its leading position throughout the forecast period. The region's growth can be attributed to the rising awareness of energy-efficient installations, building codes, and the increasing number of retrofitting projects in countries like the U.S. and Canada. Additionally, government initiatives and consumer preferences for reducing carbon emissions are expected to drive the growth of the cool roof coatings market in the region.
Asia Pacific is anticipated to hold a significant share in the cool roof coatings market during the forecast period. This is primarily due to the increasing government initiatives to promote green building development and the rapid infrastructural development in countries such as Thailand, China, and India. For example, the Indian government's Pradhan Mantri Awas Yojna (PMAY) aims to construct 20 billion dwellings by 2023, leading to growth opportunities in the residential sector.
Prominent players 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 implementing various organic and inorganic strategies to expand their customer base and market presence. These strategies include mergers and acquisitions, partnerships and collaborations, product launches, and geographical expansions. For example, in February 2023, scientists from Lawrence Berkeley National Laboratory unveiled an all-season smart-floor covering that can provide both warmth in the winter and coolness in the summer without relying on natural gas or electricity. These innovative advancements demonstrate the commitment of market players to develop sustainable and energy-efficient solutions.
Table and Figures
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