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Global Cool Roof Coatings Market Insight2022-02-11 Comments
The cool roof coatings are forecast to crazy increase over the next few years. According to the WK-chem Research “Global Cool Roof Coatings Professional Survey Report 2022, Forecast to 2027”, The industrial sector will have a positive impact on demand. Cool roof coatings reduce heat build-up within a building, thereby improving its performance and reducing overall maintenance costs. The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 7.36% base on WK-chem Research regression analysis model.
The global market is essentially an oligopoly dominated by a few major players. Manufacturers are investing heavily in R&D activities and relying on technological developments to gain a competitive advantage through product differentiation and low-cost products, said Amy, Senior analyst, Chemical & Material Market Research Center in WK-chem Research. Additionally, manufacturers are focusing on consolidating their operations through supply and distribution channels to expand their reach to individual consumers. M&A is one of the popular strategic moves adopted by major market players.
Cool roof coatings offer various advantages such as cost-effectiveness and high solar reflectivity, which ultimately minimize heat build-up in commercial and residential spaces and reduce reliance on air conditioning, thereby saving energy and reducing air pollution. Rising consumer inclination towards energy saving and government incentives on tax incentives to encourage the use of green building materials are expected to drive demand in the coming years. Increased global warming and increased energy consumption have prompted government authorities to implement green building codes in the construction of commercial and residential buildings. This is expected to drive the market over the next few years. In addition, the energy savings offered by this product and the growing inclination of consumers towards energy savings are expected to drive the market over the forecast years.
This WK-chem Research market report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading Cool Roof Coatings companies that include PPG, Sherwin-Williams, Gardner-Gibson, Dow, Jotun, GAF, DuluxGroup, Polyglass, RPM, Selena, BASF SE, National Coatings, Henry Company, Gaco Western, EVERROOF, Karnak, DT Tabernacle, Alco Products, EPOX-Z Corporation, Nippon Paint.
Segmentation of Cool Roof Coatings Market:
According to the type of cool roof coatings industry can be divided into elastomeric coating and IR reflective coating. Elastomeric coatings emerged as the largest product segment in the cool roof coatings market. These coatings are extensively used in commercial and industrial constructions. The superior product performance and rising demand for energy-efficient roofing systems are the factors expected to drive the demand over the forecast period. IR reflective coatings is anticipated to witness the fastest growth over the forecast period on account of the ability of the product to keep objects cooler as compared to that of conventional pigments. Pleasing aesthetic appeal offered by the dark-colored IR reflective coatings gives this segment a competitive edge. Visual appeal plays an integral part for a building owner, thus triggering the product demand.
Cool roof coatings can be applied to low-sloped and steep-sloped. The low-sloped roof application segment dominates the cool roof coating market and is anticipated to register a significant CAGR over the forecast period owing to its advantages, such as less build-up material than the steep-sloped process and low initial installation cost. Low -sloped roofs are widely used for industrial and commercial buildings. Rising awareness regarding the importance of green building construction along with stern regulations concerning roofing materials for industrial and commercial constructions have resulted in greater penetration in low-sloped roofing systems.
Steep-sloped roofs application is anticipated to witness the fastest growth over the forecast period on account of their rising usage in the residential sector, particularly in regions with high snowfall and rainfall. Steep-sloped roof type needs lower maintenance due to the structural advantage which enables swiftly shed water and lower the risk of mold or mildew proliferation on the roof, resulting in lower penetration of coating products in such types of roofs. However, the demand for cool coatings is expected to grow in the steep-sloped roofs application segment in the forthcoming years, due to the increasing availability of quick-drying coatings and advanced techniques.
Cool Roof Coatings Market: Regional Analysis
In terms of geography, the global cool roof coatings market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa. North America held the largest market share. Increasing awareness regarding building energy consumption, coupled with the implementation of the Leadership in Energy and Environmental Design (LEED) green building certification initiative, is likely to drive the regional demand for cool roof coatings. The Asia Pacific is projected to be the fastest-growing region in near future on account of increasing acceptance of green building codes. The growing construction industry in the emerging economies of Asia Pacific and increased infrastructure spending by the governments of India and China are the key factors responsible for driving the product demand over the forecast period.
Largest share area：North America
Largest share country：the Unite States
Product Type：Elastomeric Coating and IR Reflective Coating
Application：Low-sloped and Steep-sloped
Leading Company：PPG, Sherwin-Williams, BASF SE, Dow, Jotun