The global cool roof coatings market was valued at US$ 294.06 Mn in 2017 and is anticipated to expand at a CAGR of 7.10% from 2018 to 2026, according to a new report titled ‘Cool Roof Coatings Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ published by Transparency Market Research (TMR) The global market is driven by the rise in demand for cool roof coatings in industrial applications such as workshops, warehouses, malls, and IT parks. In terms of production and consumption, North America held significant share of the global cool roof coatings market in 2017.
Reduction in Energy Consumption
Demand for energy-saving building materials is high across the globe. These materials are used for renovating commercial buildings and new homes. Cool roof coatings provide safe and improved structures and assist in saving energy costs. These roof coatings have high adoption rate as they promote environmental and economic sustainability. Cool roof coating is an attractive market that is gaining momentum in the roofing industry. Cool metal roofs help reduce annual energy costs by 40%. Pre-painted or granular-coated metal roofing systems are preferred for homes in warmer climates, as these reflect solar energy and re-emit most of the absorbed solar radiation. Highly reflective and emissive painted or granular-coated metal roofs are used to lower energy consumption. They can re-emit up to 90% of absorbed solar radiation. Cool roofs also enhance durability of roofs, lower building cooling loads, and reduce the urban heat island effect. Cool roof coatings transfer less heat to the building, thereby maintaining the temperature of the building and consuming less energy for air conditioning. Cool roof coatings assist in decreasing the production of associated air pollution and greenhouse gas emissions by reducing the use of energy. Cool roofs maintain the air temperature inside a building with or without air conditioning.
Low-sloped Roof Segment to Dominate Global Cool Roof Coatings Market
Based on roof slope, the global cool roof coatings market has been bifurcated into low-sloped and steep-sloped. Low-sloped was the dominant segment of the cool roof coatings market in 2017. The low-sloped roof segment is estimated to remain lucrative during the forecast period, as these roofs offer several advantages such as lower initial installation cost and less build-up material requirement than steep-sloped roofs. Low-sloped roof does not allow the extra air to accumulate under the roof structure as in the case of steep-sloped roof.
Industrial Application Segment to Lead Market Growth
In terms of application, the global cool roof coatings market has been segmented into residential, commercial, and industrial. The industrial segment accounted for the leading share of the global cool roof coatings market in 2017. Demand for environmentally-friendly products has been rising in the world since the last few years. Most commercial complexes such as educational buildings have started adopting the cool roof coatings technology to lower their energy consumption. Over the last two years, innovations in this sector have enabled the development of sustainable and customized coating solutions. This has boosted the cool roof coatings market.
Elastomeric Coatings is Dominant Type Segment
Based on type, the global cool roof coatings market has been bifurcated into elastomeric and IR reflective. Elastomeric coatings are widely used in industrial applications. These coatings provide numerous advantages over IR reflective coatings. They absorb less heat during daytime, saving on annual cooling costs and reducing the carbon footprint of buildings.
The IR reflective segment is expected to expand at a moderate pace during the forecast period. IR reflective coatings are being adopted extensively due to their affordability and simpler nature than elastomeric coatings. They are generally employed in residential applications.
Key Players Operating in Cool Roof Coatings Market
The competition in the cool roof coatings market is high in the U.S. due to the presence of large numbers of players producing cool roof coatings in the country. Key players operating in the market include DowDuPont, Akzo Nobel N.V., Nutech Paint, The Valspar Corporation, BASF SE, and Huntsman International LLC.
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