Cool Roof Coatings Market to Grow with a CAGR of 5.00% through 2028
Surge in
research and development activities is expected to drive the Global Cool Roof
Coatings Market growth in the forecast period, 2024-2028
According to
TechSci Research report, “Cool Roof Coatings Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”, the Global
Cool Roof Coatings Market stood at USD 4.31 billion in 2022 and is anticipated
to grow with a CAGR of 5.00% in the forecast period, 2023-2028. The initiatives
taken by government based on Cool Roof Coatings has led to favorable market
conditions for the Global Cool Roof Coatings Market. Several factors contribute
to the growth of various Cool Roof Coatings products.
In the United
States, the Department of Energy's ENERGY STAR program plays a vital role in
promoting energy conservation. As part of their efforts, they actively advocate
for the use of cool roof coatings. These special coatings are designed to
reflect more sunlight compared to conventional roofs, thus minimizing the
amount of heat absorbed. By doing so, they effectively contribute to lowering
the temperature inside buildings, resulting in reduced energy consumption and
increased comfort.
Taking a closer
look at local initiatives, New York City has launched the NYC CoolRoofs program
to combat the urban heat island effect. This innovative initiative focuses on
encouraging building owners to apply a reflective white coating on their
rooftops. By doing so, not only does it help decrease building temperatures,
but it also has a positive impact on the environment. Lowering air pollution
and greenhouse gas emissions are among the key benefits, along with the added
advantage of extending the lifespan of HVAC equipment.
These combined
efforts demonstrate the importance of utilizing cool roof coatings as an
effective strategy in energy conservation and sustainable urban development.
The primary
focus of research efforts lies in enhancing the thermal performance of cool
roof coatings. This entails improving their solar reflectance and thermal
emittance, which are crucial properties determining a coating's ability to
remain cool in sunlight.
Furthermore,
R&D activities are also directed towards broadening the applications of
cool roof coatings. While these coatings are commonly employed in commercial
buildings, ongoing research explores their potential in residential settings
and diverse climatic conditions.
Another pivotal
research area involves the development of environmentally-friendly
formulations. Given the increasing concerns regarding the environmental impact
of building materials, researchers are investigating the utilization of
renewable and bio-based materials in cool roof coatings.
The Global Cool
Roof Coatings Market is segmented into material type, product, end user,
regional distribution, and company.
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market data Figures spread through XX Pages and an in-depth TOC on "Cool Roof Coatings Market.”
The high demand
for elastomeric coatings is primarily driven by their increasing applications
in various sectors of the construction industry, including housing roofs and
buildings. These coatings offer a wide range of superior properties such as UV
resistance, high transparency, and exceptional durability. Additionally, the
demand for elastomeric acrylic coatings in buildings and commercial spaces is
experiencing significant growth, fueled by the rising adoption of
energy-efficient cool roofing systems.
According to the
Office for National Statistics, the monthly output of construction in January
2022 witnessed a notable increase of 1.1% in terms of volume, reaching the
highest level since September 2019. This growth in construction projects and
buildings is creating ample opportunities for the elastomeric coatings market,
particularly in the cool roof coating sector. Consequently, the global cool
roof coatings market is expected to witness substantial growth during the
forecast period, driven by the high demand in the construction sector.
The increasing
demand for elastomeric coatings in the construction industry can be attributed
to their ability to provide long-lasting protection and improved energy
efficiency to buildings. As sustainability becomes a key focus in the
construction sector, the use of elastomeric coatings in cool roof systems is
gaining prominence. These coatings help to reflect sunlight, reduce heat
absorption, and consequently contribute to energy savings and lower cooling
costs.
In summary, the
growing popularity of elastomeric coatings can be attributed to their
exceptional properties and their ability to meet the changing requirements of
the construction industry. With the continuous growth in construction projects
and the increasing emphasis on energy-efficient building solutions, the demand
for elastomeric coatings is expected to remain robust in the coming years.
Based on region,
Asia Pacific segment is expected to grow during the forecast period.
The increasing
demand for cool roof coatings in the residential, commercial, and industrial
construction sectors in this region is driving the growth of the cool roof
coatings industry. The rising building and construction activities in the APAC
region are further propelling the demand for cool roof coatings in the market.
This surge in demand can be attributed to the increasing adoption of green
building codes in major countries such as China, India, Indonesia, and others,
which are driving the market for cool roof coatings.
Additionally,
the rise in residential housing and building activities is significantly
boosting the demand for IR coatings. According to the India Brand Equity
Foundation (IBEF), the residential sector in India is expected to witness
substantial growth, with the government aiming to build 20 million houses under
the Pradhan Mantri Awas Yojna (PMAY) by 2022. This ambitious initiative is set to
create a robust demand for cool roof coatings in the residential, industrial,
and commercial sectors of the APAC region.
As a result of
these factors, the cool roof coatings market is expected to experience
significant growth during the forecast period.
Major companies
operating in Global Cool Roof Coatings Market are:
- Nutech
Paint Pty Ltd
- The
Valspar Corporation
- Nippon
Paint (M) Sdn. Bhd.
- Sika
AG
- Monarch
Industrial Products (I) Pvt. Ltd.
- Insulation
Painting and Engineering Services Limited (I.P.E.S)
- KST
Kunststofftechnik GmbH & Co KG
- DOW
Inc.
- Huntsman
Corp.
- PPG
Industries Inc.
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“Growing
application of Cool Roof Coatings in various end user industries are key
drivers of the Cool Roof Coatings Market. Growth in competitive landscape and
presence of well-established companies in the market who are dedicated to
enhance their productivity of Cool Roof Coatings with every passing year are
anticipated to register an impressive growth to Global Cool Roof Coatings
Market in the forecast period.,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Cool Roof Coatings Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Material Type (Acrylic, Silicone, Others), By Product (Elastomeric, IR Reflective), By End User (Commercial, Residential, Industrial), By Region and Competition, 2018-2028F”,
has evaluated the future growth potential of Global Cool Roof Coatings Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Cool Roof Coatings Market.
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