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.
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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.
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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