Cool Roof Coatings Market Share, Size, Trends, Industry Analysis Report, By Product (Elastomeric, IR Reflective), By Application (Low-sloped, Steep-sloped), By End-use, By Region, And Segment Forecasts, 2024 - 2032
- Published Date:Dec-2023
- Pages: 119
- Format: PDF
- Report ID: PM1580
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global cool roof coatings market was valued at USD 4.35 billion in 2023 and is expected to grow at a CAGR of 7.1% during the forecast period.
This growth is primarily driven by the energy-saving benefits provided by these coatings. Emerging economies worldwide are increasingly adopting green building codes, boosting the demand for cool roof coatings. Additionally, growing concerns about rising carbon emissions and energy consumption have led governments to implement regulations promoting environmentally responsible buildings. These developments are expected to create significant growth opportunities for the cool roof coating market soon.
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Cool roof coatings encompass reflective tiles, sheet coverings, and protective coatings designed to keep roofs cooler, thereby reducing the building's overall temperature. They contribute to cost savings by reducing the need for air conditioning and other cooling systems. These coatings typically feature white coatings or specially formulated reflective pigments that reflect sunlight, safeguarding roofs from ultraviolet radiation, water damage, rust, and chemical harm.
Cool roof coatings offer numerous benefits, including cost-effectiveness and high solar reflectivity, leading to reduced heat buildup in commercial and residential areas. This, in turn, decreases the reliance on air conditioning, leading to energy savings and reduced air pollution. The growing consumer preference for energy-efficient solutions and supportive government policies, such as tax incentives for green building materials, are expected to drive demand in the coming years.
Under California state regulations, the Title 24 Building Energy Efficiency Code standards since 2014 mandate cool roofs with a minimum reflectance of 0.70 and emittance level of 0.75, potentially saving up to 30% on energy bills. The U.S. Department of Energy's ENERGY STAR program indicates that qualified roof products could reduce peak cooling demand by 11% to 16%, reducing the need for air conditioning in buildings. Government support in the form of financial incentives and tax benefits is expected to drive the demand for cool roof coatings. Growing awareness about energy savings and the environmental advantages offered by these coatings are likely to further expand the market.
Growth Drivers
Shift in Consumer Preference Towards Cost-Effective and Durable Coatings
A noticeable trend in the cool roof coatings market is the shift in consumer preference towards cost-effective and durable coatings, moving away from short-term, quick-fix solutions. Property managers and industrialists are now considering the lifecycle assessment of cool roof coatings. While cheaper options might seem economical initially, the eventual need for re-coating every three to five years becomes significantly more expensive in terms of materials, labor, and time. Cool roof coatings play a crucial role in reducing heat buildup within a building, leading to decreased reliance on air conditioning and lower energy costs. Moreover, these coatings help mitigate structural deformations caused by temperature fluctuations and protect against damage from harmful UV radiation.
Report Segmentation
The market is primarily segmented based on product, application, end use, and region.
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By Product |
By Application |
By End Use |
By Region |
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By Product Analysis
Elastomeric Coatings Segment Garnered the Largest Share
Elastomeric coatings segment dominated the market. Growing emphasis on energy efficiency in buildings has boosted the demand for these coatings. Elastomeric coatings, with their reflective properties, help in reducing heat absorption, keeping buildings cooler during hot weather. By minimizing heat buildup, they decrease the reliance on air conditioning, leading to energy savings.
These coatings find widespread applications in commercial and industrial constructions. Their popularity can be attributed to their superior performance and the increasing demand for energy-efficient roofing systems. Elastomeric coatings are highly effective in providing a seamless and durable protective layer for roofs. They possess elastomeric properties, meaning they can stretch and return to their original shape without damage. This flexibility allows them to withstand temperature fluctuations, UV radiation, and other environmental factors, ensuring long-lasting protection for roofs.
IR reflective coatings segment will grow at significant pace. This is due to product's capability to maintain objects at lower temperatures compared to traditional pigments. Additionally, the dark-colored IR reflective coatings offer an aesthetically pleasing appeal, providing a competitive advantage to this segment. The visual appeal is a crucial factor for building owners, leading to increased demand for these coatings.
By Application Analysis
Low Sloped Segment Accounted for the Largest Market Share in 2023
Low sloped segment accounted for the largest market share. This can be attributed to its advantages, including a lower initial installation cost and the requirement of less build-up material compared to steep-sloped roofs. Low-sloped roofs are extensively utilized in industrial and commercial buildings. Increasing awareness about green building construction and strict regulations regarding roofing materials in industrial and commercial constructions have led to a higher adoption rate of low-sloped roofing systems.
Steep sloped segment will exhibit robust growth rate This growth is driven by their growing use in the residential sector, especially in areas prone to heavy rainfall and snowfall. Steep-sloped roofs require less maintenance due to their structural advantage, allowing water to shed swiftly and reducing the risk of mold or mildew growth, leading to a lower adoption of coating products on such roofs. However, the demand for cool coatings is expected to rise in steep-sloped roofs due to the availability of quick-drying coatings and advanced techniques in the coming years.
By End Use Analysis
Residential Segment will Grow at the Rapid Pace
Residential segment will exhibit robust growth rate. Segment’s growth is primarily due to growing popularity of the colored coatings, coupled with the increasing adoption of green building codes in developing nations, driving residential applications. These coatings can be applied over various roofing materials, making them a common choice for household renovations. The enforcement of green building codes for the individual homes & residential constructions, particularly in emerging economies, is expected to drive demand in the years to come.
Regional Insights
North America Accounted for the Largest Share of Global Market
North America garnered the largest share. This is due to region's early adoption of building codes and the rising awareness among consumers regarding building energy consumption. The construction sector in the United States has experienced substantial growth in recent years, driven by a positive commercial real estate outlook, a robust economy, and increased federal and state funding for institutional buildings and public infrastructure.
Furthermore, ongoing, and upcoming projects, including the development of new homeless services & health centers, the modernization of SFUSD sites, the construction of affordable housing, the SoFi Stadium project in Inglewood, & the re-development of the Treasure Island, are anticipated to fuel the demand for the product in the coming years.
APAC will grow at the substantial pace. Region’s growth is primarily due to escalating construction activities and extensive infrastructure development taking place in the region. As construction projects increase, there is a growing demand for solutions that not only enhance energy efficiency but also reduce cooling costs significantly. Cool roof coatings, with their ability to reflect sunlight and minimize heat absorption, play a crucial role in achieving these goals.
Key Market Players & Competitive Insights
The global market operates as an oligopoly, where a small number of major players exert significant influence. Manufacturers are dedicating substantial investments to research and development, leveraging technological advancements for competitive advantages by offering differentiated products and cost-effective solutions.
Some of the major players operating in the global market include:
- NuTech Paint
- Valspar
- NIPPON PAINT (M) SDN. BHD.
- Sika AG
- Monarch Industrial Products India Private Limited
- Excel Coatings
- Indian Insulation & Engineering
- KST Coatings
- Dow
- GAF
- Huntsman International LLC
- PPG Industries, Inc.
Recent Developments
- In March 2023, NanoTech introduced Nano Shield, their flagship product designed specifically for commercial roofs. When applied, this specialized coating can result in an impressive 30-40% decrease in HVAC usage for buildings. This significant reduction leads to substantial energy cost savings and plays a vital role in reducing scope 1 carbon emissions.
Cool Roof Coatings Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 4.65 billion |
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Revenue forecast in 2032 |
USD 8.07 billion |
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CAGR |
7.1% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
By Product, By Application, By End Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region, and segmentation. |
FAQ's
The cool roof coatings market report covering key segments are product, application, end use, and region.
Cool Roof Coatings Market Size Worth $8.07 Billion By 2032
The global cool roof coatings market is expected to grow at a CAGR of 7.1% during the forecast period.
North America is leading the global market
key driving factors in cool roof coatings market are Shift in consumer preference towards cost-effective and durable coatings
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