The global cool roof coatings market wasvalued 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 marketis driven by the rise in demand for cool roof coatings in industrialapplications such as workshops, warehouses, malls, and IT parks. In terms ofproduction and consumption, North America held significant share of the globalcool 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 savingenergy costs. These roof coatings have high adoption rate as they promoteenvironmental and economic sustainability. Cool roof coating is an attractivemarket that is gaining momentum in the roofing industry. Cool metal roofs helpreduce annual energy costs by 40%. Pre-painted or granular-coated metal roofingsystems are preferred for homes in warmer climates, as these reflect solarenergy and re-emit most of the absorbed solar radiation. Highly reflective andemissive painted or granular-coated metal roofs are used to lower energyconsumption. They can re-emit up to 90% of absorbed solar radiation. Cool roofsalso enhance durability of roofs, lower building cooling loads, and reduce theurban heat island effect. Cool roof coatings transfer less heat to thebuilding, thereby maintaining the temperature of the building and consumingless energy for air conditioning. Cool roof coatings assist in decreasing theproduction of associated air pollution and greenhouse gas emissions by reducingthe use of energy. Cool roofs maintain the air temperature inside a buildingwith or without air conditioning.
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Less Awareness among ConsumersHampering Market
Cool roof coating is a green technology. However, it is not a newconcept. In the 1980s, a research was conducted by the Departments of Energy inCalifornia and Tennessee to analyze ‘solar radiation control coatings’ onrooftops. It was found that energy costs decreased when these coatings wereused. Cool roof coating technologies emerged in 2001 in California in the U.S.Rolling blackouts were occurring frequently due to high demand for energy andinsufficient power supply. Cool roof coating techniques were installed to lowerthe demand for energy and reduce electricity costs, while avoiding futureblackouts in the area. Cool roof coating is an emerging technology used fortemperature control of buildings. These coatings prevent heat absorption byreflecting the sun’s heat and emitting its radiation back into the atmosphere.Thus, these coatings provide comfortable and controlled indoor environment.Less awareness among customers about cool roof coatings is hindering themarket. However, new projects have been started by governments to promote theuse of cool roof coatings. For instance, in 2017 and 2018, cities such asAhmedabad and Hyderabad in India initiated pilot cool roof programs. Theseinitial programs included awareness campaigns, pilot initiatives targeting3,000 roofs, and application of cool roof techniques in government buildingsand schools.
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Low-sloped Roof Segment to Dominate Global CoolRoof Coatings Market
Based on roof slope, the global cool roof coatings market has beenbifurcated into low-sloped and steep-sloped. Low-sloped was the dominantsegment of the cool roof coatings market in 2017. The low-sloped roof segmentis estimated to remain lucrative during the forecast period, as these roofsoffer several advantages such as lower initial installation cost and lessbuild-up material requirement than steep-sloped roofs. Low-sloped roof does notallow the extra air to accumulate under the roof structure as in the case ofsteep-sloped roof.
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Industrial Application Segment to Lead MarketGrowth
In terms of application, the global cool roof coatings market has beensegmented into residential, commercial, and industrial. The industrial segmentaccounted for the leading share of the global cool roof coatings market in2017. Demand for environmentally-friendly products has been rising in the worldsince the last few years. Most commercial complexes such as educationalbuildings have started adopting the cool roof coatings technology to lowertheir energy consumption. Over the last two years, innovations in this sectorhave enabled the development of sustainable and customized coating solutions.This has boosted the cool roof coatings market.
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Elastomeric Coatings is Dominant Type Segment
Based on type, the global cool roof coatings market has been bifurcatedinto elastomeric and IR reflective. Elastomeric coatings are widely used inindustrial applications. These coatings provide numerous advantages over IRreflective coatings. They absorb less heat during daytime, saving on annualcooling costs and reducing the carbon footprint of buildings.
The IR reflective segment is expected to expand at a moderate paceduring the forecast period. IR reflective coatings are being adopted extensivelydue to their affordability and simpler nature than elastomeric coatings. Theyare generally employed in residential applications.
North America Dominates Global Cool Roof CoatingsMarket
Based on region, the global cool roof coatings market can be dividedinto North America, Europe, Asia Pacific, Middle East & Africa, and LatinAmerica. In terms of demand, North America held the dominant share of theglobal cool roof coatings market in 2017. Asia Pacific and Europe are othersignificant consumers of cool roof coatings. The cool roof coatings market inAsia Pacific is projected to expand at a rapid pace during the forecast period,as the region faces the major issue of global warming. In line with this, Chinaand countries in ASEAN have taken initiatives to promote the usage of cool roofcoatings. They provide subsidy to manufacturers of cool roof coatings. Demandfor cool roof coatings is estimated to increase significantly in Middle East& Africa and Latin America in the near future. These regions accounted forsmall share of the global cool roof coatings market in terms of demand in 2017.However, they are projected to create lucrative opportunities for manufacturersof cool roof coatings in the next few years.
Key Players Operating in Cool Roof Coatings Market
The competition in the cool roof coatings market is high in the U.S. dueto the presence of large numbers of players producing cool roof coatings in thecountry. Key players operating in the market include DowDuPont, Akzo NobelN.V., Nutech Paint, The Valspar Corporation, BASF SE, and HuntsmanInternational LLC.
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