USD 4.43 Billion
Cool Roof Coatings Market Size, Share, Growth Analysis, By Type(Elastometric, Bituminous, Acrylic, epoxy), By Substrate(Metal, Asphalt, Membrane, Concrete), By Roof type(Flat, low-sloped, steep-sloped, others), By Solution technology(Water based, Solvent based), By End-user(Residential, Non-residential (commercial, hospitality, healthcare), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15F2038 |
Region:
Global |
Published Date: March, 2024
Pages:
184
|Tables:
61
|Figures:
77
Cool Roof Coatings Market Insights
Global Cool Roof Coatings Market size was valued at USD 4.43 Billion in 2022 and is expected to grow from USD 4.75 Billion in 2023 to reach USD 8.28 Billion by 2031, at a CAGR of 7.20% during the forecast period (2024-2031).
Roof coating is a liquid applied material with elastic properties that helps save energy in buildings where energy use is low. It absorbs sunlight to reduce energy consumption and lengthen the life of the roof. Using roof coatings can save money on overall building costs. The demand for roof coatings is increasing due to more construction worldwide and a focus on sustainable building practices. The market is also growing because of industrialization in developing countries, where manufacturers are producing more roof coating materials. This trend is expected to continue, especially in emerging economies.
The construction market has been affected by project closures, leading to a decrease in the industry's annual growth rate. Demand for cool roof coatings in domestic markets has declined as a result. Cool roof coatings offer cost-effective and energy-saving benefits by reducing heat accumulation and reliance on air conditioning. The increasing consumer preference for energy efficiency and government incentives for green building materials are expected to drive future demand.
The Global Cool Roof Coating Market is driven by the need for sustainable building practices to combat urban heat islands. These coatings help save energy, extend roof life, and reflect sunlight and heat away from buildings. Key factors promoting market growth include demand for energy efficiency, climate change concerns, and sustainability trends. Challenges include high setup costs, lack of skilled labour, and the need for innovation. However, opportunities exist for new products incorporating nanotechnology and environmentally friendly features. The market is expected to drive the construction sector towards green initiatives globally.
Also, Tax benefits and financial incentives from the government are projected to drive up the demand for cool roof coatings. The market is also expected to grow due to rising awareness of energy savings and the environmental advantages of cool enamels.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Elastomeric Coatings
Fastest Growth
Elastomeric Coatings
Growth Rate
7.20% CAGR
Global Cool Roof Coatings Market ($ Bn)
Country Share for North America Region (%)
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Cool Roof Coatings Market Segmental Analysis
The roof coatings market is divided based on substrate, product, materials, technology, roof type application, end use, and region. Product segmentation includes Elastomeric, Bituminous, Acrylic, Silicone, Epoxy, and others. Substrate segmentation includes asphalt, metal, bitumen, plastic, and others. Roof types are categorized into elastomeric & plastic, bituminous, tiles, metals, and others. Technology is classified as water-based and solvent-based. Roof coating types are grouped as low sloped roof, steep sloped roof, and others. Roof coating uses vary across residential, commercial, hospitality, healthcare, and others. Regionally, it is assessed in North America, Europe, Asia-Pacific, and Latin America, MEA. The distribution of market share is examined across major regions and countries.
Leading companies in the roof coatings market include RPM International Inc, Dow, Akzo Nobel N.V., BASF SE, Nippon Paint, Valspar, PPG Industries, The Sherwin-Williams Company, Hempel A/S, and Graco Inc. Other participants in the market consist of Owens Corning, H.B. Fuller, GAF Materials Corporation, Johns Manville, Saint-Gobain, Kraton Performance Polymers, and Bayer Material Science.
Cool Roof Coatings Market Analysis by end-use
The Cool Roof Coatings End-use Outlook provides information on the volume of cool roof coatings, measured in kilo litres, and revenue in USD million, projected till 2030 for three main categories:
Houses (Residential) - The Volume of Cool Roof Coatings used in homes measured in kilo litres. The Revenue earned from selling these coatings in U.S. dollars in millions.
Shops and offices (Commercial) - The Volume of Cool Roof Coatings applied on commercial buildings measured in kilo litres. The Revenue generated from sales of these coatings in U.S. dollars in millions.
Factories and industries (Industrial) - The total Volume of Cool Roof Coatings used on industrial structures measured in kilo litres. The total Revenue earned from selling these coatings in U.S. dollars in millions.
Cool Roof Coatings Market Analysis by Application
The cool roof coating market is currently led by the low-sloped roof application segment and is expected to maintain a strong growth trajectory with a high CAGR in the foreseeable future. This dominance is attributed to the advantages it offers, including the use of minimal build-up material compared to steep-sloped methods and lower initial installation costs. Low-sloped roofs are commonly found in industrial and commercial buildings. Their increased adoption is driven by a growing appreciation for sustainable construction practices and stringent regulations dictating roofing materials for such structures.
Steep-sloped roof applications are expected to experience rapid growth during the forecast period, driven by their rising popularity in residential settings, especially in regions prone to heavy snowfall and rainfall. The structural advantage of steep-sloped roofs, allowing for efficient water drainage and reducing the risk of Mold or mildew formation, contributes to their lower maintenance requirements and decreased need for coating penetrations. Nevertheless, advancements in quick-drying coating options and innovative application techniques are projected to boost the demand for cool coatings in the steep-sloped roof segment in the coming years.
Global Cool Roof Coatings Market By End Use
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Cool Roof Coatings Market Regional Insights
In 2022, North America held the greatest market share 34.20% dominating the cool roof coatings industry. During the projected period, it is expected that the region would maintain this pattern. The expansion can be ascribed to early adoption of construction codes and rising consumer awareness of how much energy buildings use. Due to the increased demand for residential, non-residential, and commercial construction projects, which is driving the expansion of the cool roof coatings market throughout the region during the forecast period, the construction sector in North America is likely to experience considerable growth over the coming years.
Cool roof coatings have seen an increase in demand on the European market in recent years across green building designs. Due to their exceptional environmental benefits, which include increased building life, maximized energy efficiency, and improved interior quality, Over the forecast period, favorable government support to promote green building development in various nations is anticipated to drive product demand. The demand for applications of cool roof coatings is substantially influenced in Germany by the construction industry. Due to the increased demand for real estate, low financing rates, and growing population, the nation has seen an increase in new residential building permits, and this development trend is anticipated to continue over the projection period.
Global Autonomous Ships Market By Region
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Cool Roof Coatings Market Dynamics
Cool Roof Coatings Market Drivers
Incentive Programs and Rebates
- Governments, utility companies, and other organizations offer financial incentives, rebates, and tax credits to promote the adoption of cool roof coatings. These programs encourage building owners to invest in energy-efficient solutions, further driving the demand for cool roofs.
Urbanization and Construction Activities
- There has been an increase in construction activities as a result of rapid urbanisation, particularly in emerging economies. As a result, there is a growing demand for sustainable building materials and energy-efficient solutions, including cool roof coatings.
Cool Roof Coatings Market Restraints
Durability and Performance Challenges
- Cool roof coatings need to withstand harsh weather conditions, UV radiation, and other environmental factors. If not properly formulated or applied, these coatings may experience premature degradation, compromising their performance and durability. Addressing these challenges and ensuring the long-term effectiveness of cool roof coatings is crucial for market growth.
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Cool Roof Coatings Market Competitive Landscape
A small number of significant businesses control an oligopolistic portion of the whole market. To gain a competitive edge through product differentiation and low-cost products, manufacturers are substantially spending in R&D operations and depending on technical advancements. Additionally, in order to increase their ability to target specific customers, firms are concentrating on integrating their supply and distribution systems.
Cool Roof Coatings Market Top Player’s Company Profiles
- Sherwin-Williams Company (United States)
- PPG Industries, Inc. (United States)
- Akzo Nobel N.V. (Netherlands)
- BASF SE (Germany)
- RPM International Inc. (United States)
- Nippon Paint Holdings Co., Ltd. (Japan)
- Dow Chemical Company (United States)
- Sika AG (Switzerland)
- Asian Paints Ltd. (India)
- Kansai Paint Co., Ltd. (Japan)
- GAF Materials Corporation (United States)
- Arkema Group (France)
- Hempel A/S (Denmark)
- Axalta Coating Systems Ltd. (United States)
- The Valspar Corporation (United States)
- Jotun Group (Norway)
- DuluxGroup Limited (Australia)
- Gaco Western, LLC (United States)
- Berger Paints India Limited (India)
- Monarch Industries Limited (Canada)
- Excel Coatings (United Arab Emirates)
- National Coatings Corporation (United States)
Cool Roof Coatings Market Recent Developments
-
In April 2023, PPG Industries Inc. introduced the Cool Roof Reflective Coating, designed to reflect heat and sunlight, reducing energy costs and boosting building energy efficiency. This innovative coating helps maintain cooler interior temperatures, leading to lower reliance on air conditioning.
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In March 2023, Sherwin-Williams Company acquired Solahart USA, a leading provider of solar water heaters, aiming to expand its offerings in the cool roof coatings market. This acquisition is expected to enhance Sherwin-Williams' sustainable product portfolio and market reach.
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In February 2023, BASF SE launched the Cool Roof Reflector, a cutting-edge coating designed to reflect heat and sunlight, thus lowering energy costs and improving building energy efficiency. This new product aims to help maintain cooler indoor temperatures and reduce the demand for air conditioning.
Cool Roof Coatings Key Market Trends
Integration of Cool Roof Coatings in Building Design
- Architects and building designers are increasingly incorporating cool roof coatings into their designs. Cool roofs are being integrated into new construction projects as well as retrofitted onto existing buildings. The integration of cool roof coatings at the design stage ensures optimal performance and energy efficiency.
Advancement in research and development activities
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The research & development activities for advanced and durable cool roof coating materials in order to enhance the longevity and performance, drive the growth of the market. For instance, in April 2023, Everest Systems LLC, announced the launch of high-performance and field-applied topcoat under the Fluorostar brand name. It protects and restores multiple types of roofing surfaces with long-lasting color.
Government initiatives and increase in awareness about cool roof coating
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The Louisville-Jefferson County Metro Government offers an incentive to the property owner of $1 per square foot of cool roof installed. It has a goal of incentivizing at least 100,000 square feet of cool roof. Thus, the incentives offered by the government to encourage the installation of cool roof coating, propel the growth of the market.
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In addition, the increase in awareness regarding the advantages of cool roof coatings among builders, architects, and property owners, has driven the market growth.
Cool Roof Coatings Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global cool roof coating market has experienced significant growth in recent years and is expected to continue expanding in the coming years. This growth can be attributed to several factors, including the increasing demand for energy-efficient solutions, rising environmental concerns, supportive government regulations, and advancements in cool roof coating technologies. One of the primary drivers of the market is the growing emphasis on sustainability and energy efficiency in the construction industry. Cool roof coatings offer an effective way to reduce energy consumption and lower carbon emissions by reflecting a significant portion of the solar radiation that would otherwise be absorbed by roofs. As energy costs rise and environmental consciousness increases, property owners are increasingly adopting cool roof coatings to improve the energy efficiency of their buildings.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 4.43 Billion |
| Market size value in 2031 | USD 8.28 Billion |
| Growth Rate | 7.20% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Cool Roof Coatings Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Cool Roof Coatings Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Cool Roof Coatings Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cool Roof Coatings Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cool Roof Coatings Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cool Roof Coatings Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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