Global Cool Roof Coatings Market Analysis, Key Growth Drivers, Challenges, Leading Key Players Review, Demand and Upcoming Trend by Forecast to 2023
Cool roof coating is a fluid applied to the roofing membrane, which helps to regulate temperature and results in energy saving. The types of materials that are used in cool roof coatings are elastomeric and infrared (IR)reflective.
Cool roof coating fluids are gaining importance due to the increasing need for energy conservation in different regions across the globe. Also, cool roof coatings help in lowering the interior temperature by around 6–10°C and roof surface temperature by up to 60°C. These coatings are designed to reflect large amounts of sunlight, naturally reducing the amount of heat absorbed by the structure.
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The global cool roof coatings market has been segmented on the basis of product type, roof slope, application, and region.
By product type, the global cool roof coatings market has been classified into elastomeric and IR reflective. Among these, the elastomeric segment accounted for the largest market share and was the fastest growing segment in 2018. The segment is expected to maintain its dominance during the review period, owing to the relatively low cost of production as compared to the other materials.
Additionally, the application of the elastomeric cool roof coating is easy and less labor intensive, which is also expected to contribute to the growth of the elastomeric segment during the forecast period.
On the basis of roof type, the global cool roof coatings market has been classified into low-sloped roof, steep-sloped roof, and others. The low-sloped roof is the most commonly used type of roofing in the industrial buildings as it prevents water collection on the roof during the rainy seasons and is also proved to be ideal for industrial buildings. Hence, the use of high-performance cool coatings on a low-sloped roof appears to be highly beneficial in buildings. The segment is expected to grow at a significant rate during the forecast period.
Based on application, the global cool roof coatings market has been divided into residential, commercial, and industrial.
The industrial segment held the largest share and was the fastest growing segment in 2018, due to the increasing use of cool roof coatings in industrial buildings. The adoption of cool roof coatings in industrial buildings is high in North America. The adoption of new technologies to execute thermal management in buildings was witnessed largely in the US & Canada in 2018. The emerging economies of Asia-Pacific are also responsible for the growth of the industrial segment due to growing urbanization and environmental awareness in this region. Countries such as India and China are adopting cool roof coating, particularly in industries to save energy and enable thermal management in the buildings. The segment is projected to continue its growth during the review period.
Some of the key players operating in the global cool roof coatings market are BASF SE (Germany), Akzo Nobel NV (Netherlands), RPM International Inc. (US), The Sherwin-Williams Company (US), Hempel A/S (Denmark), The Dow Chemical Company (US), Wacker Chemie AG (Germany), Sika AG (Switzerland), Nippon Paint Holdings Co., Ltd (Japan), Valspar (US), Nutech Paints (US), GAF (US), Monarch Industries Ltd (Canada), and Excel Coatings (India).
The global cool roof coatings market has been spanned across five key regions, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. North America held the largest share of the global cool roof coatings market in 2018 and is projected to continue the trend during the forecast period. Asia-Pacific held the second-largest share and was the fastest growing regional market in 2018, owing to the growing use of cool roof coatings in the industrial buildings.
The European market is expected to witness considerable growth, and the Latin American market is expected to record moderate growth during the forecast period. The Middle East & African market is projected to witness sluggish growth during the review period.
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