Press release
Cool Roof Coatings Market Is Anticipated To Grow At A CAGR 8.2% Over The Forecast Period And Valued At Over USD 1.3 Billion By 2032 End
The cool roof coatings market is estimated at USD 4.5 Billion in 2022 and is projected to reach USD 8.3 Billion by 2032, growing at a CAGR of 6.8% from 2022-2032.Of the overall paints & coatings industry, cool roof coatings captured around ~3% share as of 2021, says Fact.MR- a market research and competitive intelligence provider.
Upsurge in the adoption of green building codes by developed and developing countries across the globe is anticipated to propel the cool roof coatings demand. Growing concern towards energy consumption and carbon emission encourages governments to support green buildings establishments. The affirmation factor is anticipated to open up the market for cool roof coatings over the forecast period.
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According to the latest research on cool roof coatings by Fact.MR, the market value of the cool roof coatings increased at around 6.8% CAGR historically, from 2017 to 2021, wherein, countries such as the U.S., China, Japan, France and Italy held a significant share in the global market.
The cool roof coating offers reduced cooling energy costs and increases comfort level by keeping temperature fluctuations inside the building in check. The Cool Roof Rating Council (CRCC) estimates average energy savings from cool roof coatings to be in the range of 7% to 15%, albeit energy savings vary based on geography and climate.
With growing concerns about energy savings and reducing air pollution, the market for cool roof coatings is forecast to expand at a steady CAGR of close to 7.4% over the coming 10 years.
Below points summarize the cool roof coatings market over the long-run forecast period
• The cool roof coatings market saw a substantial decrease in growth during 2021 with worldwide revenues down by 1.2% year-over-year. Fact.MR estimates that cool roof coatings revenue will grow 1.6X from 2022 to 2032, reaching nearly USD 8.3 Billion in 2032, with a ten-year compound annual growth rate (CAGR) of 7.4%.
• Demand for cool roof coatings in residential applications will accelerate at the highest pace and is anticipated to grow at a CAGR of 8.0% over the forecast period.
• Top 5 providers of cool roof coatings held approx. 38% market share during 2021.
• Silicon based cool roof coating type anticipated to gain significant share across the global market owing to its exceptional property to resist sunlight.
• Liquid applied roof coatings is gaining traction over the past half-decade which in term influencing the overall cool roof coatings demand.
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Gains Remain Relatively Larger from Low-Sloped Roofs
Fact.MR study estimates cool roof coating sales for low-sloped roofs to exceed 395,000 MT in 2018. Low-sloped roofs are a common visual in industrial and commercial buildings, and as construction activities in these sectors continue on an upward spiral alongside urbanization, demand for cool roof coatings for low-sloped roofs will remain significant. Additionally, implementation of regulations for roofing materials and green building codes apropos industrial and commercial structures have led to higher demand for cool roof coatings as a result.
“Steep-sloped roofs are majorly observed in individual homes, particularly in countries with high snowfall and rainfall. Lower maintenance required in these in light of their structural advantage has resulted in comparatively lower penetration of cool roof coatings than in low-sloped roofs. However, the advent of advanced techniques and quick-drying colored coatings have attracted various consumers to use cool roof coatings, to curtail expenditure on energy in summers,” says a lead analyst at Fact.MR.
Pivotal Role of Cool Roof Coatings in Urban Resilience
As impacts of climate change become increasingly visible, investment in sustainable technologies have spurred worldwide for improving resilience of cities. Application of cool roof coating to complement a building structure’s environmental performance along with installations of solar panels continues to gain high focus among prominent cities across the globe. Several cool roof programs by local authorities worldwide such as Eco-Incentive Roof Program (Toronto), and NYC Cool Roofs, have further created significant demand for cool roof coating in the recent past.
Cool roof coating have gained paramount importance as a key solution to reduce urban heat island effect, combat climate change, and improve the air quality. Reduction in peak load on electric grids that leads to increased energy access, and enhanced community resilience to high temperatures are key benefits of cool roof coating, which continue to uphold its market growth.
The cool roof coating market is primarily characterized by the presence of multinational companies, which have robust distribution channels and higher brand visibility. Fact.MR’s study states that these players collectively account for over one-fourth share of the cool roof coating market. However, majority share of the cool roof coating market, over 50% is expected to remain hinged collectively at the cluster of Tier 2 players.
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Explore Fact.MR’s Coverage on the Chemical & Materials Domain:
• Aluminium Alloys Market: https://www.factmr.com/report/aluminium-alloys-market
• Carglumic Acid Market: https://www.factmr.com/report/carglumic-acid-market
• Nickel Hydroxide Market: https://www.factmr.com/report/nickel-hydroxide-market-report
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