DUBLIN – A recent study by Fact.MR projects promising growth prospects for the cool roof coatings market, with a volume increase in 2018 over 2017 estimated at nearly 39,000 MT. Cool roof coatings have emerged as an effective remedy to urbanization challenges, which include increasing energy demand and higher temperatures across tropical and subtropical regions. Additionally, cool roof coatings significantly aid in offsetting strains on electric grids due to increased demand for cooling and air conditioning.
Elastomeric plastic has traditionally reigned supreme among roofing materials in the cool roof coatings market. These materials account for 6 in 10 MT of cool roof coatings, with global sales estimated at over 400,000 MT in 2018. The relative superiority of elastomeric plastic in terms of performance over its counterparts, such as tiles and metals, continues to underpin its supremacy in the cool roof coatings market.
The study estimates cool roof coatings sales for low-sloped roofs exceeded 395,000 MT in 2018. Low-sloped roofs are common in industrial and commercial buildings. As construction activities in these sectors continues on an upward trend 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 for industrial and commercial structures have increased demand for cool roof coatings.
“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,” said a lead analyst for the research firm.
As impacts of climate change become increasingly visible, investment in sustainable technologies to improve the resilience of cities has increased worldwide. The application of cool roof coatings to complement a building structure’s environmental performance, along with installations of solar panels, continues to be explored among prominent cities across the globe. Several cool roof programs by local authorities, such as the Eco-Incentive Roof Program in Toronto and NYC Cool Roofs, have created demand for cool roof coatings.
Cool roof coatings are becoming an importance solution to reduce urban heat island effects, combat climate change and improve air quality. A reduction in peak loads on electric grids and enhanced community resilience to high temperatures are key benefits of cool roof coatings, which result in increased market demand.
The cool roof coatings market is primarily characterized by the presence of multinational companies that have robust distribution channels and higher brand visibility. The study states that these players collectively account for over one-fourth of the cool roof coatings market. However, the majority share of the cool roof coatings market — over 50% — is expected to remain within a cluster of Tier 2 players.
The regional players, such as GAF Materials Corp. and Nippon Paint Holdings Co. Ltd., have established a presence in emerging markets such as Asia-Pacific, as the region hold significant latent opportunities for the industry. China remains the most lucrative country for the sale of cool roof coatings, with global sales estimated at nearly 220,000 MT in 2018.
The report offers a forecast on the cool roof coatings market for the period from 2018 to 2028 and predicts a compound annual growth rate of over 6% during that period.
For more information about the report, Cool Roof Coating Market, visit https://www.factmr.com/report/2364/cool-roof-coating-market.