The global cool roof coating market is expected to reach USD 5.41 billion by 2025. Cool roof coating is a white or bright colored coating that absorbs less heat, reduces energy consumption, and reflects more sunlight. The cool roof coating market is estimated to grow at a significant CAGR of 7.0% over the forecast period as the scope and its applications are rising enormously across the globe.
The factors that are playing a major role in the growth of the cool roof coating market are the increasing construction activities across the globe, the rising use of green roof coating technology, and the rise in R&D activities. However, issues related to the long-term durability of cool roof coatings are likely to restrain overall market growth in the years to come. The cool roof coating industry is segmented based on product type, application, end-user, and region.
IR reflective/colored and elastomeric/white are the product types that could be explored in cool roof coating in the forecast period. The elastomeric coats sector accounted for the significant market share of cool roof coating and is estimated to lead the overall market in the years to come. The reason could be the high demand from the industrial and commercial sectors during construction.
The market could be categorized based on applications like steep-sloped, low-sloped, and others. The low-sloped roofs sector accounted for the substantial market share of cool roof coating and is estimated to lead the overall market in the years to come. The reason could be the growing implementation of green building codes. Also, the steep-sloped roofs sector is estimated to grow at the fastest pace in the years to come.
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Industrial, residential, commercial, and other end users could be explored in cool roof coating in the forecast period. The residential sector accounted for the substantial market share of cool roof coating and is estimated to continue its dominance in the years to come. The reason could be the presence of colored IR reflective coatings. The industrial and commercial sectors follow the suit.
Globally, North America accounted for the substantial market share of cool roof coating and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be growing awareness regarding building energy consumption and leadership in the energy and environmental design (LEED) initiative. The United States is a major consumer of cool roof coating in this region.
Europe and the Asia Pacific are also estimated to have a positive influence on future growth. Europe is the second-largest region with a significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The aspects that may be ascribed to the growth comprise the rising adoption of green building codes and high expenditure on construction. Developing countries like India and China are the major consumers of cool roof coating in this region.
The key players in the cool roof coatings market are Nutech Paints, Dow Chemical Company, Monarch Industries, KST Coatings, Nippon Paints, Valspar Corp., and Sika Sarnafil. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
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