by The global cool roof coatings market is on an upward trajectory, with projections indicating a substantial increase in market size from US$5.4 billion in 2022 to nearly US$9.2 billion by 2030. This robust growth is driven by the increasing adoption of cool roof coatings worldwide, fueled by their energy-saving and environmental benefits.
Sustainable Building Practices Fuel Demand
Cool roof coatings have gained significant traction in the construction and renovation of buildings due to their ability to reflect sunlight and heat, which reduces indoor cooling costs and energy consumption. As concerns about climate change and energy efficiency continue to grow, these coatings are becoming a crucial element in the construction industry. They not only provide economic advantages to consumers and businesses but also contribute to environmental conservation.
Global Expansion and Emerging Markets
North America and Europe have been at the forefront of cool roof coating adoption, driven by stringent energy efficiency regulations and incentives. However, emerging economies in Asia Pacific and Latin America are also recognizing the advantages of cool roofs, creating new opportunities for market expansion. Asia Pacific, in particular, represents a high-potential market, accounting for more than 26% of the total market valuation.
Mitigating Urban Heat Island Effects
The rise in urbanization has led to the heat urban island (UHI) effect in major cities worldwide. Cool roof coatings play a critical role in mitigating this effect, reducing air pollution and greenhouse gas emissions. Many cities in Europe and Asia Pacific are encouraging the installation of cool roof coatings through green building programs and financial incentives.
Middle East & Africa to Exhibit Fastest Growth
While North America currently leads the market, followed by European and Asian markets, the Middle East & Africa region is poised to exhibit the fastest growth. It is expected to achieve an estimated value CAGR of 9.5% between 2023 and 2030, driven by increasing awareness of energy efficiency and sustainability.
Lower Installation Costs Boost Adoption
Low-sloped roofs dominate the cool roof coatings market, primarily due to their lower initial installation costs compared to steep-sloped roofs. These roofs are prevalent in industrial and commercial structures, making them an ideal choice for businesses and property owners.
Key Material and Roof Type Preferences
White elastomeric material remains the preferred choice for cool roof coatings. Low-slope roofs continue to gain consumer preference over steep-slope roofs. Among residential, industrial, and commercial end users, the commercial sector maintains a dominating share of more than 38% in the market through 2030.
North America Leads with Energy Efficiency
North Americas cool roof coatings market is expected to dominate the global industry, with over 46% revenue share. The United States, in particular, stands out due to early adoption of building codes, consumer awareness of building energy use, and initiatives like the Leadership in Energy and Environmental Design (LEED) green building certification project.
Growing Construction Industry in North America
The construction industry in North America is witnessing significant growth, driven by high demand for residential, non-residential, and commercial projects. Ongoing and planned projects, coupled with federal and state financing, are expected to boost demand for cool roof coatings applications.
Key Players in the Market
Leading players in the cool roof coatings market include Sika AG, Wacker, Nutech Paint, The Valspar Corporation, Dow Inc., PPG Industries, Inc., AkzoNobel, and Huntsman International LLC.
The global cool roof coatings market is poised for substantial growth in the coming years, driven by the pressing need for energy efficiency, sustainable building practices, and environmental conservation. As more regions and industries recognize the benefits of cool roofs, this market is set to play a pivotal role in creating a more sustainable and energy-efficient future.
Global Cool Roof Coatings Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 (By Material Coverage, By Roof Type Coverage, By End-use Sector Coverage, By Geographic Coverage and Leading Companies) https://www.fairfieldmarketresearch.com/report/cool-roof-coatings-market
Our Blogs:
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of
services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
Contact
Fairfield Market Research
London, UK
UK +44 (0)20 30025888
USA (Toll-free) +1 (844) 3829746
Web: https://www.fairfieldmarketresearch.com/
Email: sales@fairfieldmarketresearch.com
This press release first seen on Brilad
COMTEX_441977549/2840/2023-10-16T12:44:20
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.