The global cool roof coatings market was valued at US$ 294.06 Mn in 2017 and is anticipated to expand at a CAGR of 7.10% from 2018 to 2026, according to a new report titled ‘Cool Roof Coatings Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ published by Transparency Market Research (TMR) The global market is driven by the rise in demand for cool roof coatings in industrial applications such as workshops, warehouses, malls, and IT parks. In terms of production and consumption, North America held significant share of the global cool roof coatings market in 2017.
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Reduction in Energy Consumption
Demand for energy-saving building materials is high across the globe. These materials are used for renovating commercial buildings and new homes. Cool roof coatings provide safe and improved structures and assist in saving energy costs. These roof coatings have high adoption rate as they promote environmental and economic sustainability. Cool roof coating is an attractive market that is gaining momentum in the roofing industry. Cool metal roofs help reduce annual energy costs by 40%. Pre-painted or granular-coated metal roofing systems are preferred for homes in warmer climates, as these reflect solar energy and re-emit most of the absorbed solar radiation. Highly reflective and emissive painted or granular-coated metal roofs are used to lower energy consumption. They can re-emit up to 90% of absorbed solar radiation. Cool roofs also enhance durability of roofs, lower building cooling loads, and reduce the urban heat island effect. Cool roof coatings transfer less heat to the building, thereby maintaining the temperature of the building and consuming less energy for air conditioning. Cool roof coatings assist in decreasing the production of associated air pollution and greenhouse gas emissions by reducing the use of energy. Cool roofs maintain the air temperature inside a building with or without air conditioning.
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Less Awareness among Consumers Hampering Market
Cool roof coating is a green technology. However, it is not a new concept. In the 1980s, a research was conducted by the Departments of Energy in California and Tennessee to analyze ‘solar radiation control coatings’ on rooftops. It was found that energy costs decreased when these coatings were used. Cool roof coating technologies emerged in 2001 in California in the U.S. Rolling blackouts were occurring frequently due to high demand for energy and insufficient power supply. Cool roof coating techniques were installed to lower the demand for energy and reduce electricity costs, while avoiding future blackouts in the area. Cool roof coating is an emerging technology used for temperature control of buildings. These coatings prevent heat absorption by reflecting the sun’s heat and emitting its radiation back into the atmosphere. Thus, these coatings provide comfortable and controlled indoor environment. Less awareness among customers about cool roof coatings is hindering the market. However, new projects have been started by governments to promote the use of cool roof coatings. For instance, in 2017 and 2018, cities such as Ahmedabad and Hyderabad in India initiated pilot cool roof programs. These initial programs included awareness campaigns, pilot initiatives targeting 3,000 roofs, and application of cool roof techniques in government buildings and schools.
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Low-sloped Roof Segment to Dominate Global Cool Roof Coatings Market
Based on roof slope, the global cool roof coatings market has been bifurcated into low-sloped and steep-sloped. Low-sloped was the dominant segment of the cool roof coatings market in 2017. The low-sloped roof segment is estimated to remain lucrative during the forecast period, as these roofs offer several advantages such as lower initial installation cost and less build-up material requirement than steep-sloped roofs. Low-sloped roof does not allow the extra air to accumulate under the roof structure as in the case of steep-sloped roof.
Industrial Application Segment to Lead Market Growth
In terms of application, the global cool roof coatings market has been segmented into residential, commercial, and industrial. The industrial segment accounted for the leading share of the global cool roof coatings market in 2017. Demand for environmentally-friendly products has been rising in the world since the last few years. Most commercial complexes such as educational buildings have started adopting the cool roof coatings technology to lower their energy consumption. Over the last two years, innovations in this sector have enabled the development of sustainable and customized coating solutions. This has boosted the cool roof coatings market.
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