Reflective Roof Coating Market Size, Global Industry Analysis by 2021 Trends, Share, Growth and Forecast by 2027
Market Overview
The global cool roof
coatings market has been segmented on the basis of product type, roof slope,
application, and region.
By product type, the
global cool roof coatings market has been classified into elastomeric and IR
reflective. Among these, the elastomeric segment accounted for the largest
market share and was the fastest growing segment in 2018. The segment is
expected to maintain its dominance during the review period, owing to the
relatively low cost of production as compared to the other materials.
Additionally, the application of the elastomeric cool roof coating is easy and
less labor intensive, which is also expected to contribute to the growth of the
elastomeric segment during the forecast period.
On the basis of roof
type, the global reflective
roof coating Market has been classified into low-sloped roof, steep-sloped
roof, and others. The low-sloped roof is the most commonly used type of roofing
in the industrial buildings as it prevents water collection on the roof during
the rainy seasons and is also proved to be ideal for industrial buildings.
Hence, the use of high-performance cool coatings on a low-sloped roof appears
to be highly beneficial in buildings. The segment is expected to grow at a
significant rate during the forecast period.
Based on application,
the global reflective roof coating market has been divided into residential,
commercial, and industrial. The industrial segment held the largest share and
was the fastest growing segment in 2018, due to the increasing use of cool roof
coatings in industrial buildings. The adoption of cool roof coatings in
industrial buildings is high in North America. The adoption of new technologies
to execute thermal management in buildings was witnessed largely in the US
& Canada in 2018. The emerging economies of Asia-Pacific are also
responsible for the growth of the industrial segment due to growing
urbanization and environmental awareness in this region. Countries such as
India and China are adopting cool roof coating, particularly in industries to
save energy and enable thermal management in the buildings. The segment is
projected to continue its growth during the review period.
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Market Players:
Some of the key players
operating in the global cool roof coatings market are BASF SE (Germany), Akzo
Nobel NV (Netherlands), RPM International Inc. (US), The Sherwin-Williams Company
(US), Hempel A/S (Denmark), The Dow Chemical Company (US), Wacker Chemie AG
(Germany), Sika AG (Switzerland), Nippon Paint Holdings Co., Ltd (Japan),
Valspar (US), Nutech Paints (US), GAF (US), Monarch Industries Ltd (Canada),
and Excel Coatings (India).
Regional Analysis:
The global reflective
roof coating market has been spanned across five key regions, namely
Asia-Pacific, North America, Europe, Latin America, and the Middle East &
Africa. North America held the largest share of the global cool roof coatings
market in 2018 and is projected to continue the trend during the forecast
period. Asia-Pacific held the second-largest share and was the fastest growing
regional market in 2018, owing to the growing use of cool roof coatings in the
industrial buildings. The European market is expected to witness considerable
growth, and the Latin American market is expected to record moderate growth
during the forecast period. The Middle East & African market is projected
to witness sluggish growth during the review period.
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